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What is Insurance Premium Financing?
A short-term financing solution that enables individuals and MSMEs to spread the cost of insurance premiums while keeping their assets fully insured.
Features
- Available to individuals and MSMEs, including non-Faulu funded assets
- Flexible repayment period of up to 10 months
- Finance insurance premiums for motor, assert, livestock, and business covers.
- Fast approval within 48 hours
How do I apply?
Individuals, Sole Proprietors and Partnerships
- Duly completed credit facility application form
- PIN certificate and National I.D. (original and copy)
- Certificate of Registration (in case of registered enterprise/sole proprietorship and partnerships)
- Applicant to open an account with Faulu Microfinance Bank
Limited Liability Companies
- Duly completed credit facility application form
- Resolution to borrow by the company directors
- Certificate of incorporation
- PIN certificate and National I.D. (original and copy) of all directors
- PIN Certificate of the Company
- A copy of Memorandum & Articles of Association
- Applicant to open an account through Faulu Microfinance Bank
Want to know more about Insurance Premium Financing?
If you want to know more, we've put together some frequently asked questions for you.- Bank statements for the last 6 Months
- Clean credit history evidenced by a credit reference bureau report
- Ability to repay
- Two months instalment to be paid upfront in cash to Business A/c
- Application at branches
- Response within 48 hours subject to credit approvals
- Loan disbursed in the form of a Cheque to Insurance Company
Chattels Mortgage over Livestock where IPF is for Livestock Insurance.