| Brief description | |
| Product | Guaranteed Logbook Loan |
| Brief description | This loan is offered to clients to meet personal expenses such as medical, school fees, purchase of household goods, etc. and can be secured against more than one motor vehicle at the same time. Read more |
| Interest rate | 5% - 6 months, 6% - 12 months. |
| Collateral | Car log Book |
| Grace period | N/A |
| Duration | N/A |
| Ceiling amount | Up to 20 million. Processed within 6 hours |
| Requirements | - Original Logbook
- KRA PIN Certificate
- National I/D Card
- 2 Passport Photos
- 6 months Bank Statements
- Comprehensive Insurance Certificate
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| Product | LPO Financing |
| Brief description | This is a facility designed to offer finance to service awarded LPOs or LSO’s and Contracts by the client’s procuring entities. Read more |
| Interest rate | Competitive |
| Collateral | Title Deed, Logbook |
| Grace period | N/A |
| Duration | N/A |
| Ceiling amount | N/A |
| Requirements | - Kenyan citizen, over 18 years & National ID card,
- KRA PIN certificate and passport Photograph.
- 10% compulsory savings
- 2 guarantors and must open accounts with CMFB.
- Stock and Chattel insurance.
- Passport Photograph (for first loans only.)
- Business has been running for at least 6 months
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| Product | Invoice Discounting |
| Brief description | This is designed to avail extra working capital to clients, whose capital is tied up by unpaid invoices. Read more |
| Interest rate | N/A |
| Collateral | N/A |
| Grace period | N/A |
| Duration | Re payable within 90 days. |
| Ceiling | Up to 80% of the invoice value |
| Requirements | - Copy of the original Invoice duly acknowledged by the procuring entity.
- Delivery notes for the goods supplied.
- Letter of assignment of the receivables executed by the procuring entity.
- Latest Bank Statements for the business.
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| Product | Salary Advance |
| Brief description | This facility is designed for clients in need of urgent financing / emergency financing, e.g. School Fees, Hospital Bills, Wedding Expenses etc. before their next payday. Read more |
| Interest rate | N/A |
| Collateral | N/A |
| Grace period | N/A |
| Duration | Flexible. |
| Ceiling | N/A Processed within 1 hour |
| Requirements | - Latest 3 Months Pay Slip
- Latest 6 months bank statements for the applicant’s salary account
- Post-dated Cheques drawn from the salary account.
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| Product | Import Financing |
| Brief description | Import Financing is designed to relieve clients of the burden of paying port, storage and demurrage charges by settling all the charges on behalf of the clients, to avoid penalties Mwananchi Credit Ltd targets importers of second hand motor vehicles (i.e. individuals and dealers), raw materials, machinery, electronics and second hand clothes ‘mitumba’. Read more |
| Interest rate | N/A |
| Collateral | Motor vehicle or other goods imported. |
| Grace period | N/A |
| Duration | Flexible Repayment period not exceeding 6 months |
| Ceiling | Up to 100% of calculated duties and taxes as per KRA Guidlines |
| Requirements | - Original Bill of Lading
- Invoice of the Motor vehicle of other goods
- Import Declaration Form (IDF)
- English Japanese Logbook
- Copy of the PIN and ID of the importer
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| Product | Insurance Premium Financing |
| Brief description | This is a short term loan product designed to facilitate the financing of insurance premiums. This is given against the customer’s insurance premium bill for a maximum of 10 months with a minimum finance of KES. 25,000. The loan will involve a tripartite agreement between the customer, the insurance company (guarantor) and financier (Mwananchi credit Ltd). Read more |
| Interest rate | 4.0% above Central Bank Rate (CBR) pa. |
| Collateral | N/A |
| Grace period | Dependent on the crop cycle |
| Duration | Between 4 months (minimum) to 10 Months, |
| Ceiling | Up to 100% of the Premium amount. |
| Requirements | - Duly Completed Application Form which includes the IPF Agreement.
- Copy of the National ID/PIN for individual applicants
- Copy of Certificate of incorporation/Certificate of registration for Business Owners.
- Company PIN
- Copy of Memorandum & Articles of Association, Partnerships Deed or other Constitutive documents as per registered entity type for corporate entities.
- Board resolution to borrow for corporates
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| Product | Shimin Insurance |
| Brief description | Shimin Insurance Agency is Licenced to carry out insurance business as an intermediary and has its headquarters at Eco Bank Towers, 10th Floor, Nairobi. The main objective of the Insurance Agency is to facilitate access by clients to professional insurance advisory services and also avail convenient and accessible insurance policies and claims service through the wide branch outreach. Read more |
| Contacts | Mwananchi Credit Limited Eco Bank Towers, 10th Floor, Opp. 680 Hotel P. O. Box 103683 – 00100 Nairobi-Kenya. Phone +254 709 147 000 Email: info@mwananchicredit.com Website: https://www.mwananchicredit.com/ |
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