Branch Microfinance Bank Limited Soko Loan Details

Rates available from as of 1st April 2021
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Branch Microfinance Bank Limited

Soko Loan
Amount
Ksh1k - 20k
Duration
1 Month
Total Cost
11.30% (per loan)
Business Permit Required
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Loan Cost

  • Interest: 5% p.m
  • Application Fee: 0
  • Processing Fee: 4%
  • Excise Duty: 20% of processing fee
  • Credit Insurance: 1.5%

Loan structure

  • Type: Secured
  • Interest structure: Reducing Balance
  • Collateral needed: 2 Guarantors & 10% cash deposit

Loan  Details

  • Loan size: Micro
  • Max tenure: 1 Month
  • Minimum Amount: ksh1K
  • Max amount: ksh20k
  • Repayment Frequency: Weekly

Eligibility

  • Time in operation: 6 Months
  • Banking History: 3 Months

Documents

  • National ID card
  • Business has running for at least 6 months
  • KRA PIN certificate
  • Photograph (for first loans only)

Example Representative Pricing

  • Loan Amount: ksh10,000
  • Loan Interest Rate: 5%
  • Processing Fee: ksh400
  • Excise Duty: ksh80
  • Credit Insurance: ksh150
  • Loan duration: 1 month
  • Estimated Total repayment amount: ksh10,500

Money254 Review

Pros

  • Available to businesses without formal registration
  • Flexible repayment installments

Cons

  • Requires 10% cash deposit as security


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How to Apply Century Microfinance Bank Soko Loan, Structure, Repayment, Fees & Contacts

Century Microfinance Bank offers Soko loans- a quick one-time facility designed to offer clients urgent funds to purchase stock, especially in the market when goods arrive.

Who is Eligible for Century Microfinance Bank Soko Loan?

Century Microfinance Bank Soko Loan Limits and Interest rates

Other Fees

Century Microfinance Bank Soko Loan Interest Structure

How to Apply for Your Century Microfinance Bank Soko Loan

How to Apply for Your Century Microfinance Bank Soko Loan

Contacts

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