Overdraft Facility

This is a facility designed to help customers manage their business cash flows, meet their LSOs, LPOs and other urgent business needs.

Target client:

  • Tenderprenuers
  • Farmers
  • traders
  • contractors
  • suppliers etc

OD Size: [Min.-Max.]

  • Kes 5,000 – 500,000

Duration of OD: (Min.-Max.)

  • 1– 12 months

Approval Limits:

(a) Unsecured – Kes 50,000 and below, Branch limit. Kes (50,001-300,000), CEO limit
(b) Secured – Kes 300,000 and below, branch limit. Kes( 300,001-500,000), CEO limit
NB: All directors,shareholders and staff OD to be approved by CEO

Security/Collateral Log book

  • Title deed
  • Shares
  • Fixed deposit (Held in Sumac MFB)
  • Dairy cows, insurance through appointed insurer, Sumac being the first claimant plus Chattels mortgage on dairy cows
  • NB: Where the security is dairy cows, maximum allowable OD size is kes 50,000

Repayment Period

  • Grace Period 1 month

Access Requirements:

  • Evidence of urgent business need
  • An existing active Sumac current account for 6 months

Interest Rate

  • competitive

Processing Time:

  • Approval within 48 hours