This is an advance loan specifically tailored to support premium financing. The loan is structured to provide upfront funding, allowing individuals or businesses to cover the cost of insurance premiums, ensuring that the full premium amount can be paid promptly. This enables the borrower to secure the necessary coverage without immediate out-of-pocket expenses, while the loan is typically repaid over a set term according to agreed-upon conditions.
Loan Features:
Loan Amount: Maximum limit of Kshs.200,000; loan amount is 10% of the deposits.
Repayment Period: Within 4 months.
Collateral: Applied loan amount should be fully secured.