|fish vendors in mombasa|
The Equity Bank of Kenya gives loans to Kenyans doing business in the fishing sector of the Kenyan economy.Traders known as fish vendors
and fishermen are the targeted individuals for the Uvuvi Biashara loan.This loan comes in three categories depending on the borrower's needs.All the uvuvi loan categories are open to all Kenyans even those who are not equity bank customersThey are all secured loans against logbooks, title deeds, guarantors,shares, cash covers among other acceptable propertiesThere is a credit life insurance of 0.275% on all uvuvi loans.
This category targets people already in the fishing business.The loan amount borrowed depends on the applicants need and the ability to repay. Interest rate is 12% per annum.
Targets fishermen who need to get some fishing equipments through leasing. The bank will lease the equipments like boats, drying racks fishing nets, gears among others at an interest rate of 15% per annum up to a maximum of ksh300000.
Asset financing targets people in the fishing business line who would like to own assets for example refrigerators or refrigerated trucks among others. Applicants can borrow up to a maximum of kes300000 at an interest rate of 8% per annum.There is joint registration with the bank to make the purchased item part of the collateral needed.