Loan Requirements
LOAN REQUIREMENTS FOR INDIVIDUAL APPLICANT
Know Your Customer (KYC)
Ø Application letter for the intended project
Ø Detailed Business plan showing the financial plans for projected income and profit/loss expected and a clear marketing plan showing projected demand and secured contract (where applicable)
Ø A copy of the National Identification card and Kenya Revenue Authority (KRA) PIN Certificate
Ø Two (2) colored passport photos
Financial/Assets
Ø Certified bank statements for the last twelve (12) months
Ø Loan statement where applicable
Ø Provide proof of other incomes earned (e.g. rent, salaries, businesses, vehicles and pension among others)
Ø Proof of the ownership of all declared assets
Primary Securities
Ø Title deed(s) offered as security for the proposed loan
· A sketch map showing the location of the security land offered as security for the proposed loan
· Obtain a certificate of official search from the Lands office for the security title (At least three (3) months old)
· Valuation report: Carry out valuation of the property to be availed for the security farm(s)
Ø Real estate i.e. residential and commercial properties
Ø Cash and bank guarantees
Ø Charge on lease
Secondary Additional Securities
Ø Shares, stocks and Unit Trusts which must be quoted at the Nairobi Securities Exchange
Ø Chattels mortgages on motor vehicles, machinery, house–hold goods/loose assets
Ø Guarantees supported by tangible securities
Ø Risk sharing facility
Farm visit verification
Ø Confirmation of project farm, location and land size
Ø Conduct valuation of the project /security farms/business premises
Ø Confirmation of the assets and liabilities (infrastructures, machinery, animal and farming activities
Advance loan fees
Ø Application fee –Ksh.500.00
Ø Processing fee - Minimum of Ksh.3,000
Ø Commitment fee – 1.5% of loan amount
Ø Conveyance fee which depends on the loan amount