Insurance Premium Financing (IPF)

Insurance Premium Financing by shimin Insurance Agency in Kenya

Insurance Premium Finance is a short term loan product designed to facilitate 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 IPF loan involves a tripartite agreement between the customer, the insurance company (guarantor) and the Mwananchi Credit Limited (financier).

IPF Required Documents
INDIVIDUALSOLE PROPRIETORSHIPLIMITED COMPANY
National ID copyNational ID copyCompany PIN
PIN CopyPIN CopyID/PIN for all directors
Certificate of Registration/IncorporationCompany Certificate of Incorporation
Memorandum and Articles of Association
Latest CR12/Annual Returns incase of change of directors

Payment Period

We propose a minimum of Kshs. 20,000/=, maximum of Kshs. 400,000/=.
The repayment period being from a minimum of three months to a maximum of ten months.

Interest Rate

The rate is 2% per month.

Features

  • Finance up to 100% of the premium amount.
  • Minimum repayment tenor of 4 months and a maximum of 10 months.
  • Repayments are via equal monthly installments (EMIs), payable through postdated cheques.

Benefits

  • Lifts the burden of lump sum insurance premium payment
  • Enhances business cash flow management
  • Immediate access to annual insurance cover
  • Flexible repayment periods for the insurance premium