Sumac Microfinance List of Accounts, Loans, Branches and Contacts

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  1. Sumac Microfinance List of Accounts
    1. Current Account
    2. Savings Account
    3. Jipange Account
    4. Mapato Account
    5. Fixed Deposit Account
    6. Call Deposit Account
  2. Sumac Microfinance Loans
    1. Business Loan
    2. Inua Biashara Loan
    3. Biashara Dhabiti Loan
    4. Biashara Plus Loan
    5. Bridging Loan
    6. Overdraft Facility
    7. Kilimo Biashara Loan
    8. Nafaka Biashara Loan
    9. Sumac Asset Finance
    10. Kawi Loan
    11. Jumuia Loan
    12. Landlord Loan
    13. Pepea na Karo Loan
    14. Check Off Loans
  3. Sumac Microfinance Branches and contacts

Sumac microfinance is one of the best microfinance banks in Kenya. Below we provide details about the company, list of accounts,loans,branches and contacts:

Sumac Microfinance List of Accounts

Current Account

Current Account

Our Current Account is a convenient and flexible medium for personal transactions and for the management of cashflow for any fledging business.

Features

  • Minimum opening balance of Ksh2,000
  • No minimum operating balance
  • Free monthly statement and internal standing order
  • Cheque book is available

 Benefits

  • No ledger fees or monthly charges
  • No handling charges on cash deposit
  • No handling charges on cheque deposit
  • No limit on the frequency and amount of withdrawals
  • The account can be operated in any of our branches with no extra charges

Requirements

  • Original National Identity Card/Passport of all registered partners in case of a partnership
  • A photocopy of the original identity card or Passport
  • Original and two copies of the business registration certificate
  • Mandate to open an account signed by all partners as per the business registration certificate in case of partnership
  • PIN certificate and VAT certificate [original and one copy of each] in case of a company/firm

Savings Account

Savings Account

Our Savings Account is an attractive and flexible medium for personal savings of any amount of money for future use. Sumac Savings Account is attractive because you earn good interest from it.

Features

  • Minimum opening balance of Ksh200
  • No minimum operating balance
  • Free monthly statement and internal standing order
  • Cheque book is available

 Benefits

  • Unbeatable Interest rates
  • No ledger fees or monthly charges
  • No cash deposit or cheque handling charges
  • Account can be operated in any of our branches with no extra charges

Requirements

  • Original National Identity Card/Passport
  • A photocopy of the original identity card or Passport
  • PIN certificate
  • Opening deposit of Ksh200

Jipange Account

Jipange Account

This is for customers who want to save regularly for future projects they may have intentions of undertaking. It could be for the purposes of starting a business, building a house, or buying an asset for a business-oriented project.

Features and Benefits

  • Low opening and operating balance.
  • No monthly charges.
  • Free bank statements.
  • Transaction at any branch
  • Attractive interest will be earned.

Requirements

  • Passport size photo.
  • Original ID card or Passport.
  • Ksh200 opening balance.

Mapato Account

Mapato Account

This account gives salaried customers more value for their money and flexibility in account transactions.

Benefits

  • Open to all salaried customers.
  • No limits on withdrawal.
  • Free bank statements.
  • Low opening and operating balance.

Requirements

  • Original ID or valid Passport.
  • Passport size photo.
  • Ksh200 opening balance.

Fixed Deposit Account

Sumac Fixed Deposit Account is one of our leading investment vehicles for all those with extra cash to fix for a certain period of time in order to earn lucrative interest.

Benefits

  • Deposit amount is fixed during the investment period
  • Interest rate is fixed during the investment period
  • Unbeatable & competitive interest rates
  • Funds are available on maturity
  • No maximum investment amount
  • You are informed of the interest payable at the time of opening your fixed deposit account
  • No Ledger fee / monthly charges
  • No charges for incoming transfers
  • Flexible interest repayment plans can be administered ie. monthly, quarterly, semi-annually and annually.
  • Dedicated bank officers to handle the customer’s inquiries.
  • Convenient account opening process

Deposit accounts are suitable for:

  • Customers holding funds pending asset purchase
  • Schools collecting student fees just before the term begins
  • Fund managers awaiting to make an investment
  • Corporate dividends awaiting approval for payment
  • Other similar temporary funds.

