Business Loans

Sumac Microfinance Bank Limited Inua Biashara Details

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

Inua Biashara Business Loan
Amount
Ksh5k - 300k
Duration
1 Month - 36 Months
Total Cost
23.10% 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: Flat Rate
  • Security needed: Either: Business stock or guarantors or chattels

Loan  Details‍

  • Loan size: Micro/SME
  • Minimum tenure: 1 Month
  • Max tenure: 36 Months
  • Minimum amount: ksh5K
  • Max amount: ksh300k
  • 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 Limited. 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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Pros

  • ‍‍Available to businesses without formal registration
  • Available to micro businesses‍

Cons‍

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

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

Sumac Microfinance Inua Biashara Loan is a lending facility meant to help micro and small business owners meet their working capital needs while also improving their cash flow position. It is available to all micro and small businesses, as well as individuals, firms, and organizations engaged primarily in general retail. e.g general shops, Hardware stores, Jua Kali artisans, agribusiness traders, etc.

Who is Eligible for Sumac Microfinance Bank Inua Biashara Loan?

Sumac Microfinance Bank Inua Biashara Loan Security/Collateral

Sumac Microfinance Bank Inua Biashara Loan limits and Interest rates

Other Fees

Sumac Microfinance Bank Inua Biashara Loan Interest Structure

Sumac Microfinance Bank Inua Biashara Loan Interest Structure

‍How to Make Sumac Microfinance Bank Inua Biashara Loan‍

Contacts

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