Imarisha Business Loan

Crafted for small business owners who need additional capital to grow their business, manage operational costs, or address short-term financial needs.

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Guide to Aptic’s Imarisha Business Loan.

Unlike traditional loans, this product leverages household and business chattels as security rather than requiring real estate or other high-value assets.

  • Loan Application Process:
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  • Step 1: Customer completes the application form and submits all required documents, including cash flow statements, trading license, ID, KRA PIN copies.
  • Step 2: A valuation of household and business chattels is conducted, and cash flow is assessed through bank and MPESA statements.
  • Step 3: Aptic evaluates the loan application, determines creditworthiness, and proposes loan terms.
  • Step 4: Customer and spouse sign the chattels motgage agreement, and post-dated cheques are collected. Funds are disbursed shortly after approval.
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  • Interest Rates & Fees:
    • 8-8.5% interest rate based on credit assessment and loan amount.
    • Processing fee of 2-5% of the loan amount.
    • Late repayment penalties to encourage timely replayments.
  • Loan Repayment:
    • Monthly installments potions tailored to cash flows.
    • Early repayment allowed without penalties, offering flexibility for business.
    • Payment accepted via mobile money, bank transfer, or post-dated cheque processing.
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  • Loan Amount: From KES 100,000 to KES 300,000, based on business cash flows and the valuation of chattels
  • Loan Term: 3 to 12 months, allowing businesses the flexibility to repay within a manageable timeframe.
  • Interest Rate: Fixed rates ranging from 6% to 8.5%, depending on the risk profile.
  • Collateral: Secured by household and business chattels, backed by a chattels mortgage agreement with spousal consent.
  • Processing Time: Quick approval and disbursement within 4 hours of application submission.
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  • Small Business Owners:Businesses that have been operational for at least 12 months with demonstrated cash flows.
  • Entrepreneurs in Need of Working Capital: Small businesses needing funds for inventory purchases, expansion, or other operational needs.
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  • Business Operations: Business must be at least 12 months old, with verifiable cash flows.
  • Documentation Requirements:
    • Bank and/or MPESA statements for the past 12 months.
    • Valid trading license, KRA PIN certificate.
    • Identification documents(IDs) for the business owner(s) and spouse.
    • Post-dated cheque for the loan term.
  • Collateral: Household and business chattels, such as furniture, electronics, and equipment, which are documented and evaluated as security.
  • Spousal Consent: Required for the chattels mortgage, with both customer and spouse signing the agreement.
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  • Title Deed Security:Retention of the title deed provides a secure form of collateral, with legal safeguards in place to manage default risks.
  • Due Diligence and Project Monitoring: Regular check-ins to ensure project progress aligns with the loan disbursement and that funds are used as intended.
  • Insurance: Property insurance may be required, listing Aptic as a beneficiary, to protect the asset in case of unforeseen incidents.
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  • Access to Working Capital Without Traditional Collatral:Offers an alternative to conventional secured loans, allowing access to financing using chattels instead of high-value assets.
  • Fast Processing and Disbursement: Quick approval and fast access to funds provide immediate support for business needs.
  • Secure and Legally Compliant: The chattels mortgage and spousal consent ensure a legally sound process, offering peace of mind to both borrower and lender.
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