Target Group - The product targets business people who are in need of short term business loans
Qualification Criteria - Must have been in business for more than 2 years
- Owns the business premises or have a business lease running for up to 5 years
- Met the required business regulatory requirements
- Demonstrate capacity to service the loan by providing ascertainable evidence of the cash flows
- Kenyan citizen above 18 years of Age
- Clean CRB
Loan Tenure - To a maximum of 3 months for 1st time borrowing
- 2nd time borrowing to Max of 6 months
- 3rd time borrowing to a Max of 12 months
Interest rate - 3% -10% PM on a risk based model.
Loan amount - To a max of 1.5 Million for repeat borrowers - Must have 2 loan guarantors
- House Hold collaterals discounted at 50%
- Stock hypothecation
- Postdated cheques
- Motor Vehicles to be jointly registered at a discounted rate of 70% of the Forced sale Value.
- 10% cash cover
Security - Check off system
- Company /scheme to enter into agreement to remit deduction