Insurance Premium Loan
This loan product is used to finance insurance premiums especially for motor vehicles, buildings,medical,life and other insurance covers to help you in times of needs.
Loan Features
- We fund up to 100% of the annual premium.
- The repayment period is a maximum of 6 months.
- Flexible loan security requirements.
- Premium paid directly to the insurance company.
- Very attractive interest rates.
- Easy and convenient disbursement and repayment through mobile banking, among other platforms.
Loan Features
- Client must have been in business for the last one year or in employment
- Ownership documents of the asset being insured where applicable -harakaloan
What is a monthly flat rate?
A monthly flat rate is one of the methods used to calculate the monthly repayment amount for a loan. Most banks and financial institutions adopt this method to provide a fixed monthly repayment.
What is an annualised percentage rate (APR)?
TThe annualised percentage rate is an index of borrowing cost and is calculated on the basis of 365 days or 366 days a year, including interest and all related fees/charges, in accordance with the relevant guidelines of the Code of Banking Practice. APR is used as a way for customers to compare interest rates
How long should I borrow for?
A good general rule is not to borrow for longer than the life of the thing you are paying for. For example, if you have an annual expense such as a tax bill then a loan of 12 months or less would be the best choice - otherwise you will still be paying off your first loan when the next year's tax demand arrives. With careful budgeting, you can balance the amount you borrow with the period of the loan and the amount you can afford to repay each month.
