Below is a list of loans offered by Access Bank, application requirements and interest rates:
Auto Loans
Features
New Vehicles:
- Private/Commercial – up to 90% financing with repayment of up to 60 months.
- School Buses – up to 90% financing with quarterly repayment of up to 48 months.
- Tractors – up to 80% financing with repayment of up to 48 months.
Used Vehicles:
- Private (below 8 years) – up to 80% financing with repayment of up to 48 months.
- Commercial (below 8 years) – up to 70% financing with repayment of up to 48 months.
Requirements
- Company incorporation/registration, KRA Pin and directors’ identification documents.
- National ID and KRA Pin for individuals.
- Certified payslips for 3 months and letter of employment (for salaried customers).
- Certified bank statements for 12 months.
- Resolution to borrow (for registered companies) or request letter (for individuals).
- Supplier Invoices and/or importation documents.
- Equity contribution
Fees & Charges
- Processing fee -1% of loan amount
- Interest Rate -prevailing base rate + margin
Mpower Loan
A check-off loan available to employees whose employers have signed a memorandum of understanding (MOU) with Access Bank to process personal loans for purposes such as education, medical, furniture, consumer durables, motor vehicles, plot purchase, holidays, shares etc.
Features
- Minimum loan amount of Kes. 20,000
- Maximum loan amount of Kes. 3,000,000
- Maximum term of up to 60 months
- Top-up available after 6 months
Requirements
- Employer introduction letter
- National Identity Card and KRA Pin
- Certified salary pay-slips for the last 3 months
- Filled loan application form
Fee & Charges
- Processing fee -1% of loan amount
- Interest Rate -prevailing base rate + margin
Instant Business Loan
A time loan designed specifically for SMEs to finance their working capital requirements.
Features
- Maximum loan amount of Kes. 2,000,000
- Maximum tenor of up to 12 months
- Eligibility to top up existing loan
- Flexible collateral options (stock/motor vehicle)
Requirements
- Resolution to borrow or customer request letter.
- Business must have been in operation for at least 1 year
- National Identity Card and KRA Pin
- Certified bank statements for 12 months (for new to bank customers)
- Demonstrate ability to repay loan from business cash flow
Local Purchase Order Financing
Features
- Maximum tenor of up to 180 days
- Can be one-off or revolving
- Up to 70% financing of LPO value
Requirements
- Original LPO/Contract award
- Board resolution or request letter
Overdraft
A limit provided as a stop-gap financing to bridge short term operating cash flow differences.
Features
- Utilization is on a need basis
- Interest payment is on what has been utilized
- May be repaid off at any given time without any penalties
Requirements
- Business must have been in operation for at least 2 years
- Certified bank statements for 12 months (for new to bank customers)
- Company incorporation/registration documents, KRA Pin and directors’ identification documents.
- National ID and KRA Pin for individuals.
- Resolution to borrow (for registered companies) or request letter (for individuals).
- Tangible security.
Invoice/Certificate Discounting
A short-term facility providing funds to contractors/suppliers in advance of the credit period with the procuring entities.
Features
- Maximum tenor of up to 180 days
- Can be one-off or revolving.
- Up to 70% financing of invoice/certificate value
Requirements
- Original commercial invoice/payment certificate
- Board resolution or request letter
Letter of Credit (LC)
A written, irreversible undertaking by Access Bank, assuring the applicant’s supplier/customer/beneficiary, of payment in on time and correct amount.
Features
- Available for short term basis.
- Can be used for specific project or revolving within 12 months.
Requirements
- Board resolution or request letter
- Supplier invoice
- Copy of an import declaration form (IDF)
- Goods in transit insurance cover
- Equity contribution