Requirements

  • Original and copy of national ID.
  • Duly completed application form.
  • Minimum balance of Ksh50,000

Call Deposit Account

Call Deposit Account

Benefits

  • A product suitable for funds that are available for purposes not yet finalized.
  • The account will earn attractive interest.
  • The funds can be lifted at short notice [i.e. 24hrs].
  • Dedicated bank officers to handle the customers enquiries.

Call deposit accounts are suitable for:

  • Customers holding funds pending asset purchase
  • Schools collecting student fees just before the term begins
  • Fund managers awaiting to make an investment
  • Corporate dividends awaiting approval for payment
  • Other similar temporary funds.

Product features

  • Initially for at least 7 days then followed by call
  • 24hr notice period to withdraw deposit
  • Minimum balance of Ksh50,000
  • Experienced bank officials to handle client queries

Sumac Microfinance Loans

Business Loan

Loan Purpose

This is a loan product for entrepreneurs with existing businesses who require a reliable loan facility to boost their businesses. It acts as a working capital, and is one of our flagship products at Sumac.

This loan facility is easily accessible. The following are key features that define this product:

Loan Size:

Ksh50,000 – Ksh10 million

Security & Collateral:

  • Title deeds, Log books, Shares or Fixed Deposits
  • Third party security arrangement is applicable

Grace Period:

1 month

Access Requirements

  • 6 months Certified bank statement
  • Licenses and necessary permits
  • Business Registration Certificates where applicable
  • Sketch Map Area of Residence and business premises
  • ID and PIN copies of business owners & Company directors
  • Copy of company PIN and Certificate of Registration for companies
  • Copy of VAT Certificate where applicable
  • Resolution to borrow for partnerships and companies
  • Memorandum and Articles of Association for companies
  • Current tax and company returns
  • Copy of utility bills i.e. water and or electricity
  • Evidence of business i.e. contracts, receipts of business transactions etc
  • 2 passport size photos

Processing Time:

48 hrs

Inua Biashara Loan

Inua Biashara Loan

Loan Purpose:

Inua Biashara Loan is a credit facility that is designed to enable micro and small business entrepreneurs to cater for their working capital requirements as well as improve their cash flow position. Its available to all micro and small business enterprises, individuals, firms, and organizations involved mainly in general retail business e.g general shops, Hardware stores, Jua Kali artisans, agribusiness traders etc.

Loan Size [Min. – Max.]:

  • Minimum Ksh5,000
  • Maximum Ksh300,000

Security/Collateral:

  • Guarantors,
  • Business stock and assets,
  • Household chattels,
  • Livestock [Dairy cows etc.]

Access Requirements:

  • Existence of already established business – at least one year old.
  • To open and maintain a Sumac MFB current/Savings account
  • ID and PIN certificate copies
  • 2 Passport size colour photographs
  • Six months certified bank statements
  • Evidence of emerging need e.g LPOs, LSOs, Invoices etc.

Processing Time:

Approval within 48 hours

Biashara Dhabiti Loan

Biashara Dhabiti Loan

Loan Purpose:

Biashara Dhabiti Loan is a credit facility that is designed to enable business entrepreneurs to cater for their working capital requirements as well as improve their cash flow position. This product targets all business persons involved in transportation and distribution of goods, specialized services like construction, sinking bore holes, car hire, farmers, etc.

