* Processing Fees and Excise duty are only applied to year one. For loans longer than one year, your annual cost from year two onwards will be between 13.0% - 13.5%.

Total Cost Breakdown (Loan Fees):

• ‍‍Interest Minimum: 13%
• Interest Maximum: 13%
• Processing fee: 1%
• Insurance Fee: 0.5%
• Withdrawal Fee: None
• Late Fees: 9% Flat
• Other Fees: 20% Excise Duty on processing fee
  

Disbursement Details:

• ‍Institution Type: Commercial Bank
• Application Method: Paperwork
• Disbursement Method: Bank account
  

Repayment Details:

• ‍Repayment Frequency: Monthly
• Early Repayment: Allowed
• Repayment Method: Auto-Deduction‍

Eligibility Requirement:

• ‍Smartphone: Not required
• CRB: Must be in good standing
• Income: No minimum
• Employment: Required
• Network: Not required
• History: Active account for 3 months

Documents:

• Application form filled and signed
• National ID
• 3 latest pay-slips
• KRA pin
• T&C Links

Example Representative Pricing

• Loan Amount: ksh100,000
• Annual Interest Rate: 13%
• Processing Fee: ksh1000
• Excise Duty: ksh200
• Credit insurance: ksh500
• Loan duration: 12 months
• Estimated Monthly repayment: ksh8,932
  
• Estimated Total repayment amount: ksh109,581

This product is provided by Prime Bank Kenya. Prime Bank Kenya is a Commercial Bank licensed under the Banking Act Cap 488 of the Laws of Kenya and regulated by the Central Bank of Kenya.

Pros:

• Life insurance against death and permanent disability(deducted from Loan  amount)
• Low processing fees
• No Early repayment fees
  

Cons:

• Formal employment required
• Relatively High late fees (10% above normal interest rates)
• Amount disbursed lower than requested amount (processing fees & Excise Duty deducted Upfront)