Insurance Premium Financing

Insurance Premium Financing

Insurance Premium Finance is a short-term loan product designed to facilitate the financing of insurance premiums. This is given against the customer’s insurance premium bill for a maximum of 10 months with a minimum finance of KES. 25,000.

Requirements

• Duly completed application form which includes the IPF agreement
• Copy of National ID/PIN for individual applicants
• Copy of Certificate of Incorporation/Certificate of Registration for business borrowers

Company PIN

• Copy of Memorandum & Articles of Association, Partnership deed or other constitutive documents as per registered entity type for corporate entities
• Board Resolution to borrow for Corporates

Fees & Rates

• Nil commitment fees
• The rate of interest is 4.0% above the Central bank rate (CBR) pa. The IPF card rate from this rate ranges between 1.75% to 5.30% for the period from 4 to 10 months

Features

• Finance up to 100% of the premium amount
• Minimum repayment tenor of 4 months and a maximum of 10 months
• Repayments are via equal monthly installments (EMIs), payable through post-dated cheques, and standing orders
• Minimum financing of KES 25,000

Benefits

• Lifts the burden of lump sum insurance premium payment
• Enhances business cash flow management
• Immediate access to annual insurance cover
• Flexible repayment periods for the insurance premium