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. Choice Microfinance Bank offers diverse loan products tailored for individuals, groups, and businesses, ensuring fast processing, flexible repayment, and competitive rates to enhance financial growth across Kenya. [Photo//COURTESY] 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.