150,000. 1. Loan costs are calculated based on the loan period and the requested amount. And soon we’ll have Joon App. The best thing about Timiza is that it is open to anybody with a mobile phone. Customers can access loans of upto Ksh. The features of the loan include; loan amounts of Kshs. 5. You can also sign up via USSD by dialing *243#. 2.2 million in school projects in 6 Counties, 10 ways in which COVID-19 has impacted Kenyans, East Africa is expected to make an economic recovery in 2021, AmCham Kenya congratulates President Joe Biden on his inauguration, CDC Group to invest Ksh.100 billion to grow African SMEs, Loon to cease operations in Kenya on 1st March, Nokia C1 Plus is now in Kenya & will retail at Ksh.8,999, LG announces new UltraGear, UltraWide & UltraFine monitors at CES 2021, Monica Season 3 premieres on Showmax; catch cast reviews, The Real Housewives of Durban to premiere on Showmax on January 29, GOtv packages prices & channels in Kenya 2021, 15 places you can get quick loans in Kenya, 24 places in Nairobi where you can hang out for under Ksh. The maximum amount is dependent on a customer’s ability to pay. The top banks in Kenya are: Equity Bank Kenya. The MCo-op Cash Salary Loan is available to those who receive their Salary through their Co-op Bank account. Standard Chartered Bank Kenya. → Urban Info Whether you’re a first time buyer, buying another property, buying-to-let or wanting to build your own house; with a Barclays home loan you can have the home you want. 100 and the maximum amount is Ksh. To be able to access their loans, one has to download their Android app, fill out a form in the app and submit for a quick review. Tatua Short Term Loans. This is good since you don’t need a Barclays account to use the Timiza App. It offers a wide range of financial products and services, including loans, mortgages, investments, … Your salary determines the amount you qualify for. Bank loans provide high borrowing amounts and low rates for good-credit borrowers. Well, here is the list of institutions to get credits in Kenya. This is a good source of personal loans in Kenya where you can borrow up to six times your savings. NIC Bank in Kenya now offers loans to its customers via its mobile banking service. The loan is available via the NIC NOW App and also via USSD. Once you get your loan you can choose to repay in two installments within a month or pay once at the end of the month. You might also get personal loans from the HF Whizz app. Though this, they are able to analyse details like how much you spend in a day, whether or not you have a loan with other lenders, how much money you have deposited in Mpesa and who your friends and business associates are. 1. It is an app that allows Co-op Bank customers to access bank services and also loans. NIC Bank can advance you additional funds through top-up loan once you have successfully repaid the current credit for at least six months. 1. You can borrow from Ksh 3,000 to a maximum of Ksh 100,000. Lender rates can vary from institution to institution. Your bank will look at your credit history which includes any late payments, judgments, defaults etc. Interest is charged on a reducing balance basis. With Eazzy Banking, you can access all banking services; from sending money and paying for goods and services to paying bills and managing your loan and bank accounts. Most people don’t realize that they don’t have to approach their bank when looking for a personal loan. KCB Bank offers unsecured loans and grants them to individuals to meet their own needs without the requirement for a security deposit. Maximum repayment period of up to 72 months. To use Tala, you have to download their Android app, create an account and answer a few questions that will help them determine whether you qualify for the loan or not. Guardian Bank – 20.77%. Unsecured loan Check off – With this Loan, Barclays signs a contract with a company to lend money to its employees, which then gets deducted off their salaries. The only thing they should work on is their interest rates. World Bank Group COVID-19 Response They offer Loans worth up to Ksh50 Million if you meet their qualifications such as 3 years of audited accounts and a very clear financial business plan. This service is being offered by Cheki Kenya in collaboration with major Kenyan banks. The first thing that you need to do is to open an Equity account after which you are eligible to get an Equitel line. → Cars → Fintech In Kenya, most loans are reducing balance type loans, check the loan calculator that you are using to confirm that the formula takes this into account. Open to employed/self-employed individuals with a regular steady income. Branch Loan Application Kenya. How are loans priced in Kenya? You can either choose to have a secured loan or a Non-guaranteed loan. 100,000. Salary overdraft Get an instant line of credit with our overdraft facility. Everybody is a potential homeowner and below are some of the banks that offer the most flexible loans for mortgages. 