Choice Microfinance Bank has emerged as a leading player in Kenya’s financial sector, offering tailored loan solutions that empower individuals, groups, and businesses. Established on 13th June 2015 by a group of Kenyans in the US, the bank channels diaspora funds to improve livelihoods and break cycles of poverty.
From emergency funding to business capital and school fees, Choice Microfinance Bank loan products are designed to meet diverse financial needs quickly and efficiently. With flexible terms, low-interest rates, and fast processing periods, these loans are accessible to a wide range of borrowers across Kenya.
Overview of Choice Microfinance Bank Loan Products
Choice Microfinance Bank has structured its loans to serve various segments of the market, including salaried employees, small-scale traders, farmers, and registered groups. Each loan product comes with specific eligibility criteria, repayment terms, and benefits that make them suitable for different financial goals. Below is a detailed guide to these products and their features.
Group Loans
Choice Microfinance Bank recognizes the power of collective action. Its group loans target savings groups, community associations, and smallholder farmers.
Fanikio Loan
Designed for formal and informal groups, this loan empowers members to invest in group projects and personal businesses.
| Feature | Details |
|---|---|
| Loan Size | Ksh 5,000 – 100,000 |
| Repayment | 3, 6, 9, 12 months |
| Processing | 24 hours |
| Savings Requirement | 35% of first loan (reduced on subsequent loans) |
| Members’ Loan | Credited to personal accounts |
Requirements include ID copies, utility bills, business records where applicable, and membership in a registered group.
Lima Loan
Targets smallholder farmers for poultry, dairy, and livestock projects.
| Feature | Details |
|---|---|
| Loan Size | Up to Ksh 100,000 |
| Repayment | 12 months |
| Processing | 24 hours |
| Collateral | Flexible (co-guarantorship) |
Applicants must be active in farming, have insurance for livestock or crops, and meet security requirements.
Chama Loan
Aimed at registered investment groups to support development projects.
- Loan Size: Ksh 500,001 – 3,000,000
- Repayment: Up to 24 months
- Processing: 24 hours post-approval
- Additional: Free training, weekly/monthly repayment options
Personal and Emergency Loans
Choice Microfinance Bank also caters to individual financial needs, including salary advances, school fees, and emergency requirements.
School Fees Loan
Assists parents in meeting education expenses.
- Loan Size: Ksh 5,000 – 100,000
- Repayment: 12 months
- Payment: Directly to school
- Requirement: Account active for minimum three months
Choice Micro-Loan
For entrepreneurs needing quick access to business funds.
- Loan Size: Ksh 50,000 – 300,000 (First loan capped at Ksh 100,000)
- Repayment: 12 months, weekly/monthly
- Requirement: Business active for at least six months
Jitegeme Loan
Targets civil servants and employees of registered organizations for emergencies and asset acquisition.
- Loan Size: Ksh 10,000 – 100,000
- Repayment: 3 – 24 months
- Processing: 24 hours
- Payment: Monthly
- Requirement: Salary must pass through Choice MFB account for at least three months
Salary Advance & Mkopo Okoa Loan
Designed for short-term needs of salaried employees with processing within 24 hours. Repayment can range from one month to a year, depending on the loan.
Business Loans
Entrepreneurs and established businesses can access specialized products to expand operations, purchase assets, or finance working capital.
Biashara Dhabiti Loan
- Loan Size: Ksh 300,000 – 500,000
- Interest: Low on reducing balance
- Security: Property titles, motor vehicles, insurance policies, shares
- Requirement: Active banking with Choice MFB for at least six months
Supa Biashara Loan
- Loan Size: Ksh 500,000 – 2,000,000
- Repayment: Flexible, monthly
- Processing: Within 48 hours
- Requirement: Account active for three months, assets quoted for direct supplier payment
Choice Asset Finance
Provides asset financing with the financed asset serving as collateral.
- Loan Size: From Ksh 300,000
- Repayment: Flexible, monthly
- Interest: Flat rate
- Processing: Maximum 48 hours
Chemsha Biashara
Targets small-scale traders of fast-moving goods.
- Loan Size: Ksh 1,000 – 10,000
- Repayment: One month, daily/weekly
- Processing: Within one hour
Specialized Loans
Choice Microfinance Bank also offers loans for insurance, guarantees, and procurement support.
- Insurance Premium Finance (IPF Loan): Covers up to 80% of premiums, repayable in 1–10 months.
- Bank Guarantee & Bid Bond: Supports clients in securing tenders or contracts, with limits up to Ksh 5M.
- LPO Financing: Enables contractors to service orders with full financing in under 48 hours.
Key Advantages of Choice Microfinance Bank Loan Products
- Fast loan processing within 24–48 hours
- Flexible repayment terms to match borrower capacity
- Low-interest rates and reducing balance options
- Loans accessible to individuals, groups, farmers, and businesses
- Secure lending with clear requirements
How to Apply
- Visit the Choice Microfinance Bank office at Siron Place, Magadi Road, Ongata Rongai.
- Choose the loan product suitable for your needs.
- Complete the loan application form with all required documents.
- Submit the application for approval; most loans are processed within 24 hours.
- Loan disbursement occurs directly to the borrower or supplier account depending on the product.
Conclusion
Choice Microfinance Bank Loan Products provide practical solutions for every financial need. Whether you are a parent, entrepreneur, salaried employee, or member of a registered group, these loans offer fast access, flexible terms, and competitive interest rates.
By leveraging these products, Kenyans can improve livelihoods, grow businesses, manage emergencies, and invest in their future. The bank’s commitment to efficient service, transparency, and inclusivity makes it a trusted partner in financial growth.
