Loan Cost
- Interest: 24%
- Application Fee: 0
- Processing Fee: 0
Loan structure
- Type: Secured
- Interest structure: Reducing balance
- Security needed: Either; Shares, Title deeds, Life insurance polices or Logbook
Loan Details
- Loan size: SME
- Minimum tenure: 1 Month
- Max tenure: 12 Months
- Minimum amount: ksh300K
- Max amount: ksh500K
- Repayment Frequency: Monthly
Eligibility
- Time in operation: 6 Months
- Banking History: 6 months
Documents
- National ID
- KRA Pin
- Colored Passport photograph
Example Representative Pricing
- Loan Amount: ksh100,000
- Annual Interest Rate: 24%
- Processing Fee: ksh0
- Excise Duty: ksh0
- Loan duration: 12 months
- Estimated Monthly repayment: ksh9,456
- Estimated Total repayment amount: ksh134,715
This product is provided by Choice Microfinance Bank. Choice Microfinance Bank is a Deposit-taking Microfinance Bank licensed under the Microfinance Act No. 19 of 2006 and regulated by the Central Bank of Kenya.