Mwananchi Credit Limited is a leading loan provider in Kenya, formerly known as Mwananchi Microlink Limited before rebranding in January 2012.
The company has seven branches in Nairobi, Kitengela, Eldoret, Mombasa, and Thika. Mwananchi Credit Limited aims to serve underserved customers, improve customer experience, offer the best rate loans, and reduce extra fees so customers can pay off easily.
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Mwananchi Credit Products
Mwananchi Credit Limited offers a wide range of loan products that cater to different needs of individuals and businesses in Kenya. These products include:
Title Deed Loans
This type of loan is available to private and commercial vehicle owners. The amount borrowed depends on the value of the car. Borrowers can get loans ranging from Ksh. 100,000 to Ksh. 25,000,000.
Import Financing
Importers and dealers of second-hand cars are targeted by Mwananchi Credit Limited. The company also provides finance for raw materials, machinery, and electronics dealers. Borrowers pay back the loan as agreed.
Invoice Discounting
Mwananchi Credit Limited finances 50% of the invoice amount waiting for payment. The borrower must repay the money within 30 days. The invoice must be from a reputable institution, and the following security documents are required:
- Copy of the original valid invoice signed by the buying entity
- Evidence of the delivery note of the goods supplied
- Assignment letter by the buying firm
- Recent bank statement for the business
Salary Check-Off Loan
Mwananchi Credit Limited provides finance to all civil servants, TSC officials, and county government officials. The loan is given against salary earned, and no instrument is required as backup.
Teachers, police officers, government health workers, government nurses, and clinical workers are eligible.
Trade Finance
With Mwananchi Credit Limited trade finance, it is easy to get loans to assist borrowers in performing contracts, expanding businesses, providing working capitals, and so on.
The borrower tenders a security document in case they cannot pay back the loan. The following security documents are required:
- Bid bond
- Performance bond
- Advance payment
Mwananchi Credit Limited Interest Rate
Different interest rates apply to the various loan products offered by Mwananchi Credit Limited.
Applying for Mwananchi Credit Limited Loan
To apply for any loan product on the Mwananchi Credit Limited platform, follow the procedure below:
- Log onto their website online
- Fill the application form
- Select the type of loan you need
- The platform takes your details
- Wait for loan approval
- Get your loan
Repaying Mwananchi Credit Limited Loans
Borrowers can repay loans directly from the app or visit any of the eight branches in Kenya. The branches are located in Nairobi, Kitengela, Kisumu, Mombasa, Eldoret, and Thika.
Contact Mwananchi Credit Limited
- Headquarters: EcoBank Towers 10th floor, Nairobi. Opp. 680 Hotel. Tel: 0709 147 000
- Pension Towers Mezzanine 2, Loita Street, Nairobi. Tel: 0709 147 000
- Ecobank branch office: Ecobank Towers 2nd floor, Muindi Mbingu Street. Tel: 0709 147 000
- Kitengela Branch office: Capital Center Building, Second Floor. Tel: 0709 147 000
- Kisumu Branch office: Alpha House along Oginga Odinga street 2nd floor. Tel: 0709 147 000
- Mombasa Branch office: Jubilee Arcade, Moi Av. Road Ground Floor. Tel: 0709 147 000
- Eldoret Branch office: Zion Mall 2nd floor Uganda Road Opposite Aga Khan Hospital. Tel: 0709 147 000
- Thika Branch office: Thika Business Centre, Naivas building 4th floor along Workshop road. Tel: 0709 147 000
Conclusion
Mwananchi Credit Limited has made significant strides in the lending industry in Kenya by providing affordable loan products to individuals and businesses.
Their loan products cater to different needs and are designed to provide the best customer experience. The Mwananchi Credit Loan App makes it easy for borrowers to apply for loans, and the repayment process is straightforward.
With Mwananchi Credit Limited, customers can be assured of affordable loans with no hidden fees.
When taking out a loan, it is essential to make inquiries and understand the terms and conditions. Mwananchi Credit Limited offers affordable loans with no hidden fees, making it a great option for individuals and businesses looking for funds.