Loan Cost
- Interest: 14.5%
- Application Fee: 0
- Processing Fee: 3%
- Excise Duty : 20% of processing fee
Loan structure
- Type: Unsecured
- Interest structure: Reducing Balance
- Security needed: None
Loan Details
- Loan size: SME
- Minimum tenure: 6 Months
- Max tenure: 5 Years
- Minimum Amount: ksh100K
- Max amount: ksh6M
- Repayment Frequency: Monthly
Eligibility
- Time in operation: 12 Months
- Banking History: 6 months
Documents
- Certificate of incorporation or certificate of compliance if not locally incorporated
- Memorandum and articles of association/CR8, CR12
- Company PIN certificate
- National ID (for Kenyan citizens)/Passport (for foreigners) for all directors (plus ultimate beneficiary owners if company is owned by other companies) and signatories/known agents
- 1 passport-size photo each for all the signatories and directors/known agents
- Board resolution specifying the signing powers on the company letter head sealed with the company seal
- Signed Absa account opening pack (sealed )
- Residential address confirmation (name estate, road and house number) for all directors and signatories (use the attached format)
- Company physical address confirmation (can be found in the new PIN certificates)
- Annual returns (for companies registered over one year ago)
- Revenue stamp – KES100
- T&C Link
Example Representative Pricing
- Loan Amount: ksh100,000
- Annual Interest Rate: 14.5%
- Processing Fee: ksh3000
- Excise Duty: ksh600
- Loan duration: 12 months
- Estimated Monthly repayment: ksh9,332
- Estimated Total repayment amount: ksh111,984
This product is provided by Absa Bank Kenya Plc. Absa Bank Kenya Plc is a Commercial Bank licensed under the Banking Act Cap 488 of the Laws of Kenya and regulated by the Central Bank of Kenya.
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