Sidian Bank is one of the best banks in Kenya to take a loan from. Their interest rate is low and loan amount is processed within 24 to 48 hours.
Micro Finance Individual Loans
Eligibility Criteria
- Customer to maintain an active account with the bank for at least six months.
- Customer to have serviced their previous loans without default.
- Maximum repayment obligation of Net Household Income (NHI).
Target
Microenterprises in a business operated for at least 24 months.
Loan Amount
- Minimum of KES. 300,000.00 except for repeat customers.
- Maximum of KES. 3,000,000.00
Loan Disbursement
Loan installments to be booked on a weekly or monthly basis as per client’s request.
Collateral
- The borrower provides cash collateral of at least 10% and the rest to be fully secured by tangible security.
- Stock hypothecation supported by all risk insurance with the bank as a 1st loss payee to the extent of the borrowing. (Offered Sidian Insurance Agency)
Loan Tenor
- 24 months
Pricing
- Interest – Risk based pricing
- Appraisal and disbursement fees at 3% and KES. 1,000.00 chattel registration.
Chama Biashara Loan
Target Customer
Customer to maintain an active account with the bank for at least six months. Serviced their previous loans without default.
Maximum repayment obligation of Net Household Income (NHI).
Collateral
- 20% cash collateral prior to application and disbursement.
- The customer must maintain an active account with the bank.
- Amounts above KES. 1,000,000.00 shall be secured using cash collateral, fully charged log books and title deeds.
- Stock hypothecation supported by all risk insurance with the bank as a 1st loss payee to the extent of the borrowing. (Offered by Sidian Insurance Agency)
Loan Tenor
- Maximum 24 months.
| Loan | Tenor | Amount |
| 1st | 6 Months | Maximum KES. 300,000.00 |
| 2nd | 12 Months | Maximum KES. 450,000.00 |
| 3rd | 18 Months | Maximum KES. 700,000.00 |
| Next | 24 Months | Maximum KES. 3 Million |
Loan Amount
- Minimum of KES. 20,000.00
- Maximum of KES. 3,000,000.00
Loan Disbursement
Loan installments to be booked on a weekly or monthly basis as per the client’s request.
Pricing
- Interest at the prevailing market currently at 13%
- Appraisal and disbursement fees at 3% and KES. 1,000.00 chattel registration.
Asset Finance
Up to KES. 5,000,000.00
Features
- Up to 95% financing
- Client contribution of 20% to be held by the bank throughout the process of purchase
- Operational Till/Paybill number.
- An active account held at Sidian Bank (not less than six months)
- 12 months of statements from the previous bank
- Transfer of NHIF and insurance proceeds. (for hospitals)
- 3% Facility Fees
- 1.5% annual renewal fees
Collateral
- Chattels mortgage over business assets and machines to be bought.
- Debenture on the asset being financed