5,000. Barclays Bank Kenya has launched a digital banking platform, dubbed Timiza. Get Bucks. So where do you get an online loan in Kenya? Copyright © 2021 Slugline Media. Through this they are able to determine your risk profile. Click here for Application Form or check out the NCBA Loop App. *A bank representative may call you at any time to obtain further information in line with our KYC process. 175.90 which will make the loan repayment amount to be Ksh. This is another mobile money lender affiliated with Safaricom although it is owned the … You can top-up your loan after six months of repaying your loan. Conditions to … Commercial Bank of Africa. The NIC Mobile Banking loan will be repayable over a period of 30 days. The repayment period is between 7-30 days. In banking we have the faulu bank and WTF bank give good loans to start business. From as low as Kshs 20,000 to as high as Kshs 4M, Must have had an account with KCB for at least three months, Original and copy of National ID or passport, Latest original payslips (where appropriate), Proof of income for self-employed individuals, The repayment period is a maximum of 48 months (4 years), Interest rate and other fees, e.g. This saving and loans account is the result of a partnership between Kenya Commercial Bank and Safaricom. Whether you have a sudden expense, a planned one or need funds, a Barclayloan can … You can borrow from Khs 100,000 to Ksh 4,000,000 and pay it monthly over a term from 6 months to 6 years* making it easier to budget. This means that the sooner you pay for it the better if you don’t want to pay expensive charges. Instant Personal loan from NIC Bank helps you realize all your dreams. Let’s take Zenka as a loan platform: Zenka is a loan application that allows customers to borrow money and pay it back at a given time. Cooperative Bank. Loans Kenya App. Being a product designed by a bank, the expectation is that you need to have saved with them for a period of time before they can advance a loan to you. The maximum loan amount depends on the value of security and ability to pay. Whether you want to make a significant purchase, finance a wedding or pay school fees, a Co-op Bank Personal Loan is a convenient and straightforward borrowing solution to help you reach your goals. Historically, the interest rates on loans have been set by lenders (commercial banks and microfinances). Whether you have a sudden expense, a planned one or need funds, a Barclayloan can be the edge that makes the impossible possible. Unsecured Loans in Kenya via Mpesa You might be interested in a quick unsecured loan via mpesa with low intereate rates and you have no idea where to start from. Dubai Bank – 12.91%. The app is available for both Equity Bank customers and non-customers in Kenya, Rwanda, Uganda, Tanzania and South Sudan. 1 Million and the loan interest rate is 9%. 1,710 (i.e. Customers can get loans of between Ksh. Your payslips for the latest three months. The charges on the loans are 8% and are deducted up-front before the loan is deposited into your account. This site uses Akismet to reduce spam. Bank of Africa gives SOMA loan to student applying to join college/university. Unsecured Loan Non check off – You don’t have to provide any collateral as security. Annual Interest Rate: 12.5%. We understand urgency, so we have a quick and easy online application that takes no time at all, and you have access to 24/7. Here are some banks that offer easy loans to the farmers. Gulf African Bank Six months’ bank statements from another bank if you don’t bank with us. 4. It is a virtual mobile based bank account that allows customers to borrow micro loans between Kshs.50 and Kshs. Few requirements required from the customer, i.e. NIC Bank personal loans are available to those who have a regular income to finance private consumption and development needs. 100,000. KCB Mpesa Loans. At no point shall you be asked for your PIN or passwords. They will also be a processing fee of 4% which is subject to excise duty. 5% processing fee and 1.17% interest). Customers can get loans of between Ksh. In case you delay to make a payment you will be charged a fee of 6% per annum above the normal interest rates on the amount outstanding. 