Bid Bonds

Are you a supplier tendering for a job which requires a Bid Bond from a reputable financial institution… [more]

Bid Bonds Bid Bonds

Performance Bonds

Performance Bond: How They Work? The Government and private sector require performance bonds and payment… [more]

Performance Bonds Performance Bonds

Invoice Discounting

This unique solution offers you financial backing against issued invoices, while you await payment.

Invoice Discounting Invoice Discounting

LPO Financing

LPO Financing We offer you financing against a local purchase order from any reputable organization… [more]

LPO Financing LPO Financing

Landlord Loans

Introduction to the Product Landlord Loans are taken against rental income. Eligible properties can… [more]

Landlord Loans Landlord Loans
Bid Bonds

Bid Bonds

Are you a supplier tendering for a job which requires a Bid Bond from a reputable financial institution which requires a security? Talk to us for cash free bid bonds issued within an hour by a reputable commercial bank.

Bid Bonds are sought by many organizations to provide financial undertaking if, for any reason, a successful tenderer fails to proceed with an awarded contract.

Most bidders are required to prepare a bid bond which is usually a percentage of the bid price during the tendering process. A bid bond could run into a significantly huge amount which could end up tying down the considerable percentage of the limited working capital for the business.

In view of the above, Mwananchi Credit Ltd has partnered with reputable financial institutions which issue cash free bid bonds to suppliers on its behalf, at competitive commission rates.

Performance Bonds

Performance Bonds

Performance Bond: How They Work?

The Government and private sector require performance bonds and payment bonds for projects to protect the tax payer’s investment.

A performance bond will protect the owner against possible losses in a case a contractor fails to perform or is unable to deliver the project as per established and the contract provisions. Sometimes the contractor defaults or declares himself in bankruptcy, and then in those situations, the surety is responsible for compensating the owner for the losses. Such compensation is defined as the amount covered under the performance bond.

Payment from the performance bond is available only to the project/property owner and no one else can make claims against it.

In order for a performance bond to be effective, the contract must be specific about the work to be done and because of this, a contractor cannot be held accountable for vague descriptions that are open to interpretation.

Documents Required During a Performance Bond Request

There is some information that you will need to understand in order to get the right bonding for your project.

The method used by many surety companies is the percentage of completion method, normally recommended for projects larger than $350K. Some contractors will prefer the cash method, but this one will not assess your true financial status. For small contractors, the completed contract method is the one recommended as it will keep track of the revenue and expenses related to a particular project during the year in which the project is being executed.

Surety and financial institutions have different requirements depending on the capacity of the contractor, the volume of the project been ensured and the project degree of difficulty.Usually, insurance companies will ask for the following information:

  • At least two years of CPA-prepared financial statements.
  • A copy of the contract that is being awarded.
  • Application of the surety.
  • If you own real estate, it will help you and will accelerate the process.

How Much Does a Performance Bond Cost?

All contractors must likely provide performance bonds to meet contractual requirements. When you are bidding the work, sometimes is difficult to provide a specific cost that will cover the performance bond unless you have an extensive record that can be used to justify the cost included.

However, as a rule of thumb, a contractor can expect the cost of a performance bond to be about 1% of the contract value. Sometimes when the contract value is over $1 million, the premium might range between 1.5% and 2%, but ultimately it will be dependent of the credit-worthiness of the builder.

Normally, and because of the scope of the project and insurance requirements, the performance bons is combined with the payment bond under one single coverage.

Performance Bond Benefits and Drawbacks

Performance bonds ensure that:

  • The owner of a project is assured of the completion of the project.
  • The owner does not need to incur additional costs.

There are also some drawbacks with performance bonds. These are some of the most common issues:

  • Sometimes, the surety tries to establish that the owner did not comply with the technical conditions of a bond to avoid paying the compensation.
  • Sometimes the surety will try to prove, that the owner may have to settle for the least expensive remedy to the problem.
  • The owner needs to quantify the losses that might have been suffered when a trader or contractor fails in their performance.
  • If the owner underestimates the losses and the future cost of the completion of the project, the owner may not be able to recover the shortfall from the surety.
Invoice Discounting

Invoice Discounting

Invoice Discounting

This unique solution offers you financial backing against issued invoices, while you await payment.

