| About Choice Microfinance | Choice Microfinance Bank is a community-based microfinance bank headquartered in Rongai, Kajiado County, Kenya. It offers a full range of Microfinance banking and financial services with a level of personalized services to their customers tailoredto meet their specific financial needs. |
| List of loans provided |
| Loan 1 | Fanikio Loan (Group Loan) |
| Loan description | Group lending entails lending to individuals who are members of a self-selected group whereby the whole group is liable for the repayment of the loan. This product is designed for:- Formal and informal savings groups (Chama’s) such as self-help groups, Merry-go-rounds and other solidarity groups, Jua Kali MSE operators, Youth and women groups, Occupation based groups and Community based groups |
| Interest rate | Low interest Rate |
| Collateral | 35% savings of loan amount in the first cycle. This can be reduced on subsequent loan. |
| Grace period | N/A |
| Duration | Payments: 3,6,9,12 months |
| Ceiling amount | From KShs 5000-100,000 Processing Period 24 hours i.e. 1 day |
| Requirements | - Be a member of a registered group
- Pre - loan Training Period for group members to access loan 6-8-week
- Copy of national ID of the borrower
- Copy of national ID of the next of kin
- Mobile details form
- Passport size photo
- Utility Bill and/or Lease agreement
- Loan form dully completed
- Business records where applicable
|
| Loan 2 | Lima Loan |
| Loan description | Lima loan focuses on small holder farmers who lack the means and capacity to promote their production. This includes the poultry, dairy farmers, goat farming and pigs farming. |
| Interest rate | Low interest Rate |
| Collateral | Flexible collateral i.e co-guarantorship |
| Grace period | N/A |
| Duration | Repayment period 12 months
Repayment Mode is structured to fit the nature of business. |
| Ceiling amount | Initial Loan size - maximum KShs100,000 Processing period 24 hours i.e1 day |
| Requirements | - The client must be in farming business and farm remittances to be done through the bank.
- Insurance cover for theft, against livestock deaths or crop failure, death and permanent disability
- Security - Group Guarantee (individual and group savings), chattels mortgage Lawyer fees
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| Loan 3 | Choice Micro-Loan |
| Brief description | - |
| Interest rate | Low Interest rate on reducing balance |
| Collateral | N/A |
| Grace period | N/A |
| Duration | Repayment period of 12 months with weekly and monthly loan repayment plan |
| Ceiling | Loan size KES. 50,000 -300,000. Maximum amount of first loan is KES 100,000/= Processing period 24 hours i.e 1 day |
| Requirements | • Customer to have operated the business for the last 6 months.
• Active banking with Choice Microfinance Bank for 6 months or any other financial Institution. |
| Loan 4 | Biashara Dhabiti Loan |
| Loan description | Business loans are loans to individual entrepreneurs and business entities to cater for diverse business requirements. |
| Interest rate | Low Interest rates on reducing balance |
| Collateral | Title deeds, shares from publicly quoted shares, life insurance policies, motor vehicle logbooks and personal guarantors. |
| Grace period | N/A |
| Duration | N/A |
| Ceiling | From KES 300,000 to 500,000 |
| Requirements | - Must have been a Choice MFB customer for at least six months and actively operating their account. Or banking with any other institution.
- Collateral including property title deeds, shares from publicly quoted shares, life insurance policies, motor vehicle logbooks and personal guarantors.
|
| Loan 5 | Supa Bishara Loan |
| Brief description | This product provides funds to finance working capital requirements of business entities as well as other business requirements |
| Interest rate | Low Interest rates on reducing balance |
| Collateral | N/A |
| Grace period | N/A |
| Duration | Flexible repayment duration with monthly loan repayment plan |
| Ceiling | From KES 500,000 to 2 Million subject to verifiable ability to repay. Loan processing within 48 hours |
| Requirements | • Customer to actively operate an account with the bank for 3 months •The vehicle must not be more than 8 years old.
• A Quotation is required in case of the other assets. The payment is done directly to the supplier |
| Loan 6 | Choice Asset Finance |
| Loan description | - |
| Interest rate | Very low interest rate on flat rate |
| Collateral | Financed asset becomes security for the loan |
| Grace period | N/A |
| Duration | Flexible repayment period and monthly payment plan |
| Ceiling | From KES 300,000 Maximum processing period is 48 hours |
| Requirements | • Be a member of a registered group
• Copy of national ID of the borrower
• Copy of national ID of the next of kin
• Mobile details form
• Passport size photo
• Utility Bill and/or Lease agreement
• Loan form dully completed
• Business records where applicable. |
| Loan 7 | LPO Financing |
| Brief description | This product enables contractors or suppliers to service their orders without having to struggle for funds to service the orders. |
| Interest rate | Competitive interest rate on flat rate |
| Collateral | LPO |
| Grace period | N/A |
| Duration | N/A |
| Ceiling | 100% financing. Short processing period of up to 48 hours. |
| Requirements | - Applicant need not be an existing Choice MFB account holder.
|
| Loan 8 | Chama Loan |
| Loan description | This loan product caters to registered investment groups who need a loan as an entity to advance their development agenda. |
| Interest rate | Attractive interest rate |
| Collateral | N/A |
| Grace period | N/A |
| Duration | Repayment period up to 24 months with weekly/monthly repayment plan |
| Ceiling | KES 500,001 to 3,000,000 Processing period 24 hours after approval |
| Requirements | N/A |
| Loan 9 | Chemsha Biashara |
| Loan description | This loan product is geared towards small-scale traders who are in the business of fast-moving goods and require float for working capital. |
| Interest rate | N/A |
| Collateral | N/A |
| Grace period | N/A |
| Duration | Repayment period 1 month and daily/weekly repayment plan |
| Ceiling | KES 1,000 to 10,000 Processing period 1 hours |
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