There are many things in our lives that we tend to care about. These are the very reasons that we may be attached to our lifestyle. Whether it be our homes, families, health, property or belongings, they are all essential parts of our lifestyle. It is only natural for you to want to protect all of these somehow. With the fear of theft and other dangers looming over your head, it can be challenging to be at peace. As a result, you may want to opt for insurance to keep you and your loved ones safe.
However, insurance certainly does not come cheap, and you may be unable to pay the premium amount in one go. So what do you do in such a case? The answer is insurance premium financing. With Mwananchi Credit Ltd., you can get excellent insurance premium finance loans and rates. In this way, you can ensure your and your loved ones’ future with us. Here is everything you need to know about the facility of insurance premium financing we provide.
What is Insurance Premium Financing?
Insurance premiums are the amounts that you typically have to pay to obtain an insurance policy. There are premiums for various insurance forms, including healthcare, auto, life and property insurances. With insurance premium financing, you can obtain short-term loans that facilitate you to obtain insurance. After that, you can pay us back in instalments, including any interest, according to the contract. Typically, this loan is given based upon the insurance premium bill that the customer is opting for. This is for a maximum of 10 months, and we provide financing for a minimum of 22,000 KES.
What are the benefits of Insurance Premium Financing?
Insurance premium financing can provide a range of benefits for you. These are:
- It helps remove the burden of paying a lump sum. You can pay this amount in instalments with financing, making it more spread out and manageable, even with interest.
- With Mwananchi Credit, you can get up to 100% of the premium amount, ensuring that your losses are minimal. Most other lenders will typically not do this, but we care about our customers. We want them to come out on top with premium financing.
- It helps make business cash flow more manageable since the costs are spread out across the loan period. All the while, the insurance policy itself will be bringing benefits to the business.
- You can obtain access to insurance immediately instead of saving up money for a long time and scrounging it up from friends and family. We make the process as hassle-free as possible so that you can get your insurance.
- Like all our loans, we provide flexible repayment periods so that you can repay with minimum hassle. Even though these are short-term loans, we offer repayment periods up to 10 years.
Who is eligible for Insurance Premium Financing?
There are a wide variety of clients eligible for our insurance premium loans. This is because various parties can benefit from this financing. This includes the following:
- Family-owned or small businesses
- Major corporations
- Non-profit organisations (NGOs)
- Large-scale firms
- People with specialised needs
- Owners of property assets and valuable belongings
- People with families
- Vehicle owners.
As a result, all of these clients are eligible for insurance premium financing with us. If you’re someone looking for such a loan, don’t hesitate to contact us. Our customer representative team will get back to you within only 30 minutes during working hours. Additionally, we have branches all over Kenya in Kisumu, Eldoret, Thika, Nairobi, Kitengela, and Mombasa. This ensures that you can visit us wherever you may be with ease. We have a variety of other loans, too, if you feel like this loan is not appropriate for you.
How do the payment procedures work in Insurance Premium Financing?
Once the agreement and approval processes are taken care of, we will disburse the funds directly to your insurance company. Additionally, we will inform the agent and broker immediately once we have done so. After that, we will collect payments from you every month through Direct Debit. These amounts will be based on the credit agreement. We require you to complete a Direct Debit Mandate form or provide bank details to your Shimin Insurance Agency. Once that is set up, we will automatically take the monthly instalments from your account through Direct Debit.
What do I do if I can’t make payments on time?
If you cannot make payments on time for whatever reason, we recommend contacting our customer service team or calling us on 0794 58 99 05. We are always ready to support you in your situation, and we will see what can be done. When you call us, you need to have your account reference number in hand while being authorised or an account holder.
If we cannot collect a scheduled payment from you, then a fee may be applied, and if you cancel the agreement, a fee may also be applied. We will include all of these fees in the credit agreement you sign with us. We recommend that you contact us when you want to cancel the credit agreement. Once we have received a cancellation request from your insurance agency, we will cancel the agreement and confirm this to you in writing.
It is vital to remember that even if your policy is cancelled, the refund amount may not cover the outstanding balance of the agreement. Therefore, you must pay back this amount, so we may continue to make monthly payments from your Direct Debit. This is because we paid the full amount to your insurance company.
What are the requirements of Insurance Premium Financing?
We keep our requirements as minimal as possible. This is to ensure that the application process is as hassle-free as possible to get your loan quickly. We understand that you will likely be anxious about getting your loan, and we do our best to facilitate it. As such, the minimum requirements for insurance premium financing are:
- Completed application form alongside the premium financing agreement.
- Copy of National PIN and ID of the applicant
- Copy of Certification of Incorporation (For business owners, a Certificate of Registration is required)
- Company PIN
- Copies of constitutive documents as per entity type of corporate entities like Partnership deed, Memorandum and Articles of Association
- Board Resolution to borrow.
There are many things part of our lifestyle that is essential to us. Whether it be our lifestyle, property or family, protecting these things can make our lives more stress-free. This is why opting for insurance can be extremely helpful. However, insurance premiums can be costly, and you may not be able to pay this lump sum in one go. This is where our insurance premium financing can help.
We can provide the funds to your insurance company and pay us back in smaller monthly instalments. This allows you a range of benefits to help you come out on top. Many clients can opt for this loan as long as they fulfil minimum requirements. We have discussed the various processes involved, including situations where you cannot pay. We hope you will ensure your and your family’s future with Mwananchi Credit Ltd. You won’t be disappointed.