Tamika Credit offers Insurance Premium Financing (IPF) as one of our specialized loan products. This loan is specifically designed to help clients who want to insure their property or services but do not have the necessary funds to pay the insurance premium upfront.
With our IPF loan, clients can access the funds they need to pay for their insurance premiums, with flexible repayment terms that are tailored to their financial situation. This loan product is ideal for individuals and businesses that require insurance coverage but do not have the immediate funds to pay the premium.
Our IPF loan is easy to apply for and offers competitive interest rates to ensure that our clients can access the financial assistance they need at an affordable cost. We also offer a fast and streamlined application process, with loan approvals typically processed within a short period of time.
At Tamika Credit, we understand the importance of insurance coverage for individuals and businesses alike, and we are committed to helping our clients access the insurance products they need to protect their assets and services. Our IPF loan is just one of the many ways we support our clients and contribute to their financial wellbeing.
IPF Loan Requirements
- Certificate of registration
- Minutes of the meeting for registration
- Groups by-laws
- Identity documents (passport photo, ID copy, KRA pin)
- 2 Guarantors and members. (1st guarantor should be a spouse or a close relative in which the borrower should declare the absence of the spouse. 2nd guarantor should be a member of the group who is well familiar with the borrower.)
- All members should guarantee the borrower.
- Each member is to attain a pass-book @Ksh 100/=
- Supervision to the income-earning activity and the households for collaterals which will be facilitated by the loan officer and group officials.
- Training by the loan officer and the supervisor.
Benefits of our IPF Loans
- Affordable Interest Rates
- No hidden charges
IPF Loan Processing Period
- Loan period: 1 month – 3months
IPF Loan Interest Rate
- Interest rates 7.5 % PM
- Processing fees of 7.5% on the principle
- Ksh 10,000 to 50,000 secured by the business
- Amount saved should be 20% of the loan amount.
- Registration for the individual should be Ksh 1,000
