Business

Designed for business owners who need funds to grow their businesses, manage working capital, or cover operational expenses.

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Aptic-Business-Loans-1
Aptic-Business-Loans

Guide to Aptic’s business loan.

This loan is secured using a motor vehicle as collateral, making it accessible for businesses that may not qualify for unsecured loans but have valuable assets.

  • Loan Application Process:
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  • Step 1: Customer submits the application form along with the required documents, including bank/Mpesa statements, ID, KRA PIN, passport photo, and vehicle logbook.
  • Step 2: Vehicle is valued by Aptic’s approved valuers to determine the loan amount eligibility.
  • Step 3: Aptic reviews the loan application, assesses creditworthiness, and proposes loan terms.
  • Step 4: Upon approval, customer signs the loan agreement, and Aptic retains the vehicle logbook until repayment is complete. Funds are disbursed to the customer's preferred account.
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  • Interest Rates & Fees:
    • 4% interest rate based on vehicle valuation and customer risk profile.
    • Processing fee of 3% of the loan amount.
    • Risk management fee of 2.5% of the loan amount.
    • Vehicle tracking fees (if applicable) and additional fees for CRB and legal processing.
  • Loan Repayment:
    • Monthly installment options to suit the business's cash flow.
    • Early repayment allowed without penalties, offering flexibility to businesses with fluctuating income.
    • Payment options include direct bank transfer, mobile money, or cheque.
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  • Loan Amount: Up to 70% of the vehicle's current Forced Sale Value.
  • Loan Term: Up to 24 months, offering flexibility based on the business’s cash flow needs.
  • Interest Rate: Competitive fixed rates based on risk assessment and vehicle valuation.
  • Collateral: Motor vehicle logbook, retained by Aptic until full loan repayment.
  • Processing Time: Fast approval and disbursement within 4 hours.
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  • Business Owners:Entrepreneurs needing funds for inventory, expansion, or day-to-day operations.
  • Self-Employed Individuals: Sole proprietors looking to leverage their vehicle to access capital.
  • Informal Sector Entrepreneurs: Business owners in the informal economy who may not have access to traditional collateral but own a motor vehicle.
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  • Vehicle Ownership: Customer must be the registered owner of the vehicle.
  • Documentation Requirements:
    • Bank and/or MPESA statements for the past 12 months to verify cash flow.
    • Identification documents (ID) and KRA PIN of the borrower(s).
    • Passport photos of the borrower(s).
    • Copy of the vehicle logbook
    • Proof of vehicle valuation, to be conducted by Aptic’s approved valuers.
  • Business Proof: Business registration documents or a trading license may be required to verify business operations.
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  • Logbook Security:The vehicle remains in the customer’s possession, but Aptic holds the logbook as collateral. This ensures asset security without disrupting the business's operations..
  • Vehicle Tracking: A tracking device may be installed on the vehicle to provide additional security.
  • Regular Revaluations: Reassessment of the vehicle’s value if the loan term is extended or renewed, to ensure collateral remains adequate.
  • Quick Access to Capital:Fast processing and disbursement provide business owners with timely funds to address urgent business needs.
  • Leverage Existing Assets: Allows business owners to unlock the value of their motor vehicle without losing access to the vehicle.
  • Flexible Repayment Terms: Options that align with business cash flows, minimizing financial strain.
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