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
|INDIVIDUAL||SOLE PROPRIETORSHIP||LIMITED COMPANY|
|National ID copy||National ID copy||Company PIN|
|PIN Copy||PIN Copy||ID/PIN for all directors|
|Certificate of Registration/Incorporation||Company Certificate of Incorporation|
|Memorandum and Articles of Association|
|Latest CR12/Annual Returns incase of change of directors|
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.
The rate is 2% per month.
- 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.
- 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