Loan Size [Min. – Max.]:

  • Minimum Ksh50,000
  • Maximum Ksh2,000,000

Security/Collateral:

  • Title Deeds,
  • Log Books,
  • Household Chattels,
  • Business stocks/Equipment,
  • Dairy cows,
  • Lien on Fixed Deposits,
  • Lien on shares of listed companies

Access Requirements:

  • Existence of already established business – at least one year old.
  • To open and maintain a Sumac MFB current/Savings account
  • ID and PIN certificate copies
  • 2 Passport size colour photographs
  • Six months certified bank statements
  • Evidence of emerging need e.g LPOs, LSOs, Invoices etc.

Processing Time:

Approval within 48 hours

Biashara Plus Loan

Biashara Plus Loan

Loan Purpose:

Biashara Plus Loan is a credit facility that is designed to enable business entrepreneurs to cater for their working capital requirements as well as improve their cash flow position. It is available for business persons involved in trading and merchanting businesses e.g general shops, hardware stores, exporters and importers etc

Loan Size [Min. – Max.]:

  • Minimum Ksh50,000
  • Maximum Ksh2,000,000

Security/Collateral:

  • Title Deeds,
  • Log Books,
  • Lien on Fixed Deposits,
  • Lien on shares of listed companies

Access Requirements:

  • Existence of already established business – at least one year old.
  • To open and maintain a Sumac MFB current/Savings account
  • ID and PIN certificate copies
  • 2 Passport size colour photographs
  • Six months certified bank statements
  • Evidence of emerging need e.g LPOs, LSOs, Invoices etc.

Processing Time:

Approval within 48 hours

Bridging Loan

Bridging Loan

Bridging loan is meant to help entrepreneurs meet their emerging needs without necessarily affecting their existing cash flows. The loan targets business persons involved in supply of goods and services e.g. LPOs, LSOs transportation and distribution of goods, payment for licenses, specialized services like sinking bore holes, car hire, farmers etc.

Loan Size [Min. – Max.]:

  • Minimum Ksh10,000
  • Maximum 5% of Sumac core Capital

Security/Collateral:

  • Title deeds
  • Log books
  • Lien on Shares [NSE]
  • Lien on Fixed Deposits
  • Dairy cows

Access Requirements:

  • Existence of On-going business
  • Open Sumac savings/current account
  • 6 months Certified bank statement
  • ID and PIN copies
  • 2 passport size photos [color]
  • Evidence of an emerging need e.g.
  • LPO, LSO, service contracts, license, invoices etc.

Processing Time:

Approval within 48 hours

Overdraft Facility

This is a facility designed to help customers manage their business cash flows, meet their LSOs, LPOs and other urgent business needs.

Target client:

  • Tenderprenuers
  • Farmers
  • traders
  • contractors
  • suppliers etc.

OD Size: [Min.-Max.]

  • Ksh5,000 – 500,000

Duration of OD: [Min.-Max.]

  • 1– 12 months

Approval Limits:

(a) Unsecured – Ksh50,000 and below, Branch limit. Ksh (50,001-300,000], CEO limit
(b) Secured – Ksh300,000 and below, Branch limit. Ksh [300,001-500,000], CEO limit
NB: All directors, shareholders and staff OD to be approved by CEO

Security/Collateral Log book

  • Title deed
  • Shares
  • Fixed deposit [Held in Sumac MFB]
  • Dairy cows, insurance through appointed insurer, Sumac being the first claimant plus Chattels mortgage on dairy cows
  • NB: Where the security is dairy cows, maximum allowable OD size is Ksh50,000

Repayment Period

  • Grace Period 1 month

Access Requirements:

  • Evidence of urgent business need
  • An existing active Sumac current account for 6 months

Interest Rate

  • competitive

Processing Time:

  • Approval within 48 hours

Kilimo Biashara Loan

Kilimo Biashara Loan

Kilimo Biashara loan is an agriculture flagship product which is able to fund a number of agricultural activities including;

  • Purchase of livestock and animal feeds
  • Growing of horticultural crops
  • Farm inputs and farming equipment

Loan Size:

  • Ksh5,000 – Ksh300,000

Security/Collateral:

