Below are products offered by Lolc microfinance, loans, branches and contacts:
Loan Products
Asset Financing
This is a credit product specifically designed to cater for growing medium-scale businesses. The loans shall be used to purchase of motor vehicles, land and other assets.
The Borrower will be charged a loan processing fee of 3% of the loan amount.
- Minimum amount: Ksh.50,000
- Maximum amount: Ksh.5,000,000
Eligibility
- Must have operated an active bank account for minimum period of six months.
- Business clients must have experience of not less than one year.
Repayment
Monthly: Payment of both Principal and Interest. 24% p.a. on Flat Rate
Loan Tenor: Maximum period of 48 months. However, early repayment is highly encouraged.
Collateral
- Joint registration and chattel mortgage on Motor Vehicles
- Charge over the land purchased.
The asset being purchased shall act as the security.
Credit insurance
- Credit Insurance is required on all loans for Death and Disability (1.25% p.a.).
- Comprehensive insurance over the motor vehicle with LOLC KENYA MICROFINANCE Bank’s interest noted as the first loss payee.
- Charge on land that is used as security.
Personal Loan
The loan product is designed for regular income earners, including salaries and
rental income.
Minimum amount: Ksh.50,000
Maximum amount: Ksh.1,000,000
Eligibility
- Must have operated an active bank account for a minimum period of six months.
- Business clients must have experience of not less than one year.
- Salaried clients must have completed the probation period.
Repayment
Maximum period of 24 months. 24% p.a. on Flat Rate Processing fee – 3%
Security/Collateral
- Joint registration and chattel mortgage on Motor Vehicles.
- Cash held in fixed accounts or savings accounts held under lien.
- Land Charge.
- Credit Insurance is required on all loans for Death and Disability (1.25% p.a.).
Comprehensive insurance over the motor vehicle with LOLC KENYA MICROFINANCE
Bank’s interest noted as the first loss payee
Working Capital Loan
Short-Term Working Capital Loans
Our Short-Term Working Capital Loans cater your short-term working capital
requirements such as meeting operational expenses, immediate stock purchases, filling timing gap in outflows and inflows. Further, same provides the required funding to secure pricing advantages and sudden business opportunities. The repayment can
be in monthly instalments or as a capital bullet depending on the pattern of the
cashflows.
Minimum amount: Ksh.50,000
Maximum amount: Ksh.3,000,000
Eligibility
- Kenyan Citizen between age of 18 years and above.
- Partnerships.
- Limited Companies.
- Must have operated an active bank account for a minimum period of six months or proof of income.
- Business clients must have experience of not less than one year
- Must open a current account with LOLC Kenya Microfinance
Bank PLC
Interest Rate:
24% p.a. on Flat Rate.
Loan Security/Collateral:
- Joint registration and chattel mortgage on Motor Vehicles.
- Cash held in fixed account or savings accounts held under lien.
- Land Charge.
Insurance:
- Credit Insurance is required on all loans for Death and Disability (1.25% p.a.).
- Comprehensive insurance over the motor vehicle with LOLC KENYA MICROFINANCE Bank’s interest noted as the first loss payee.
- Charge on land that is used as security.
- Mortgage Insurance, where applicable.
Loan Tenor:
- Minimum Period: 3 Months
Maximum Period: 6 Months.
Repayment Mode:
Payment of interest monthly. Bullet payment of Principal and any other outstanding interest at the end of the loan period.
Mid – Term Working Capital Loans
About Loan
Mid-Term Working Capital Loan provide you the capability of settling the borrowing obtained for the working capital requirements over a comparatively longer tenor, so your cashflows don’t get constrained. The comparatively longer repayment period
provides you the ease of planning your business growth so the enhancement of the revenue..
Amount
Minimum amount: Ksh.50,000
Maximum amount: Ksh.3,000,000
Eligibility
- Kenyan Citizen between age of 18 years and above.
- Partnerships.
- Limited Companies.
- Must have operated an active bank account for a minimum period of six months or proof of income.
- Business clients must have experience of not less than one year
- Must open a current account with LOLC Kenya Microfinance
Bank PLC
Interest Rate:
24% p.a. on Flat Rate.
Loan Tenor:
- Minimum Period: 1 month
Maximum Period: 48 Months
Repayment Mode:
- Monthly
Overdraft Facility (On Demand)
About Loan
Overdraft facility provides a convenient mean to manage mainly the permanent
working capital requirements of your business, which include but not limiting to
managing the gaps in cash receipts and cash payments in day-to-day business
operation and during business cycle, having a readily available credit limit to source the required financing for stock purchases and operational expenses, enhancing the operational level through providing trade credits, etc.
