Condition(s) Precedent 


Borrower is listed as a Guaranteed Borrower in the Guarantee Certificate issued by the organisation; Submission by Borrower of copy of Kenya Revenue Authority (‘KRA’) PIN, Passport Photo, I.D./Passport copy and Last 6-month MPESA statement


Effective Date

Upon Loan disbursement


Event(s) of Default 

Default in the repayment of any principal amount and interest due, when due.


Cure Period

Seven (7) Days after notice of Event(s) of Default.


Default Interest Rate

10% one the outstanding amount on the 7th day plus any third party collection charges.

Borrower hereby acknowledges and confirms that the Default Interest Rate represents a reasonable pre-estimate of the loss to be suffered by Lender in funding the default of the Borrower



a)     By mutual agreement of the Parties; or

b)     Upon breach by Borrower, which breach has not been cured within fourteen (14) days; or

c)      On demand and at the option of Lender.


Borrower’s Obligation(s) at Termination

Borrower to repay outstanding Loan Amount and accrued interest and/or penalties immediately.



Only by mutual agreement of the Parties, in consultation with the Guarantor.


Assignment of Loan

May be assigned by Lender to any third party at any time.


Borrower’s Consents and Warranties

Borrower agrees to bear costs (where applicable) in relation to:

a)     disbursement of the Loan 

b)     repayment of the Loan and payment of Interest.

c)      Any costs incurred in collection of amounts in default.




  Governing Law

Borrower expressly consents and allows the lender to reference, share data and full file of credit information in relation to the service being offered to Borrower by Lender and in accordance with the Data Protection Act, No. 24 of 2019.


Borrower declares that all the information & warranties provided in this Agreement are true, correct and complete.

Laws of Kenya.



Borrower                                          The person applying for the loan


Organisation                              The Company/SACCO who signed the Master Guarantee Agreement and issues the Guarantee Certificate