  • Dairy cows insurance through appointed insurer, Sumac being the first claimant
  • Chattels mortgage on dairy cows

Grace Period

  • 1 month

Access Requirements

  • Existence of On-going agribusiness project
  • Open Sumac savings account
  • 6 months certified bank statement
  • ID and PIN copies
  • 2 passport size photos [color]

Processing Time

  • 48hrs

Nafaka Biashara Loan

Nafaka Biashara Loan

Loan Purpose:

Nafaka Biashara loan is an agriculture product which is tailored to supply finances to farmers who are facing collateral constraints. It is able to accommodate a number of agricultural activities involving cereals like wheat, rice, maize, sorghum, millet, barley, beans, coffee etc.

The Loan is meant to help farmers meet their post-harvest credit needs;

  • Enables the farmer to wait until the time they are sure to realize the best price for their produce.
  • Purchase of seed and farm implements, land preparation and land leasing

The loan is available to all business persons involved in transportation and distribution of goods, specialized services like construction, sinking bore holes, car hire, farmers etc.

Loan Size [Min. – Max.]:

Ksh5,000 – Ksh5,000,000

NB: Above Ksh500,000 must be fully secured with other conventional collaterals.

Security/Collateral:

  • Stock Insurance Cover – Stock insurance facility for stocked commodities
  • Warehouse receipt from the cereals board [Original]
  • A duly signed verification form indicating authenticity of the warehouse receipt [signed and stamped by an authorized officer of the concerned cereals board]
  • Signing of the verification form should be witnessed by a commissioner for oath

Access Requirements:

  • Existence of On-going cereals farming activity for at least three seasons
  • Two previous consecutive warehouse receipts
  • Open Sumac savings/current account 6 months Certified bank statement
  • ID and PIN copies
  • 2 passport size photos [color]
  • Lease agreement of the land if leased or copy of the title deed if owned
  • Evidence of other income generating activity

Processing Time:

Approval within 48 hours

Sumac Asset Finance

Sumac Asset Finance

This is a loan product for persons who want to acquire assets, often for business purposes, though personal reasons are still acceptable.  Such assets may include motor vehicle and machinery, furniture and fittings, electronics and more.

Loan Size:

Ksh50,000 – Ksh10 million

Security/Collateral:

  • Same financed asset

Grace Period

  • 1 month

Access Requirements

  • ·      6 months Certified bank statement
  • ·      Licenses and necessary permits
  • ·      Sale agreement with the vendor and 30% deposit in customer’s sumac account
  • ·      Business Registration Certificates where applicable
  • ·      Sketch Map Area of Residence and business premises
  • ·      ID and PIN copies of business owners /Company directors
  • ·      Copy of  company pin and Certificate of Registration for companies
  • ·      Copy of VAT certificate where applicable
  • ·      Resolution to borrow for partnerships and companies
  • ·      Memorandum and Articles of Association for companies.
  • ·      Current tax and company returns
  • ·      Copy of utility bills i.e. water and or electricity
  • ·      Evidence of business i.e. contracts, receipts of business transactions etc.
  • ·      2 passport size photos

 Processing Time

  • 48 hrs

Kawi Loan

Kawi loan is a clean energy product which is meant to help individuals access clean energy equipment and installation. These equipment are; cooking stove, biogas, solar panel etc.

Loan Size:

Ksh2,000 – Ksh1,000,000

Security/Collateral:

  • Title deeds
  • Log books
  • Lien on Shares [NSE]
  • Lien on Fixed Deposits
  • Dairy cows

Grace Period

  • 1 month

Access Requirements

  • Resolution to borrow for partnerships and companies
  • Memorandum and Articles of Association for companies.
  • Current tax and company returns
  • Copy of utility bills i.e. water and or electricity
  • Evidence of business i.e. contracts, receipts of business transactions etc.
  • 2 passport size photos

 Processing Time

  • 48 hrs

Jumuia Loan

Loan Purpose:

This is a loan product for development projects and purchase of assets for registered investment groups, churches and social development groups.

