Rafiki Microfinance Bank Loans, Eligibility & Rates

Rafiki Microfinance Bank offers tailored loans for personal, business, and group needs in Kenya, focusing on affordability and quick access. Below is a summary table of key loan products, eligibility criteria, and indicative rates based on available data.

Rates marked N/A require direct inquiry as public reports show no fixed figures; bank emphasizes affordable rates for satisfaction.

1. Development Loan

Rafiki's Development Loan finances housing and property projects, ideal for personal homes, commercial builds, or community initiatives. It covers plot acquisition up to 80% of land value and construction up to 90% of costs, with terms up to 120 months for commercial projects or 60 months for plots.​

Eligibility demands basic ID documents like National ID and KRA PIN, plus a title deed for security. Employed applicants submit three months' payslips, an appointment letter, and employer introduction; business owners provide records. A dedicated relationship officer assists throughout, with grace periods on principal during construction phases.​

Loan amounts range from KES 100,000 to 5,000,000, suiting incremental development in Kenya's growing real estate sector. This product stands out for flexible collateral, supporting Nairobi and county-based borrowers amid rising property needs.

2. Msingi Bora Loan

Linked to the Karo Account for education savings, Msingi Bora Loan provides up to three times your saved amount for school fees, easing parental burdens. It's also available via Akiba Fund for weddings, emergencies, or micro-assets, accessing up to 90% of deposits.​

To qualify, maintain an active savings account with Rafiki; no extensive collateral needed due to savings backing. This suits salaried Kenyans or small savers planning ahead, with quick disbursal from 19 branches across 11 counties.

As a relationship-driven product, it promotes disciplined saving while offering liquidity, aligning with Rafiki's microfinance roots under Central Bank of Kenya regulation. Rates remain unpublished, but emphasis is on customer-friendly terms.

3. Personal Unsecured Loan

Rafiki offers Personal Unsecured Loans in tiers up to 1, 5, 6, or 10 years, requiring no collateral for shorter terms but strong income proof. These fund personal needs like emergencies or consumer purchases, with flexible repayment.

Eligibility includes CRB clearance, recent payslips, and employment letter for salaried; self-employed need bank statements. Amounts scale with repayment capacity, often up to several million for longer terms.​

This loan appeals to urban professionals in Nairobi, where quick unsecured credit is vital. Though exact rates are N/A in reports, Rafiki commits to competitive pricing below market averages.

4. Personal Secured Loan

Secured variants mirror unsecured but accept collateral like vehicles or assets, extending terms up to 10 years with potentially higher limits. Ideal for larger personal financing where security lowers risk.​

Applicants provide asset documents alongside standard ID, income verification, and good credit history. This reduces effective costs for borrowers with valuables.

Rafiki's branch network facilitates easy pledging, supporting clients in counties beyond Nairobi. It's a bridge for those transitioning from micro to mid-level borrowing.​

5. Mortgage

Rafiki Mortgages finance home purchases or refinancing, with terms up to 10 years and specialized 1-5 year options. They target stable-income families seeking long-term housing stability.​

Requirements mirror development loans: property valuation, title deeds, payslips, and KRA compliance. Financing covers significant portions based on equity.​

In Kenya's housing deficit context, this product aids middle-class growth, with personalized officers ensuring smooth processing.​

6. Working Capital Loan

Under biashara loans, Working Capital Loans boost daily business operations like stock replenishment for SMEs. Quick approval suits fluctuating cash flows common in Kenyan markets.​

Business registration, turnover proof, and sometimes guarantors qualify borrowers; collateral optional for trusted clients. Amounts fit operational cycles.​

Rafiki's focus on relationships shines here, with 19 branches aiding local traders.​

7. Logbook Loan

Logbook Loans use vehicle titles for fast cash, perfect for urgent biashara needs without selling assets. Disbursal is rapid post-valuation.​

Eligibility: clean logbook, insurance, income evidence. High approval for vehicle owners.​

This empowers matatu operators or delivery firms in Nairobi traffic-heavy zones.​

8. Asset Finance Loan

For acquiring business assets like machinery or vans, this loan spreads costs over terms matching asset life. Down payments start low.​

Prove business viability, asset quotes, and repayment ability. Flexible for growth-focused enterprises.​

It drives Kenya's SME sector, regulated under Microfinance Act.​

Rafiki Microfinance Bank, Kenya's third-largest in its class, prioritizes accessible credit across personal and business lines. With no public fixed rates, prospective borrowers should visit branches or use the loan calculator on rafikibank.co.ke for personalized quotes, ensuring alignment with current CBK guidelines. Products evolve, so verify latest terms directly