Types of KWFT Loans and their Interest Rates

Do you want to learn more about KWFT Loans? Today, we’ll go over all of Kenya Women Finance Trust’s accessible loans in Kenya.

KWFT is a financial institution that focuses on women’s and girls’ needs. It began as a self-help organization for women. It has become the country’s largest and oldest microfinance organization, with 245 locations servicing over 800,000 clients.

In March 2010, the institution was granted a Deposit-Taking Business license by the Central Bank of Kenya (CBK).

Many of KWFT’s clients come from rural regions, ensuring that everyone is treated equally and that the organization reaches as many people as possible.

Kenya Women Finance Trust offers a variety of loan options. Below is a list of the loans offered.

1. Commercial Loans

At KWFT, this sort of loan is intended specifically for business clients. This package contains the following items:

  1. Biashara Loans: These are aimed to help women who manage small businesses develop their operations.
  2. Mwangaza loans: Mwangaza loans are available to women who own big and medium-sized enterprises.
  3. Mwamba loans: This loan allows individual women entrepreneurs with medium and big firms to obtain inexpensive finance without the need for a group co-signatory.
  4. SME Loans: This is a loan product for established large-scale enterprises or corporations currently in business and wants operating capital to expand.
  5. Asset Financing Loans: These are loans for existing and new clients to purchase a physical asset for company efficiency and commercial purpose.
  6. Tujiunge Chama Account: This is a savings account for official and informal women groups of at least three members who wish to keep their money secure while growing it.

2. Short-term Loans

This is money obtained in a short period to meet an immediate need.

Requirements

  • A copy of your national ID card
  • A document attesting to the occurrence of the loss. Veterinary postmortem report or police abstract, for example.
  • Passport photo

3. Student Loans

The KWFT provides customers with an education loan to assist them in paying their school costs.

Above all, the loan comes with enticing features such as a free banker’s check, flexible loan payback options, and quick loan processing.

Requirements:

  • Must provide a fee structure from the school
  • A copy of your national ID card
  • A passport photograph

4. Personal loans

There are two types of this product:

Phone Loan:

This loan allows KWFT customers to purchase high-quality phones to boost mobile banking.

Requirement:

  • You must be a KWFT customer, either in a group or individually.

Salary Loan:

The loan is intended to provide credit to employed consumers for their salary. one can use checkoffs or personal salaries to accomplish this.

Requirements:

  • Certified Payslips for three months.
  • ID/Passport (original and copy)
  • Passport photo

5. Smart Loans for Clean and Renewable Energy

In the majority of the areas where the Institution operates, women spend a lot of time collecting firewood for Kitchen use and spend a lot of time preparing food for their families. This includes financing for the purchase of sustainable energy items. They are as follows:

Cooking Alternatives:

The financing allows for the purchase of new, energy-efficient cooking stoves that are also ecologically beneficial. There are no requirements for this loan. All you need is to be a KWFT member.

Benefits

  • It helps you save money on firewood.
  • It is quite efficient when it comes to cooking.
  • Time and money are saved.
  • There has been a reduction in internal air pollution.
  • Technical assistance is available.
  • The items are safe for the environment.

Alternatives to Traditional Lighting:

It gives people access to eco-friendly solar energy items for lighting and charging small appliances. There are no prerequisites for this loan.

Benefits

  • Because it uses solar energy, it saves money on lighting gasoline.
  • Capable of charging ordinary household electrical devices
  • Assists with day-to-day homestead tasks.
  • Delivered high-quality illumination to homes and businesses.

Biogas Financing:

This loan helps farmers, particularly those in the dairy industry, purchase the most up-to-date equipment for producing beneficial biogas.

Stima Loans:

The lack of financing to extend the electric grid to rural areas has been a major challenge to many. Thus the KWFT Stima Loan facilitates electricity connections to the client’s home. The Stima loan assists with installing power in the client’s residence.

6. Kilimo Bora Loans- Agribusiness

Farmers that want to invest in rearing high-breed dairy cows and receive dairy animal insurance are eligible for the financing.

Requirements:

  • You must own and operate a dairy farm.
  • The collateral that is adaptable

Benefits

  • Better livestock breeds
  • Obtaining finance to buy high-quality dairy cows or goats.
  • Insurance pays out the full value of the policy.
  • Self-satisfaction as a result of increased output and income

7. Water, Sanitation, and Hygiene Loans

These loans aim to improve women’s and girls’ access to water. This loan contains the following items:

Water tank loans: These loans are mostly granted to agricultural consumers. It enables them to purchase water tanks for household, agricultural, and irrigation needs.

Requirements:

o A copy of your national ID card

o Passport Photo

o You must have a KWFT account.

Pureit: KWFT provides Pureit, which employs a multi-stage filtration process and revolutionary Germkil technology to produce clean water, protecting the entire family from germs.

8. Nyumba Smart Loan

This is a financial product that allows clients to purchase high-quality building materials for house construction or upgrades while still receiving affordable housing assistance.

Requirements:

  • A copy of your national ID card
  • Passport photo
  • Estimated construction costs

9. Afya Fit KWFT

This product is provided to KWFT clients and is designed to cover health insurance costs for you and your family.

Requirements:

  • All dependents must have a colored passport photo.
  • A copy of your national identification card (Principle Member and 1 Spouse).
  • The KRA pin
  • A letter from Child Welfare Services (For children under guardianship).
  • Copies of dependents’ birth certificates

Kenya Women Finance Trust Account Opening

Requirements

  1. To begin, you’ll need legal identification documents such as a passport or a driver’s license.
  2. Additionally, because KWFT is devoted to the economic development of women and girls, a male who wishes to create an account at KWFT should do so in partnership with a woman.
  3. Then, at the nearest KWFT branch, manually fill out an account opening form.
  4. Alternatively, you can establish a KWFT account online by going to this link: https://www.kwftbank.com/savings/.

Savings Accounts

This account is created specifically for account users to put money towards their future or the futures of their loved ones. Savings accounts come in a variety; they include:

  • Tausi junior account – This account is for parents who want to invest in their children’s future education under the age of 18.
  • Tausi Teen Account – This is a financial savings product that parents create for their children aged 12 to 17 years old to help them improve their savings abilities.
  • Student Account – How are you doing, young girls at colleges and universities? The financial student savings account is designed exclusively for the needs of women and young women in higher education.
  • Inuka Transactional Account – No cash is required to start this account. It’s for clients who need to withdraw money from their savings regularly.
  • Tegemeo Savings Account – This account is for people who willingly desire to reach a goal in their lives that requires a specific amount of money.
  • Riziki Fixed Deposit Account – Customers who want to save but can only do so with a fixed cash deposit, should watch this account. Once you’ve made a deposit, you won’t be able to take it out until you’ve met your savings target.
  • Call Account – Customers who have a short-term project in mind and wish to save money, should create a call account. Financial consultants are on this account to assist consumers with a short-term projects.
  • Tujiunage Account – All KWFT account members, whether in official or informal organizations, should consider opening a Tujiunge account.
  • Inuka Salary Account – Finally, salary account holders must not be overlooked when it comes to saving. Now that you have your preferred account set up, you may consider applying for a loan at KWFT.
Simon Mwangi
Simon Mwangi
As a freelance writer with a background in banking and accounting, Simon has the financial know-how to produce quality content on various topics. His experience gives him a strong foundation in understanding complex financial concepts and communicating them in an easy-to-understand way. Follow him on Linkedin

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