Amount
Minimum amount: Ksh.50,000
Maximum amount: Ksh.3,000,000
Eligibility
- Kenyan Citizen between age of 18 years and above.
- Partnerships.
- Limited Companies.
- Must have operated an active bank account for a minimum period of six months or proof of income.
- Business clients must have experience of not less than one year
- Must open a current account with LOLC Kenya Microfinance
Bank PLC
Interest Rate:
24% p.a.
Loan Security/Collateral:
- Joint registration and chattel mortgage on Motor Vehicles.
- Cash held in fixed account or savings accounts held under lien.
- Land Charge.
Saving Products
Taratibu Savings Account
For Kenyans who are seeking a fair saving solution where they can accumulate funds and use it as needs arise.
Features
- Opening Balance: Ksh.500
- Min Balance: Ksh.500
- Charges are applicable for over-the-counter withdrawals
- Mobile banking Ksh.72
Lil’ Angel – Junior Savings Account
- Children below the age of 18 years.
- The parent/Guardian to operate the account on behalf of the child.
- One free withdrawal from the account per quarter
- For Counter withdrawal, Charges are applicable for every withdrawal above the one free per quarter.
Features
- Opening Balance: Ksh.1,000
- Minimum Balance: Ksh.1,000
- Interest Rate 5% p.a.
Jipange – Budget Savings Account
This is a budget planning facilitation account for those with specific upcoming events with specific budget and timing e.g., wedding, holiday, school fees, maternity expenses etc. The saving is done through flexible amounts and frequency towards the budget and time. Savers are encouraged not to withdrawal the money before maturity to meet their objectives. Loan facility can be granted against the savings.
Features
- Opening Balance: Ksh.5,000
- Minimum Balance: Ksh.1,000
- Charges are applicable for over-the-counter withdrawals
- No restrictions on deposits into the account.
- Statements available on half yearly basis
Interest Rate
Between Ksh. Interest Rate p.a.
5,000 – 19,999 3.5
20,000 – 49,999 4
50,000 – 99,999 4.5
100,000 – Above 5
Fixed Deposit Account
For those who intend to save for future investment and opt to fix lump-sum amount for specific term and earn interest.
Features
- Minimum Amount: Ksh.5,000
- Deposit period: 1, 3, 6, 9, and 12 months
- Security for loan facility
Current Account
Any person competent to contract may open an account in his/her own name.
Accounts can be opened for sole proprietorship firms, partnership firms, private limited and public limited companies, Joint Account, trusts, clubs, associates etc.
Features
- Minimum opening balance of Ksh.2,000 (Personal) and Ksh.5,000 for (Business Accounts)
- No minimum operating balance
- Free monthly statement upon request.
- Free internal standing order
- Free Cheque Withdrawals over the counter
- Monthly ledger Fee – Ksh.385
- Mobile banking Ksh.72/-
Dollar ($) Fixed Deposit Account
Unlock financial stability and growth with our USD Fixed Deposit.Your pathway to secure investments and steady returns.
Features
- Deposit period: 6 and 12 months respectively
- Security for loan facility
Lolc Microfinance Kenya Branches and contacts
Head Office,
Westpark Towers, Mpesi Lane off Muthithi Road,
P.O. BOX 20833 – 00100, Nairobi
Cell: 0733553555
Maua Collection Unit,
Along Athiru Gaiti Road – Opposite Maua Methodist Hospital,
P.O. BOX 20833 – 00100, Nairobi
Cell: 0737554557
Meru Branch,
Tom Mboya Street opposite G4S – Meru
P.O. BOX 20833 – 00100, Nairobi
Cell: 0737553555
Duruma Branch,
TB Plaza 2nd Floor, Duruma Road, Nyamakima
P.O. BOX 20833 – 00100, Nairobi
Cell: 0757629781
Kayole Branch,
Topaz Driving school building- Kayole
P.O. BOX 20833- 00100, Nairobi
Cell: 0750207375
Kiambu Road Marketing Unit,
First Floor, Ciata City Mall, along Kiambu Road
P.O. BOX 20833 – 00100, Nairobi
Cell: 0788289913
Ngong Road Marketing Unit,
First Floor, Ngong Road Business Center, along Ngong Road
P.O. BOX 20833 – 00100, Nairobi
Cell: 0788585563
