LIPA LATER

This is a type of financing that caters for electronic products, home and office appliances, as well as fixtures and fittings. Examples of these are laptops, mobile phones, television sets and refrigerators among others. This facility, known as Lipa Later, allows you to enjoy full and unrestricted use of the electronic(s) even before you start paying for it. You can now apply online here http://app.lipalater.com/

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Our Target Market:

All Income earners.

Features / Requirements:

Documents (Employed)

  • Last 6 months M-Pesa statements (From date of application)
  • Last 3 months pay slips
  • A Copy of national ID card

Documents (Business)

  • Last 3 months Bank statements (From date of application)
  • Last 3 months M-Pesa statements (From date of application)
  • Registration & Pin Certificate
  • Business Permit (For current year)
  • Relevant receipts, contracts, invoices
  • A Copy of national ID card

Terms

  • Minimum loan amount Kshs. 15,000
  • Maximum amount (First time borrowers) – Kshs. 300,000/=
  • Loan repayment period – Up to 12 months

Upfront fees charged:

Application fee – Ksh 250/=

Fees payable upon approval of the loan:

  • Insurance fee – Kshs. 1,500 or 5% of the value of the electronic
  •  Processing fee – 3% of loan amount
  •  Legal fee – Ksh 1,000/=