Our main Services
What Loans do we offer?
Working Capital Loan
Working capital loan is designed for micro entrepreneurs and small business owners who desire to borrow for business purposes to enhance their businesses.
Features
- Loan size from KShs 50,000 to KShs 1,000,000.
- Flexible collateral requirements.
- Competitive interest rates -4% Monthly (reducing balance).
- Must be in Business for at least 12 Months.
- Maximum repayment period of 12 Months.
Asset Finance Loan
Asset finance is a credit product that gives you the opportunity to own that asset you have always longed for either for Business or for Personal use such as machines, Deep freezers, personal computers and notebooks, generators, washing machines, household furniture, gas/electric cookers, electronic and electrical appliances.
Features
- Borrower makes a minimum 30% equity contribution towards the cost of the equipment.
- Our Micro Savings Account [MSA] or the Target Savings Account could be used to save the 30% required equity contribution.
- The bank finances up to 70% of the cost of the equipment.
- The equipment is purchased in the bank’s name.
- Equipment purchased and a suitable guarantor is the collateral for the facility.
- Equipment purchased is insured.
- Transfer of ownership of the equipment financed will take place after full lease payment.
- Asset cost will not exceed KShs 500,000
- 4% Monthly (reducing balance)
Consumer Loan
This is designed for workers who want to use the facility for personal, family, or household purposes, or for consumable items like household appliances and payment of school fees.
Features
- Must be working in a reputable organization (Salary Earner).
- Must be confirmed staff.
- Loan size - KShs 50,000 - KShs 1,000,000.
- Maximum Repayment period of 12 Months.
- Must have been in employment for at least six months.
- Issuance of post-dated Cheque against salary account.
- 4% Monthly Interest rate (reducing balance).
Group Loans
Group loans are designed for micro entrepreneurs, market women, self-help groups and associations that are actively in business.
Features
- Group size is 5-10 Members.
- Joint and several guarantees of the borrowing group members.
- Loan repayment will be daily, weekly or monthly.
- Interest rate 4% Monthly (reducing balance).
- Compulsory saving by group members will be used to secure the joint and several guarantees.
Frequently Asked Questions
Loans can be accessed by an individual or a group (solidarity group or registered cooperative society). The bank finances a wide range of businesses in the under-listed sectors:
- Manufacturing and processing
- Agriculture and forestry
- Service
- Trading
Loans can be accessed by an individual or a group (solidarity group or registered cooperative society). The bank finances a wide range of businesses in the under-listed sectors:
- 2 recent passport photographs
- copy of a valid identity card (Driver’s license, National Identity card, International Passport)
- Initial deposit
- Completed First Choice MFB form provided by the bank
The bank specifically encourages businesses involved in value-addition to apply.
Minimum account opening balance is KShs 2,000. In the instance were the customer submits an application for loan, the bank will conduct a search at the credit bureau at a cost of KShs 2,000. This amount will be deducted from the KShs 3,000 irrespective of whether the search is favorable or not or if the loan is approved or declined.
Yes. The borrower may also require more than one guarantor depending on the loan size and other loan considerations. The guarantor must provide the following:
- Valid means of identification
- 2 recent passport photographs
- Statement of account for a minimum of 6 months and pay slips covering an equivalent period for salary earning guarantors
- Signed post-dated cheque
Once all loan requirements have been fulfilled by the prospective borrower, the bank will normally disburse the loan within 7 working days.
A loan shall be approved for a prospective borrower if he/she can demonstrate that there is sufficient capacity to repay the loan in line with the approved loan conditions. The prospective borrower will be required to provide the following:
- Valid means of identification
- 2 recent passport photographs
- Signed post-dated cheque
- Statement of account for a minimum of 6 months and pay slips covering an equivalent period for salary earning borrowers.
