Asset Finance

Product Description

This is a short to medium term loan granted to customers for purchase of moveable capital assets, mainly: motor vehicles, construction equipment, industrial plant & machinery; agricultural equipment, office & IT based equipment.

  • 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.

  • Assets is part of collateral.
  • Attractive interest rate.
  • Turnaround time of 7 - 14 days.
  • Motor vehicles access.
  • Construction equipment access.
  • Industrial plant & machinery.
  • Agricultural equipment.
  • Office & IT based equipment.

  • 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 of 100% of forced value (done by a valuer which has a partnership with UNGUKA Bank Ltd).
  • Collateral title documents.
  • Act of lending property if the collateral doesn’t belong to the borrower.
  • Life insurance is mandatory.
  • Asset insurance.
  • Proforma invoice or Provision sales agreement.
  • Notified Board resolution for companies.
  • Bank statements for the last 6 months (if account held with another financial institution).