Credit Line SME

Credit Line


Prdouct Description

Short term loan allowing the client to continiously withdraw money up to the limit.


Features
  • Repayment depends on the business cycle (monthly, quarterly, etc...).
  • Interest rate is 18-21% declining.
  • Repayment term up to 5 Years.
  • 20% of customer contribution.

Benefits
  • Overcome liquidity shortage.
  • Interests are only paid monthly in case the credit line was used.
  • Turnaround time of 7 - 14 days.
  • Attractive interest rate.
  • Working capital requirements.
  • Finance capital expenditures.
  • Upcoming tax payments.

Requirements
  • Application letter.
  • Project description (customer needs statement).
  • Financial statement.
  • Company Registration Certificate/ID copy of the applicant and his guarantor.
  • Legal status certificate.
  • RRA Tax Clearance Certificate.
  • Valuation report of the collateral (done by a valuer which has a partnership with UNGUKA Bank Ltd).
  • Collateral title documents.
  • Fire insurance.
  • Notified Board resolution for companies - Bank statements for the last 6 months (if account held with another financial institution).