Checklist For Accessing KCB Soko Loan
Updated on: Oct 03, 2020
KCB Boresha Biashara (Soko/Market Loan) has formulated a checklist for those applying for the economic stimulus loans.
For eligibility criteria, a person has to be a member of the market association.
The loan amount will range from Kes 5,000 to Kes 100, 000 with a 3% negotiation fee. Payment will be
within one year, but to be paid on a monthly basis.
KCB has a base rate of 13 % per annum to be serviced every month. The loan also has a 0.85% risk premium.
However, applicants must provide three guarantors who are within the market group. The market officials will confirm
the names of the guarantors before presenting them to the KCB bank.
Provision of National ID/ passport and KRA pin certificate are vital posses-sions to be regarded as a serious per-son in need of a loan. One should also be CRB cleared as an assurance that he will not default the subsidized loan.
As collateral also, the applicants will provide chattels mortgage over house-hold items and stock hypothecation depending on the nature of stock.
On top of presenting a business sum-mary, borrowers have also to provide their bank statements which can be from any bank/financial institution. In some instances M-Pesa statements will also be required.
Further confirmations before accessing the loans come from market leaders that the person is member of a given market association, and also to certify ownership of a market stall.
Finally the borrower will have to pro-vide photographs of their business and those of their residential place.
For eligibility criteria, a person has to be a member of the market association.
The loan amount will range from Kes 5,000 to Kes 100, 000 with a 3% negotiation fee. Payment will be
within one year, but to be paid on a monthly basis.
KCB has a base rate of 13 % per annum to be serviced every month. The loan also has a 0.85% risk premium.
However, applicants must provide three guarantors who are within the market group. The market officials will confirm
the names of the guarantors before presenting them to the KCB bank.
Provision of National ID/ passport and KRA pin certificate are vital posses-sions to be regarded as a serious per-son in need of a loan. One should also be CRB cleared as an assurance that he will not default the subsidized loan.
As collateral also, the applicants will provide chattels mortgage over house-hold items and stock hypothecation depending on the nature of stock.
On top of presenting a business sum-mary, borrowers have also to provide their bank statements which can be from any bank/financial institution. In some instances M-Pesa statements will also be required.
Further confirmations before accessing the loans come from market leaders that the person is member of a given market association, and also to certify ownership of a market stall.
Finally the borrower will have to pro-vide photographs of their business and those of their residential place.
