Loan Cost
- Interest: 1.5% p.m
- Application Fee: 0
- Processing Fee: 3%
- Excise duty: 20% of processing fee
- Credit Insurance: 0.06%
Loan structure
- Type: Secured
- Interest structure: Flat Rate
- Security needed: 1 Guarantor
Loan Details
- Loan size: Micro/SME
- Minimum tenure: 1 Month
- Max tenure: 48 Months
- Minimum Amount: ksh500K
- Max amount: ksh20m
- Repayment Frequency: Monthly
Eligibility
- Time in operation: 6 Months
- Banking History: No requirement
Documents
- National ID
- KRA Pin
- Coloured Passport photograph
- Open an account with the bank
Example Representative Pricing
- Loan Amount: ksh100,000
- Annual Interest Rate: 18%
- Processing Fee: ksh3000
- Excise Duty: ksh600
- Loan duration: 12 months
- Estimated Monthly repayment: ksh9,168
- Estimated Total repayment amount: ksh110,016
This product is provided by Caritas Microfinance Bank. Caritas 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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