International loans exist to provide financial support to citizens, non-citizens and individuals in other countries. It is an important resource that makes a difference. International loans in Kenya have made many have access to credit for the first time.
Now that we have understood that international loans exist in Kenya, let us explore and also find out how to use international funding to your financial advantage.
What is an International Loan?
International loans are loans gotten by a borrower from a foreign lender. It is often made by groups, in which several banks share loans to a foreign borrower. This means that a private lender in one country offers money to a foreigner for the promise to get it at a later date with interest.
It also mean loans made by one nation to another nation. Usually, the loan is evidenced by a bond or other document that promises to pay with interest.
International Loans in Kenya
The list of some international loans Kenyans can access are:
- Asa international loans
- Baltic International bank loan
- Amerant loans
Asa International Loans
In Asia and Africa, ASA International is one of the world’s largest international microfinance companies. They offer small loans to low-income, socially responsible entrepreneurs.
More so, they are active in thirteen countries in Asia and Africa. They offer business loans to female entrepreneurs in the lowest segment of society who have little or no access to credit.
Baltic International Bank Loan
Baltic International Bank offers overdrafts for quick short-term financing, credit lines for supplementing the company’s current assets. You can get access to trade finance for import and export transactions.
In addition, they can assist in acquiring fixed assets, enhancing the development of your business, or funding real estate acquisitions.
Amerant
They are dedicated to delivering the most personal and exceptional credit or funds to help you achieve your goals. The option that helps you make your dreams a reality.
Benefits:
- Enjoy convenient and flexible terms based on the need you are trying to solve.
- Offers competitive interest rates, local underwriting and processing. Their individualized tailored approach always shows that they mean what they do for customers.
Eligibility
- Foreign Nationals
- Applicants from 18+ years of age.
Types of international loans
- International Secured Lines of Credit
- International Securities Secured Lines of Credit
Things to Consider Before Applying for International Loans in Kenya
- Know the cost associated with the loan.
- Visit the lender’s site to understand all you need to know
- Note the additional international fees to pay
- Note the specific account to open for the loan
- Visit or call an international loan consultants for more clarifications
How to Shop for International Loans in Kenya
- Compare loan features
- Go for fixed interest rate
- Take note of the total amount to repay
- You may consider refinancing in the future
- Payoff all outstanding loans and build your credit score.
How to Apply for International Loans in Kenya
Having gotten the idea of the things to note before applying; you can proceed to apply. Application can come in different ways depending on the international lender. Follow the procedure below:
- Visit the lender’s site and know if you would apply online or download the application
- Register and fill the application forms
- Submit all necessary documents
- Provide your account details
- Apply for the loan and wait for approval
- Once approved, you get your loan.
Benefits of Some International Loans
- No collateral
- Bonds and documents used are easily accessible
- No application fees or pre-payment penalties
- Free credit protection and insurance
- You can borrow approved loan amount with longer duration
- Pay interest only on amount borrowed
- Rates often start at 8% to 13%.
Conclusion
Loans from international sources are an important economic and social product in a world dominated by international trade and development.
According to some international lenders, a certain loan amount is granted, backed up with some documentation. An in-depth understanding of international loans in Kenya is provided in this article.