Looking for a microfinance bank that provides business loans, cheque discounting and import duty finance, Milhan Access Capital is here to serve you better. It is consumer-centric and offers a wide range of products and services.
They give loans on the same day after perfecting and checking the requirements. We will quickly do a thorough review of Mihan Access Capital.
About Milhan Access Capital
In 2015, they established Milhan access capital. They render loan services, invoice discounting, cheque discounting and import duty finance on importers and people who deal in fast moving products.
In addition, for income and money, they rely on shareholders and investors to lend to their customers. Their branch office is at Central Business District (CBD), Nairobi, Kenya and head office is at Azure Tower Westland.
Milhan Access Capital loan packages
There are six major products offered by Milhan access capital. They are:
- Logbook loan
- Invoice discounting
- Cheque discounting
- Import duty finance
- Chama Loans
- Insurance agency
- Salary advancement
Logbook Loan
It is an urgent cash offered by Milhan Access Capital called Logbook loan. It is also a same day loan. For the loan you keep your vehicle documents, while you keep using your vehicle.
This loan makes 90% of their loan book. The minimum of this loan is Ksh 100,000 to a maximum of Ksh. 2,000,000.
Requirements
- Signed application form
- Authentic copy of original ID
- KRA pin Certificate
- Six months bank statements
- Bring along two colour passport photos
- Post-dated cheques for the duration of loan
- Make Original logbook available
- Present a valid insurance cover
For employed persons:
- Make a copy of a letter of employment/contract
- File three months’ pay slips
For business owners
- Copy of registration certificate
- Memorandum and Articles of association
Minimum repayment terms
- The repayment period is 12 months
How to apply
Visit the website and fill the application form.
Invoice Discounting
This is a method of giving out cash on an outstanding invoice. They finance 80% of the value/amount on the invoice.
Features
- Loan limit—80% of value of invoice up to a maximum of Ksh.600,000
- Loan minimum—Ksh.1,000,000
- Maximum Term–3 months
- Availability—Facility limit will be available.
Requirements
- Copy of company certificate of incorporation/ Business Registration certificate
- PIN certificate of the firm or business
- Get your Company’s CR12
- ID copy and PIN certificate copy of the director(s)/ owner(s)
- Six months certified bank statement for the firm/ business
- Duly signed business loan application form
- Duly signed loan agreement
- Invoices, delivery notes and credit notes
- Collateral will stand as letters of undertaking/assignment from the procurement entities
Term
- Repayment loan period ranges from one (1) to three (3) months
Cheque Discounting
This is a method where Milan Access Capital gives out cash against post-dated cheques from a reputable entity. They finance 80% of the value on the cheque and repayment period is 3 months.
Features
- Loan limit—90% of value of cheque up to a maximum of Ksh.400,000
- Loan Minimum—Ksh.50,000
- Maximum Term—2 months up to
Requirements
- Cheque being discounted
- Copy of an acknowledged invoice or payment voucher, to support the payment
- Copy of company certificate of incorporation/ Business Registration certificate
- PIN certificate of the Company/ Business
- ID copy and PIN certificate copy of the director (s)/ owner (s)
- Six months certified bank statements for the company/ business
- Carefully signed business loan application form
- Duly signed loan agreement
Term
- Repayment period ranges from one (1) to two (2) months
Import Duty Finance
This is a short-term loan for a term of 30 days or given to fewer motor vehicle importers. They do this to quicken settlement on charges at Kenya Revenue Authority (KRA) and other agencies to avoid demurrage.
Advantages
- Assist the importers to avoid high Port, Storage and Demurrage charges
- Assist Importers avoid auction of their property at the port
Requirements
- Bill of lading Invoice
- Export certificate (Japanese logbook)
- Inspection certificate (Jevic)
Term
This is a short term Trade Finance product usually with a duration of 30 days.
Milan Access Capital Insurance
They claim settlement for goods insured under them. They carry it out through the Insurance Regulatory Authority (IRA).
Chama Loans
It enables Chamas, welfare groups, and participants that create wealth through investments to qualify for quick Chama loans.
Features
- Registered and non-registered can take up loans
- Members’ take up personal loans
- Loan limit to group members is Kshs. 150,000
- Six (6) months repayment duration
Requirements
- I.D. cards and PIN Certificates
- Contacts, physical address and business activity of group members
- Three months bank statements
- Chama membership should be of 5 members and above
- Chama group must have existed over 4 months with consistent attendance by all members
Salary advancement
It is for young workers who have just begun their careers, making ends meet can get difficult, especially in today’s economy. Thus, one can go for salary advancement.
Maximum loan limit is ksh.100,000
Requirements
- Duly signed application form
- Certified authentic copy of original ID
- Copy of KRA PIN certificate
- Three months pay slips (for salaried employees only)
- Six months certified bank statement
- Two passport photos
- Post-dated cheques for the duration of loan
- Employment card, for employed persons only
- Employment contract, for employed persons only
- Written Agreement and memorandum Of Understanding with your employer
Condition
- Repayment loan limit ranges from one (1) to three (3) months
How to Apply for Milhan Access Capital Loans
You can apply for this loan in two ways.
- By applying online via the website, choose the type of loan you want and fill out their forms and
- By visiting their office.
How to repay Milhan access capital loan
Repayment of Milhan access capital Loan is simple. Visit their office and repay your loan or ring them to tell you how to repay the loan.
Conclusion
Milhan access capital empowers people with credit facilities and a lot of other products. Their products are accessible and have an affordable interest rate.
When they identified the gap in the market, where some people do not receive proper service by some commercial banks, Milhan access capital came to breach that gap.
They are here to serve and to put a smile on faces of so many businesses. Try them out today.