Mwalimu Sacco Asset Financing Schedule – Financing Options

ASSET FINANCING SCHEDULE-FINANCING OPTIONS

ASSET TYPE	ASSET CONDITION	MEMBER TO FINANCE	MAX REPAYMENT PERIOD
Private/Saloon Cars	New	20%	5 yrs.
	Used*	30%	4 yrs.
Commercial Vehicles (Prime movers, trucks, pickups, Vans)	New	20 %	4 yrs.
	Used	30%	4 yrs.
School Buses	New	15%	4 yrs.
PSV Vehicles (Tour Vans, Taxis, Hires)	New	30%	3 yrs.
	Used	40%	3 yrs.
PSV Matatu and Buses	Used	40%	2 yrs.
	New	45%	3 yrs.
Motorbikes	New	30%	1 yr.
Trailers	New	30%	4 yrs.
Tractors and related agricultural implements	New Used	30%	4 yrs.
Office Equipment’s (Computers, Printers, Servers,)	New	40%	3 yrs.
Industrial Equipment (Plant and Machinery)	New/Used	40%	3 yrs.
Contractor Equipment/ Earth	New	30%	4 yrs.
Movers	Used	35%	3 yrs.
Specialized Equipment’s – Medical,	New	40%
Lab	Used	50%

 

REQUIREMENTS

1. Individuals
   1. Fill loan application form
   2. Copy of Identification document
   3. Copy of KRA PIN Certificate
   4. Pro forma invoice/sale agreement of asset being
   5. Six months Bank statement duly certified

SUPPORTING DOCUMENTS:

1. Sales agreement/Proforma invoice for asset being
2. Copy of Logbook for used
3. Latest 3-month payslips
4. Contracts being serviced if any for commercial

Other features:

• Insurance premiums financing shall be arranged through MNS Risk and Insurance Brokers
• Mwalimu Insurance Premium Financing Product Features
  • Brand name

Mwalimu Insurance Premium Financing

• • Loan to acquire Insurance Premiums for all needs and other fees g., Motorcycles, Motor car, Machineries, properties, domestic animals and business stock, crop, green house.
  • Loan Term of Up to 10
  • Flexible repayment
  • Disbursement in cheque drawn in favor of the insurance
  • Cover will be through MNS Risk and Insurance brokers
  • Security –

1. Asset documents lodged with the
2. The comprehensive cover
3. The borrower to meet 10% of the total premium before signing of the IPF application and agreement
4. 2 Guarantors
5. Confirmation of Asset bought or being insured

Price

• Interest rate at 10% flat rate
• Default Management:

*   The cover is cancelled as soon as the insured does not respond to 1st notice within 30 days.

• Pricing as per the tariffs schedule

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