Citizens Credit Limited is a well-established microfinance institution in Kenya that specializes in providing innovative loan products to individuals, entrepreneurs, and small businesses. The institution addresses the financing challenges faced by those who may lack access to traditional banking services, particularly in areas related to working capital and cash flow needs. Citizens Credit aims to bridge the financial gap through a wide range of loan products, designed to cater to various personal and business needs.
This article explores Citizens Credit’s key loan offerings, including their requirements, applicable charges, and branch contacts, making it easier for potential borrowers to find a product that suits their needs.
Citizens Credit Loan Products
1. Logbook Loans
Logbook loans from Citizens Credit are secured against motor vehicles and can be used to meet personal expenses such as medical bills, school fees, or household purchases. Borrowers can secure a loan against multiple vehicles at the same time, offering flexibility for larger financial needs.
Requirements:
- Original logbook
- KRA PIN
- National ID
- 2 passport-sized photos
- 6 months’ bank statement
- Comprehensive insurance certificate
2. Check-Off Loans (Civil Servants Loans)
This product is tailored for civil servants, TSC employees, and employees of private companies that have a Memorandum of Understanding (MOU) with Citizens Credit. Borrowers must meet specific employment criteria to qualify.
Requirements:
- Original latest payslip
- National ID
- KRA PIN certificate
- Passport-sized photos
- Confirmation letter (for civil servants)
- Letter of appointment
Charges:
- Processing fee: 5% of principal amount
- Loan form fee: Ksh 300
- CRB fee: Ksh 300
- Witnessing fee (legal): Ksh 400
- Interest rate: Up to 5% per month for private sector employees; variable rates for civil servants based on repayment period
3. Cheque Discounting
This product offers immediate cash against a current cheque drawn by a reputable company, ensuring continuous business operations without disruptions due to cash flow challenges.
Requirements:
- The cheque to be discounted
- Applicant’s ID copy
- Acknowledged invoice or payment vouchers (if available)
4. Invoice Discounting
Citizens Credit allows suppliers to supermarkets, reputable companies, educational institutions, hospitals, and NGOs to discount their invoices. This financing covers up to 80% of the invoice value and is repayable within 90 days.
Requirements:
- Acknowledged original invoice
- Delivery notes for goods supplied
- Letter of assignment of receivables
- Latest bank statement of the business
5. Import Financing
Import financing helps clients clear port, storage, and demurrage charges, preventing penalties. Citizens Credit finances 100% of duties and taxes as per KRA guidelines.
Requirements:
- Original bill of lading
- Invoice for the goods or vehicle
- Import Declaration Form (IDF)
- Copy of Japanese logbook (for vehicles)
- PIN or ID copy of the importer
6. LPO Financing
This product enables businesses to access funds to service awarded Local Purchase Orders (LPOs) or Local Service Orders (LSOs). Financing is offered quickly at competitive rates and is secured against assets like logbooks or title deeds.
Requirements:
- Original LPO, LSO, or contract
- Proforma invoice or cost breakdown
- Tangible security (e.g., logbook or title deed)
- Evidence of past similar work done
7. Salary Advance Loans
Citizens Credit provides short-term loans to employees of reputable companies, with flexible repayment periods based on salary history.
Requirements:
- Latest 3 months’ payslips
- Latest 6 months’ bank statements
- Post-dated cheques drawn from the salary account
8. Title Deed Loans
Title deed loans offer a financing option secured by property titles, with competitive rates.
Requirements:
- Copy of the title deed
- Valuation report for the property
- Legal charge over the property
9. Weekend Loans
Citizens Credit offers fast weekend loans to loyal customers, disbursed conveniently via mobile money (M-Pesa). This product is ideal for emergencies or urgent personal expenses over weekends.
Citizens Credit Contacts and Branches
If you’re interested in applying for any of the above loans, you can contact Citizens Credit at the following branches:
1. Headquarters
- Location: 11th Floor, Finance House, Loita Street, Nairobi
- Contact: +254 722 646 687
2. Kiserian Branch
- Location: 1st Floor, Kamunyu House
- Contact: +254 775 133 657
3. Ngong Branch
- Location: 1st Floor, Juliet Towers, Ngong Road
- Contact: +254 776 628 700
4. Rongai Branch
- Location: 2nd Floor, Tymes Arcade, Magadi Road
- Contact: +254 770 375 633
Why Choose Citizens Credit Limited?
Citizens Credit’s products are designed with flexibility and convenience in mind, especially for small businesses and individuals who may face challenges in securing traditional loans. Their diverse offerings, from logbook loans to LPO financing, ensure that borrowers can find suitable financial solutions tailored to their specific needs. Moreover, their strategic branch locations and straightforward application processes make accessing financial support easier.
If you’re in need of a quick, reliable loan solution to grow your business or manage personal financial needs, Citizens Credit Limited has an array of products that cater to various financial scenarios.
For more information, visit any of their branches or contact them directly through the provided numbers.
