- Application, approval and disbursements of the loans will take only two hours.
- One will use his or her title deed as collateral to get a loan at 40 percent of the value of the land bought with the company.
- Mr Malika explained that the interest rates vary between two and six percent.
Kenyans will now easily access credit facilities without having to go through rigorous collateral requirements as is the case with conventional financial institutions.
This follows the launch of a digital credit facility, mostly targeting the youth, by Unique Investors Property (UIP) Limited.
It will focus on offering credit facilities to young people having challenges getting finances from banks.
Speaking on Saturday at United Kenya Club in Nairobi, the company’s Chief Executive Officer Patrick Malika said the UIP Credit App mobile application will enable individuals who have purchased land with the company’s sister firm, UIP Real Estate, access loans hassle-free and conveniently.
This is by ensuring easy application, approval and disbursements of the loans at a turnaround time of only two hours.
Mr Malika said that through the arrangement, young people will now own properties in the country, pointing out that it has been next to impossible for the youth to afford properties in towns or cities as they could not secure loans for lack of collaterals needed by banks.
He said UIP clients will, through the new app, use their title deeds as collateral or security to get loans at 40 percent of the value of the land bought with the company.