Musoni Microfinance Nawiri Business Loan Details

Rates available from as of 1st April 2021
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Musoni Microfinance

Nawiri Reducing Balance Business Loan
Amount
Ksh5k - 140k
Duration
1 Month - 12 Months
Total Cost
8.5% - 102% per loan (+ksh2K Chattel registration)
Business Permit Required
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Loan Cost

  • Interest: 3.5% p.m
  • Application Fee: 0
  • Processing Fee: 4%
  • Chattel Registration: ksh2000
  • Credit Insurance: 1%

Loan structure

  • Type: Secured
  • Interest structure: Reducing Balance
  • Collateral needed: 20% Cash Collateral

Loan  Details

  • Loan size: Micro/SME
  • Minimum tenure: 1 Months
  • Max tenure: 12 Months
  • Minimum Amount: ksh5K
  • Max amount: ksh140k
  • Repayment Frequency: Weekly/ Monthly

Eligibility

  • Time in operation: 12 Months

Documents

  • Original ID
  • KRA PIN
  • Valid M-PESA number
  • Business records for at least 6 months
  • Business operations for at least 12 months
  • Bank and M-PESA statements for at least 6 months

Money254 Review

Pros

  • Available to businesses without formal registration
  • Subsequent applications can be done via USSD
  • Waiver on interest on early repayments

Cons

  • Requires 20% cash collateral
  • Chattel registration charged ksh2k


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