Insurance Premium Loan
This product provides short term loans to salaried individuals to meet their unique financial needs. It’s a short term financing product available to permanent beyond current month salary
Loan Features
- Loan size of Kshs5,000 – Kshs250,000 subject to labour laws on 1/3 Rule.
- Loan Processing within 24 hours where all requirements are in place.
- Flexible Repayment period up to 6 months
- Monthly loan payment
- Very attractive interest rates
- Easy and convenient disbursement and repayment through mobile banking, among other platforms
Loan Features
- The employee must be on permanent basis or not less than one year contract.
- This product is offered to employees whose employer has a Memorandum of Understanding (MOU) with Moptions Capital Ltd.
- Instalments are deducted and remitted to Moptions Capital Ltd through check-off system.
- Loan Application must be approved by the employer
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.
