Mwananchi Credit, a financial service organisation has changed the finance market with its flexible and tailor made loan and other money related services.In the last eight years Mwananchi has changed the lives of many Kenyans given the growing number of clientele it has gained.One of the most revered achievements of Mwananchi Credit is the help it has provided to businessmen and women in the country, with the thinning job marked many Kenyans opt to start their own establishments and Mwananchi has offered them the much needed capital. Mwananchi which was established in 2010 has grown in leaps and bounds over the years and in 2018 it established Shimin Sacco which caters for both business people and salaried people.The Sacco with has seen tremendous growth sets itself apart by providing services to not only the salaried but also those who are unemployed but have a source of earning and are interested in saving.“The loan facility provided by Shimin Sacco is flexible, one does not need guarantors, what we look at is the number of shares that one has,” said Mwananchi Head of Credit and Collections Gladys Mutisya.Apart from offering financial services Mwananchi is also supporting community based organisations that provide help to needy families.
On this post, we are going to have a look at 6 types of Mwananchi Credit loans that can be of great help to you. Mwananchi Credit Limited is a micro-finance institution that was incorporated as a private limited company under the Companies Act (Cap 486) of the Laws of Kenya.
It used to be called Mwananchi Microlink Ltd and was incorporated on 15/04/2010. The award winning micro-finance company on 10/1/2012 re branded to Mwananchi Credit Limited.
Types of Mwananchi Credit Loans
1. Insurance Premium Financing Loan
This type of short-term loan is given to members who would like to finance insurance premiums. The minimum loan amount is Ksh. 25,000 and repayment period is between 4 to 10 months with an interest rate of 4% above Central Bank Rate P.A. Premium account can be financed up to 100%.
2. Salary Advance Loan
It is issued to members who have emergencies and their payday is approaching. Approval of Salary Advance Loan normally takes one hour and the repayment period is very flexible. In order to qualify for this loan, you’ll need to have payslips for the last three months, bank statements for the last six months and post-dated cheques from your salary account.
3. Guaranteed Logbook Loan
This type of loan can be given to individuals who would like to meet their personal expenses such as medical or school fees among others. It is normally secured using your vehicle’s logbook up to Ksh. 20,000,000. To qualify for Guaranteed Logbook Loan, you’ll need to present an original Logbook, KRA Pin, National ID, 2 passport sized photos, six months bank statements and a comprehensive insurance certificate. The interest rate of the loan is 5% for 6 months and for 12 months (1 year), its 6% p.m on reducing balance.
4. LPO Financing Loan
For people who don’t have money to service awarded jobs can go for this type of loan. In order for a member to access the LPO financing, they need to have original LPO/LSO/ Contratc, pro-forma invoice for goods to be supplied, logbook or title deed and evidence that you’ve done a similar job before.
5. Import Financing Loan
It applies to people who want to clear their cars or containers at the port but they don’t have the funds to do so. What is being imported will act as the security and all you need is the original bill of lading, invoice for the car or goods, import declaration form (IDF) and a copy of the PIN/Identity Card of the person importing the car or goods.
6. Secured Loan
This type of loan is given to individuals or small and medium enterprise (SME) who need capital to finance their businesses. It can be secured by either a title deed or logbook. Secured Loan also applies to individuals who would like to foot medical bills or school fees among other things and all you need is a copy of your title deed or logbook, valuation report the car or property, legal charge over the property within a span of one week and joint registration of the pledged car same day.
Mwananchi Credit Contacts
Tel: 0795 600 600 or (0) 20 222 1882
I hope that this post about 6 types of Mwananchi Credit loans has been of great help to you.