Loan Size:

Ksh50,000 – Ksh10 million

Security/Collateral:

  • Title deeds, Log books, Shares, Fixed deposits etc.

Grace Period

  • 1 month

Access Requirements:

  • 6 months certified bank statement
  • Registration documents
  • Resolution to borrow and Minutes for the group
  • Trust deed and constitution
  • Copies of I.D. and PINS of the officials/signatories
  • Two passports for each signatory

Processing Time

  • 48 hrs

Landlord Loan

Landlord Loan

This loan is available to landlords who may want to alleviate their businesses at large.

Loan Purpose:

  • To help land lords manage their business cash flows
  • Improve the condition of the houses
  • Participate in emerging business opportunities e.g. IPOs
  • Meet their personal and development needs
  • Meet emergency needs e.g.  hospital bills, etc.

Loan Size:

  • Up to Ksh1 million

Grace Period

  • 1 month

Collateral/Security

  • Well-filled Deed of Rental Assignment AND Tripartite Agreement on Rental collection.
  • For amounts above Ksh500,000 rental house insurance be put in place
  • Rental collection Agency relationship for at least 6 months

Pepea na Karo Loan

Pepea Na Karo Loan

Loan Purpose:

This is a product designed to help customers meet school fees needs for their children and for themselves at all educational levels. This product is not only designed for school going children, but is broadly open to university students, students in colleges and other higher learning institutions.

Loan Size:

Ksh5,000 – Ksh300,000

Security/Collateral:

  • Log book or shares
  • Land title deed

Grace Period

  • 1 month

Access Requirements

  • Certified fees structure/Proforma invoice
  • 6 months Certified bank statement
  • ID and PIN copies
  • 2 passport size photos [colour]

Processing Time

  • 48 hrs

Check Off Loans

Sumac offers unsecured loans to government payroll clients [Civil Servants] and to employees whose employers have signed a Memorandum of Understanding [MOU] with Sumac to make loan repayment deductions directly from the employees’ salaries [Check-Off].

These loans are tailored for Government Ministry employees, Teachers, Members of the National Police Service, Kenya Wildlife Service officers, Kenya Forest Service Officers among others. All loans are processed and disbursed in 24 hours.

Features

  • Repayment period of up to 84 months.
  • No hidden charges; age limit is 59 years of age.
  • The check-off arrangements are agreed with the various institutions by the head office and branches are advised appropriately.

Benefits

  • Competitive interest rates charged.
  • Fast and efficient loan processing and disbursement.
  • Your salary is the security.
  • No late payment fees.

Requirements

  • Check-off loan application forms duly completed.
  • Bank Statements for the past 6 months.
  • The applicant’s certified original pay slips for the last three [3] months.
  • Copy of National ID and PIN
  • 2 Clear colored Passport photo.
  • Copy of appointment letter.

Sumac Microfinance Branches and contacts

BRANCHES AND CONTACTS

HEAD OFFICE

Ngara Branch

  • Ground Floor, Magu House, Park Road, Nairobi
  • P.O Box 11687 – 00100,  Nairobi – Kenya
  • T: 0111 029 005
  • ngara@sumacmicrofinancebank.co.ke
  • Head Office: 0111 029 000

Koinange Branch

Nakuru Branch

Githunguri Branch

Thika Branch

  • Ground Floor, Nafelin Plaza,
  • Mama Ngina Drive, Thika,
  • P.O Box 11687 – 00100,  Nairobi – Kenya
  • Tel: 0111 029 006
  • thika@sumacmicrofinancebank.co.ke
  • Head Office: 0111 029 000

Kiambu Marketing Office

  • First Floor, Esther Njoki Towers,
  • Opposite Kiambu Market,
  • P.O Box 11687 – 00100,  Nairobi – Kenya
  • Tel: 0111 029 007
  • kiambu@sumacmicrofinancebank.co.ke
  • Head Office: 0111 029 000

 

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