Insurance Premium Finance (IPF)
Insurance Premium Finance (IPF) is a short-term credit facility that enables the borrower to acquire financing to pay for their insurance premiums in a lump sum and repays the bank in monthly instalments over a period not exceeding 10 Months. The first installment is paid at onset.
The product is available to both co-op Bank account holders and non-account holders.
IPF is workable under general insurance policies that are normally placed or renewed for a fixed period of one year.
E.g Motor insurance, Fire & Burglary, Medical insurance, Workmens compensation, contractors all risk e.t.c.
It excludes long term Life insurance policies.
This financing option allows customers to spread premium payments over time instead of paying a lump sum:
- Preserves working capital
- Improves cash flow for individuals and organizations
- Helps maintain liquidity
- Increases financial flexibility and opportunities
This financing option offers the following features:
- No credit appraisal required (only for amounts above KES 5,000,000)
- Works with most insurance companies
- Provides up to 100% financing on applicable insurance premiums
- Simple and convenient documentation
- No hidden charges or commitment fees
- Easy application process
- Competitive interest rates
- Quick processing time
- Applicable to all general insurance products
- Available to individuals, corporates, co-operatives and parastatals
