Business Loans

Sumac Microfinance Bank Limited Biashara Dhabiti Loan Details

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

Biashara Dhabiti
Amount
Ksh50k - 2M
Duration
1 Month - 36 Months
Total Cost
23.1% annualized (year 1)
Business Permit Required
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Loan Cost

  • ‍‍Interest: 19%
  • Application Fee: 0
  • Processing Fee: 3%
  • Excise Duty: 20% of processing fee

Loan structure‍

  • Type: Secured
  • Interest structure: Reducing Balance
  • Security needed: Either; Title deed, log book, Shares

Loan  Details‍

  • Loan size: SME
  • Minimum tenure: 1 Month
  • Max tenure: 36 Months
  • Minimum Amount: ksh50K
  • Max amount: ksh2M
  • Repayment Frequency: Monthly

Eligibility‍

  • Time in operation: 12 Months
  • Banking History: 6 months

Documents‍

  • Open and maintain a Sumac MFB current/Savings account
  • National ID
  • KRA PIN certificate copies
  • 2 Passport size colour photographs
  • Six months certified bank statements
  • Evidence of emerging need e.g LPOs, LSOs, Invoices etc.
  • T&C Link

Example Representative Pricing

  • Loan Amount: ksh100,000
  • Annual Interest Rate: 19%
  • Processing Fee: ksh3000
  • Excise Duty: ksh600
  • Loan duration: 12 months
  • Estimated Monthly repayment: ksh9,210.80
  • Estimated Total repayment amount: ksh110,610

This product is provided by Sumac Microfinance Bank. Sumac 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.

Money254 Review

Pros

  • ‍‍Available to businesses without formal registration‍

Cons‍

  • Requires the business to be operational for at least  1 year
  • Requires security

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How to Apply Sumac Microfinance Bank Biashara Dhabiti Loan, Structure, Repayment, Fees & Contacts

Sumac Microfinance Biashara Dhabiti Loan is a credit facility is designed to help business owners meet their working capital needs while also improving their cash flow position. This product is aimed at all business people that work in the transportation and distribution of commodities, as well as specialized services such as construction, sinking boreholes, car hire, farmers, etc.

Who is Eligible for Sumac Microfinance Bank Biashara Dhabiti Loan?

Sumac Microfinance Bank Biashara Dhabiti Loan Security/Collateral

Sumac Microfinance Bank Biashara Dhabiti Loan limits and Interest Rates

Other Fees

Sumac Microfinance Bank Biashara Dhabiti Loan Interest Structure

Sumac Microfinance Bank Biashara Dhabiti Loan Interest Structure

How to Make Sumac Microfinance Bank Biashara Dhabiti Loan Repayments

Contacts

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