Premier Bank Kenya offers a suite of Shari’a-compliant personal financing solutions tailored to meet diverse customer needs, including:
Shari’a Structure
Our personal financing products are structured in accordance with Islamic finance principles, primarily utilizing Murabaha (cost-plus financing) and Ijara (leasing) contracts. Under the Murabaha structure, Premier Bank Kenya purchases the desired asset and sells it to you at an agreed-upon profit margin. In Ijara-based products, the bank retains ownership of the asset and leases it to you for a predetermined period.
Key Product Features
Maximum Facility Tenor: Up to 48 months.
Maximum Financing Amount: Up to 20 times your monthly salary or income.
Upfront Instalment Deferments: Grace period of up to 210 days for the first instalment.
Instalment Postponements: Two instalment postponements allowed per year, with a minimum gap of six instalment payments between postponements.
Early Settlement: You may fully settle the financing at any time before the maturity date by providing proof of the source of funds.
Partial Settlement: Partial settlements are permitted at any time before the maturity date upon providing proof of the source of funds.
Advance Payment: Up to two instalments can be paid in advance, allowing you to skip the next two months' payments.
Donation Commitment to Charity in Case of Late Payment: In the event of a late payment, you undertake to pay KES 2,500 to charity, as stipulated in the relevant contract.
Takaful Cover (Optional): Optional Takaful coverage is available, which covers the outstanding financing amount in case of death or permanent disability. For more details, please refer to the Takaful Terms and Conditions.
Benefits, Eligibility, and Requirements
Green Finance
Benefits
- Promote environmental sustainability
- Access to funds for eco-friendly projects
- Potential cost savings through energy efficiency
Eligibility
- Individuals or businesses engaged in green projects
- Must meet Premier Bank Kenya's credit criteria
Requirements
- Completed application form
- Proof of project sustainability
- Financial statements (for businesses)
- National ID or passport
- Proof of income or business registration documents
Personal Finance
Benefits
- Flexible terms
- Quick processing
- Affordable profit rates
Eligibility
- Salaried individuals
- Must meet Premier Bank Kenya's credit criteria
Requirements
- Completed application form
- National ID or passport
- Latest pay slips
- Bank statements
- Employment letter
Home Finance
Benefits
- Affordable home ownership solutions
- Competitive profit rates
- Flexible repayment periods
Eligibility
- Individuals seeking to purchase or build a home
- Must meet Premier Bank Kenya's credit criteria
Requirements
- Completed application form
- National ID or passport
- Sale agreement or property documents
- Proof of income
- Valuation report
Car Finance
Benefits
- Financing for new or pre-owned vehicles
- Quick approvals
- Flexible repayment terms
Eligibility
- Individuals or businesses purchasing vehicles
- Must meet Premier Bank Kenya's credit criteria
Requirements
- Completed application form
- National ID or passport
- Proforma invoice from the dealer
- Proof of income or business registration documents
- Comprehensive insurance cover
Electric Vehicle Finance
Benefits
- Support for sustainable transportation
- Competitive profit rates
- Flexible repayment periods
Eligibility
- Individuals or businesses purchasing electric vehicles
- Must meet Premier Bank Kenya's credit criteria
Requirements
- Completed application form
- National ID or passport
- Proforma invoice from the dealer
- Proof of income or business registration documents
- Comprehensive insurance cover
Education Finance
Benefits
- Funds for tuition and educational expenses
- Flexible repayment options
- Supports personal and professional development
Eligibility
- Students or guardians seeking educational funding
- Must meet Premier Bank Kenya's credit criteria
Requirements
- Completed application form
- National ID or passport
- Admission letter from the educational institution
- Fee structure
- Proof of income or sponsorship letter
Travel Finance
Benefits
- Financing for personal or business travel
- Flexible repayment terms
- Quick processing
Eligibility
- Individuals planning travel
- Must meet Premier Bank Kenya's credit criteria
Requirements
- Completed application form
- National ID or passport
- Travel itinerary
- Proof of income
- Visa and other travel documents (if applicable)
Goods Murabaha
Benefits
- Purchase of household items and construction materials
- Payment made directly to the vendor
- Maximum repayment period of up to 1 year
Eligibility
- Salaried account holders
- Must meet Premier Bank Kenya's credit criteria
Requirements
- Completed application form
- National ID or passport
- Proforma invoice from the vendor
- Proof of income
- Salary assignment agreement
Salary Advance Finance
Benefits
- Access to funds before payday
- Quick processing
- Flexible repayment terms
Eligibility
- Salaried individuals
- Must meet Premier Bank Kenya's credit criteria
Requirements
- Completed application form
- National ID or passport
- Latest pay slips
- Employment letter
- Employer's consent
Working Capital Financing
Benefits
- Supports business operations
- Flexible financing options
- Quick processing
Eligibility
- Small and medium-scale businesses with verifiable cash flows
- Must meet Premier Bank Kenya's credit criteria
Requirements
- Completed application form
- Business registration documents
- Financial statements
- Bank statements
- Guarantors
Key Requirements, Limitations, Obligations, and Risks
Age Requirement: Applicants must be above 21 years old.
Residency: Applicants should be residents of Kenya.
Income Verification: Proof of stable income is required.
Affordability Assessment: Applicants must meet the bank's affordability criteria.
Note: Premier Bank Kenya reserves the right to decline any application at its discretion; reasons for decline will be communicated to the customer.
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