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.]
- Ksh5,000 – 500,000
Duration of OD: [Min.-Max.]
- 1– 12 months
Approval Limits:
(a) Unsecured – Ksh50,000 and below, Branch limit. Ksh (50,001-300,000], CEO limit
(b) Secured – Ksh300,000 and below, Branch limit. Ksh [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 Ksh50,000
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