Benefits

  • Financing available from  100,000 – 2,000,000  Max-80%
  • Transaction financing for specific invoices, confirmed invoice, delivery note, domicile letter, executed assignment of receivables. The invoice is the security.
  • Invoices from KCB vetted relationships will be considered
  • Trinity Credit customer- Min 6 Months existing relationship
  • Interest rate 2.5% PM 90 days
  • Paid direct to customers account
  • Finance up to 80% of face value
  • Competitive interest rates
  • Available for invoices from the government, parastatals and reputable organizations
  • Maximum discount period of 90 days

Qualifying Criteria

  • Invoice(s) jointly stamped and certified by the seller and the buyer.
  • Delivery note(s) jointly stamped and certified by the seller and the buyer.
  • Copy of the contract and/or Copy of purchase order jointly stamped and certified by the seller and the buyer.
  • Where a contract is involved, a certificate of completion
  • Bank statements for the last 6 months (for non-customers).
  • Undertaking by the employer to channel the funds to a nominated account held at KCB.
  • Valid Business permit or trading license
  • Business Registration Identification
  • Restricted for invoices from KCB existing Business relationships

Rates & Fees

  • 3% fees on the discounted amount.
LPO Financing

LPO Financing

LPO Financing

We offer you financing against a local purchase order from any reputable organization to enable you to deliver the goods / services.

Benefits

  • Financing available from Kshs. 100,000 up to – 50M
  • Trinity Credit customer- Min 6 Months existing relationship
  • Plus 2.5% interest rate per month
  • 120 days
  • Directly paid to suppliers account
  • Finance of up to 60% of cost of items to be supplied
  • Flexible security requirement
  • Low-interest rate
  • Quick approval process
  • Maximum period of 90 days depending on the term of the LPO

Qualifying Criteria

  • Valid LPO from the government ministry or Parastatal, a reputable (blue chip) company, listed NGOs or KCB List of Corporate companies
  • Pro-forma invoice or quotation of items of purchase from the supplier
  • Bank statements for the last 6 months (for non-customers)
  • Copy of proposed collateral for borrowings above Kshs. 1,000,000
  • Val8id business registration and permit documents
  • Valuation report where applicable
  • Audited accounts for amounts above 5.0 M
  • List of past contracts completed – dates, amounts, etc
  • Debtor/creditor duly aged analysis

Rates and Fees

  • 3% negotiation fees on the financed amount
Landlord Loans

Landlord Loans

Introduction to the Product

Landlord Loans are taken against rental income. Eligible properties can be either commercial or residential.

Who Qualifies?

Landlord Loans are suitable for anyone who owns a rental income generating property.

Loan Application Requirements:

  • Original National ID
  • Copy of KRA PIN
  • Bank statements for the last six months
  • Original 1 Passport Size Photo
  • Latest 12 months’ Payment Vouchers from Property Agent
  • Copy of Agency Contract
  • Latest electricity /water bill for the property
  • Property Search Report stamped by authorized mandate.

Terms and conditions apply.

Term:

Repayment period ranges from 3 months to 12 months

Amounts

Minimum loan amount: Kshs. 50, 000. Maximum loan amount: Kshs. 2,000, 000.

Our Promise:

Cash in 24 hours. Calculate Loan Repayments and Apply

Calculate Loan Repayments and Apply

  • Estimated maximum borrowing amount
  • Estimated monthly repayments based on your chosen borrowing amount and term.

Before starting you will need to consider if you meet the above eligibility requirements.  To continue please choose the option below that is most applicable to you.

Once you start the application process it will be possible for you to save and return to the application at a later date.

Salary Loans

Salary Loans

Details

At Trinity Credit, we understand that there are many things you want and need for your family: the best education for your children, improvements to your home, the ability to take advantage of great investment opportunities, post-graduate studies for yourself, or even a much-needed overseas holiday for the whole family.

Thanks to our personal loan, your dream could become a reality sooner with our fast loan processing service.

We offer two types of personal loans in Kenya:

  1. Personal LoanAn unsecured personal loan facility for customers who receive their salaries in Trinity Credit account.
  2. Scheme Loan
    The Scheme loan is a personal loan for employees of a company, which is administered through an agreement between Standard Chartered Bank and any participating organisation. In most cases, repayments are made directly from payroll. This loan is also tailored to meet personal expenditure.

Features

    • Competitive interest rates
    • No security needed
    • Flexible repayment periods of 6-72* months
    • Borrow up to KES 7 Million
    • Credit Life & Retrenchment Insurance Policy
    • Convenient and easy to access, service at your doorstep

*term and conditions apply

Eligibility

    • A minimum gross salary of as low as KES 15,000 per month for Scheme Loan and KES 40,000 per month for Personal Loan.

     

  •     Documents Required
    1. Trinity Credit Customers
      • Proof of income (Certified copy of pay slip)
    2. Non-Trinity Credit Customers
      • Introduction letter from employer on company letterhead
      • Six months original bank statements from current bankers
      • Copy of ID / passport
      • Proof of income (Certified copy of pay slip)
      • One passport-sized photograph

Calculator

Please fill in the following information for an estimation of your repayment amount. The Approximate Monthly Repayment figure for Standard Chartered’s Personal Loan is indicative and is not meant to be final or binding on the Bank. The Bank reserves the right to determine the final amount that can be borrowed.