MicroFinance- Based Loans

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Microfinance group based loans are loan facilities designed for micro-enterprise operators, who do not have conventional collateral. These loans are usually small in size and have a short tenor. To supplement collateral requirements, the loans are secured partly by cash and partly by group guarantees. To access these type of loans one has be a member of the following groups.

1.    Chama Biashara- For all registered and unregistered groups of 5-10 members

2.    Ungana - Registered and unregistered investment clubs who come together with the sole purpose of borrowing to invest

3.    Individual Microfinance (IMF) - For individuals engaged in business and are not willing to join the group system (Secured Individual Borrowing)

Group lending is where individuals borrow in the group by use of co-guarantee mechanism and any other appropriate securities accepted by the bank.

Apart from group loans, customers are able to access individual loans. This is an excellent facility for those clients who have outgrown group loans.

Who Qualifies

  • Business Entrepreneurs
  • Those willing to join the above groups

Benefits

  • No conventional security is required
  • Can be in any business
  • Easy repayment period
  • Quick access to loans

Afya Bora
It is a Micro Health product that has sprouted from a partnership between CIC Insurance and K-rep Bank  to offer insurance to its customers as well as their families.

PRODUCT FEATURES

  • Affordable inpatient cover for up to Ksh 250,000
  • Life cover equivalent to members savings.
  • Family Funeral covers of Ksh 50,000

BENEFITS

  • No deposits required at the time of admission
  • The cover gives a shared benefit to the family on a 1st come basis
  • No HIV-AIDS exclusion
  • Covers chronic and pre-existing conditions subject to declaration at entry
  • Covers maternity including non-elective caesarian delivery for all who have been in the cover for more than a year.
  • Life cover equivalent to members savings

REQUIRED

  • Colored Pass port size photos for all those who will be in the cover
  • Copy of National Identification Card for all who are above 18 years of age
  • Copy of school Identification cards for all those who will be in the cover and are above 18 years
  • Birth Certificates for all children between 1 month and 18 years of age
  • The Premiums are Ksh 14,745 for In/Out Patient and Ksh 6,000 for inpatient



AFYA BORA
It is a Micro Health product that has sprouted from a partnership between CIC Insurance and K-rep Bank  to offer insurance to its customers as well as their families 

PRODUCT FEATURES

  • Affordable inpatient cover for up to Ksh 250,000
  • Life cover equivalent to members savings.
  • Family Funeral covers of Ksh 50,000

BENEFITS

  • No deposits required at the time of admission
  • The cover gives a shared benefit to the family on a 1st  come basis
  • No HIV-AIDS exclusion
  • Covers chronic and pre-existing conditions subject to declaration at entry 
  • Covers maternity including non-elective caesarian delivery for all who have been in the cover for more than a year.
  • Life cover equivalent to members   savings  

REQUIRED

  • Colored Pass port size photos for all those who will be in the cover 
  • Copy of National Identification Card for all who are above 18 years of age 
  • Copy of school Identification cards for all those who will be in the cover and are above 18 years
  • Birth Certificates for all children between 1 month and 18 years of age

The Premiums are Ksh 14,745 for In/Out Patient and Ksh 6,000for inpatient

 

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