Purpose:Finance of any primary income producing asset associated with your business. Primary assets include but not limited to:
- Motor Vehicles
- Office Equipment
- Light commercial vehicles
Amount : Up to K500,000.00
Term : Maximum term 36 months
Application Fee : Waived
Security Fee : K250.00
Interest rate : Competitive rates provided
Repayment : Monthly in advance
Assessment and Decision: within 72 hours of receipt of all required information
- Last two years signed financial statements
- Year to date Management Accounts up to at least 30th June 2019
- Accountants letter confirming that Salary and Wages tax and superannuation contributions are current
- Asset and Liability statement for all Directors and shareholders holding more than 30% interest +
- Last three months Bank Statements on trading account +
- Last three month loan and lease statements +
+ Not required for corporate customers defined as applicants with minimum K500,000 in monthly sales.
- Clear Credit history on the borrower, Directors and shareholders holding more than 30% interest +
- Must have been trading for 5 years
- Last two years must have traded profitably (non-cash add backs allowed)
- Debt Service Charge Coverage of 1.35x calculated as: EBITD/Debt Service Charge
- As a minimum Directors and shareholders holding more than 30% interest must provide a personal guarantee +
+ may not be required for listed companies or major corporate clients depending on lending risk profile.
- Copy of Quote or tax invoice for the asset being purchased.
- Invoice must be in the full legal name of the borrower
- Invoice must give a full description of the goods including make and model and whether goods or new or used
- Invoice must include asset identifiers such as:
- Serial Number
- Engine Number
- Asset must be insured and policy must note the interest of National Finance Limited
How to Apply
Either email your application to: firstname.lastname@example.org OR lodge in person at our Head Office located in Kunai Street Hohola (opposite from RSPCA).