Asset Finance
These are Loan products that will assist our customers to acquire durable Assets like machinery,Private and motor vehicles,Building and construction equipment,motor-bikes,computers and other office equipment,boats and other fishing equipment,household items like Fridges,Tvs etc. The loan products can also be used for repairs and maintenance of existing durable Assets.
Loan Features
- This facility is for the acquisition of various movable assets including motor vehicles motorbikes, machinery, equipment and furniture.
- Flexible repayment period.
- Very low Interest rate on flat rate
- Maximum processing period is 48 hours where all requirements are in place.
- Frequency of payment – monthly
- Financed asset becomes security for the loan
- Easy and convenient repayment through mobile banking, among other platforms
Loan Features (For Individuals & non-incorporated partnership)
- Copy of ID/Valid Passport
- Sale Agreement
- Valuation of the asset from an approved valuer
- Copy of PIN
- Passport Photo
- Copy of Utility Bill
- Certified Payslips (3 months)
- Certified Bank Statements (6 mths)
- 2 referees ,next of Kin and another relative ID Copies
- Copy of security being pledged as collateral
Loan Features (For Companies & Incorporated Partnerships)
- Copy of Certificate of Incorporation/ Business Registration Certificate
- sale Agreement
- Valuation of the asset from an approved valuer
- Copy of PIN for the company
- Copy of ID for Kenyan directors and Valid Passport for non citizens directors
- Passport Photos for Directors
- Copy of PIN certificates for directors
- Copy of Utility Bill
- Certified Bank /Mpesa Statements (6 mths)
- Referees who supply goods to you on credit (2 credit suppliers)l
- Board Resolutions for LTD Companies
- Memorandum of Association and Articles of Association for limited liability companies
- Latest Annual returns if a company
- Directors Guarantee
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.
