As I begin, what do you understand by insurance premium financing? well, this is a short period loan that relieves you the burden of paying insurance premiums, as you continue to stay updated on your insurance premiums. This loan is mostly at minimum of Ksh 25000 for a maximum of 10 months and it involves the customer(you), the insurance company and the bank.  

Are you in doubt whether to make an application or not? Then allow me to illuminate you with some of the benefits of insurance premium financing IPFS, that will make you to keep it into consideration and get rid of the doubt. The benefits include: 

• The application process is very simple  
• The interest rates are very low (1.75% to 5.30%) 
• The approval time is incredible 
• Relieves the stress of pending insurance premiums payments 

• One gets a full -year insurance cover 
• Enough duration to repay the loan  

If you feel the need to apply for this loan then the customer has to meet some requirement set aside by the lenders(bank) in order to be approved for the insurance premium loan. To be fair these requirements are less complicated and they include the following: 

• Copy of your National ID  
• Cheques to prove you are able to pay 

• Complete application form with the agreement policy included 
• The company registration pin. 
• A copy of the company certificate of incorporation. 
• The companies Memo and Articles of association. 
• The copy of ID and pin of the company directors. 

• Borrowing request in written form. 

Interests  

It has no commitment fees  

The interest rate is 5% lower than other loans rate. These interests range between 1.75% and 5.30 % and this is in the period of between 5 to 10 months 

Here are some of the features of insurance premium financing that make it the best and very effective for application. They include: 

• You pay your yearly premiums in monthly installment instead of paying the whole amount (In which this amount is always a huge amount.) 
• A favorable payment period of about 5 months to 10 months  
• The minimum amount approved is Ksh 25000 
• Payment of the loan is possible through postdated cheques and automatic debits. 

Now that you are out of the darkness about insurance premium financing, I would recommend one to stop stressing out about dealing with the pending insurance premiums and miss the chance of getting covered. As seen in the article there is nothing challenging about the application process but that is only when you can meet the requirement set by the lenders(bank). Don’t be stressed anymore because the solution is already there.