Loan Cost
- Interest: 19%
- Application Fee: 0
- Processing Fee: 3%
- Excise Duty: 20% of processing fee
Loan structure
- Type: Secured
- Interest structure: Reducing Balance
- Collateral needed: Either; Title deed, log book, Business stock, chattel, guarantors
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: ksh9,210.8
- 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
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