Loan Cost
- Interest: 19% - 23%
- Application Fee: 0
- Processing Fee: 3%
- Excise duty: 20% of processing fee
- Credit Insurance: 0.6%
Loan structure
- Type: Secured
- Interest structure: Reducing balance
- Security needed: Title deed, log book
Loan Details
- Loan size: SME
- Minimum tenure: 1 Month
- Max tenure: 24 Months
- Minimum Amount: ksh100K
- Max amount: ksh2M
- Repayment Frequency: Monthly
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
- T&C Link
Example Representative Pricing
- Loan Amount: ksh100,000
- Annual Interest Rate: 23%
- Processing Fee: ksh3000
- Excise Duty: ksh600
- Credit Insurance: ksh600
- Loan duration: 12 months
- Estimated Monthly repayment: ksh9,408
- Estimated Total repayment amount: ksh117,092
This product is provided by Rafiki Microfinance Bank. Rafiki 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.
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