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About Loan
Amount
Eligibility
Repayment
Security/Collateral:
Credit Insurance:
About Loan
This is a credit product specifically designed to cater for growing medium-scale businesses. The loans shall be used to purchase of motor vehicles, land and other assets.
The Borrower will be charged a loan processing fee of 3% of the loan amount.
Amount
- Minimum amount: Ksh.50,000
- Maximum amount: Ksh.5,000,000
Eligibility
- Must have operated an active bank account for minimum period of six months.
- Business clients must have experience of not less than one year.
Repayment
Monthly: Payment of both Principal and Interest. 24% p.a. on Flat Rate
Loan Tenor: Maximum period of 48 months. However, early repayment is highly encouraged.
Security/Collateral:
- Joint registration and chattel mortgage on Motor Vehicles
- Charge over the land purchased.
The asset being purchased shall act as the security.
Credit Insurance:
Credit Insurance is required on all loans for Death and Disability (1.25% p.a.).
- Comprehensive insurance over the motor vehicle with LOLC KENYA MICROFINANCE Bank’s interest noted as the first loss payee.
- Charge on land that is used as security.