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).