300 to Ksh. Banks like Equity Bank, CO-operative bank, National Bank, Post Bank e.t.c, do provide loans but they all need some security and may not help if you need the cash in 24 hours. Barclays Bank offers mortgage loans at competitive interest rates, which are lower than 80 % of mortgage companies in Kenya. Given Kenya’s classification as a lower middle-income blend country, the $1 billion financing comprised a $750 million credit from the International Development Association (IDA) and a further $250 million loan from the International Bank for Reconstruction and Development (IBRD). To activate it, just go to your Mpesa menu, loans and savings option and finally KCB Mpesa. Its headquarters are in Nairobi, Kenya. Citibank Kenya. For personal use, this is the one. Save my name, email, and website in this browser for the next time I comment. Here is the procedure and requirements for getting a loan from KCB Kenya. 4. Tala is good when it comes to issuing loans to the common mwananchi. Here is a list of places to get personal loans in Kenya: Stanbic Bank offers personal unsecured loans, which allow you to acquire assets, accomplish educational goals and are custom made to suit your lifestyle at very competitive rates. 7. Customers can get loans of upto Ksh. She is knowledgable about the country of Kenya and shares her knowledge with our readers. The SACCO aggregates the savings and lends them out or invests in authorised instruments such as shares, treasury bills and bonds, and in some cases property as permitted by the bylaws. You can do so at any NIC Bank Branch. A nation deep in debt – that is one phrase that can be used to characterize these habits. 250 ($2.5) to Kshs.50,000 ($500), repayment periods of 2 weeks to 1 month and interest rates of 6% to 16%. The loan amount will be charged an interest of 6.17% (i.e. 750 borrowed for a month will attract an interest of Ksh. Every year, millions of Kenyans use personal loans to consolidate debt, pay for unexpected expenses, make home improvements and more. Original and a copy of ID/passport (non-NIC Bank applicants), Last six months bank statement (non-NIC Bank applicants), Original and photocopy of KRA Pin certificate, Introduction letter from employer on company letterhead(salaried applicants), Hassle-free application processes and quick approval times, Affordable loan insurance with a Barclayloan, No sudden increases due to fixed interest rates, Flexible repayment options based on your other financial obligations, Advanced support for you to manage your loan more easily, Available to self-employed, employed or contract workers, No collateral or security needed to apply for the loan, Purposes to be covered include education, medical, furniture, consumer durables, motor vehicles, plot purchase, holidays and shares, Applications to be appraised using credit scoring, Original National Identity Card and a copy, No specific minimum net salary is required, Salary payslips for the last three months. African Banking Corporation (14.63%) Right at the top of our top 10 best SME banks in Kenya is the … Commercial Bank of Africa (CBA) launched their digital banking service Loop in March 2017. The minimum loan amount that one can access is Ksh. and they won’t give you a bad credit loan if your credit record is poor. It has a vast network of 16,000 branches all over India, which covers more than 1.01 crore farmers. This loan is provided by Equitel, a mobile banking platform launched by Equity last year. So popular was it that by 2015 there were over 10 million Mshwari accounts with CBA disbursing over 50,000 loans every day. negotiation fees and an insurance premium to be advised by the personal banker at your branch. The good thing about Branch is that as you build your credit history, the fees reduce and you are able to access larger loans and more flexible credit terms. MCo-op Cash is now offering salary loans to customers that receive their salary through their Co-op bank accounts. There are hundreds of micro-finance institutions in Kenya both credit only and deposit taking. The Central Bank of Kenya (CBK) has continued to retain the benchmark lending rate at 9 percent meaning banks in the country can only give loans with a maximum interest rate of 13-14 percent. It is licensed as a commercial bank by the central bank of Kenya and the national banking regulator. Must Read: List of Equity Bank Kenya Business loans. Loans for Blacklisted People & Debt Consolidation . A letter of reference from your current employer. They conduct their risk analysis by checking your Mpesa transaction history. UBA Kenya Bank – 14.75% . If you are stressed because your finances are holding you back from something you want to do? You can borrow from Ksh. ... Each and every loan application is a separate loan and is treated as such from application to quotation and ultimate contracting. 1M at a 6% interest rate. The application process is short and straightforward. You can register on the Timiza platform by dialing *848# on your Safaricom line or downloading the app from the Google Play Store. Barclays Bank. Approval time is within 48 hours after we get all your supporting documents. The minimum you can borrow is Ksh. Let's know about them in detail; State Bank of India (SBI) State Bank of India (SBI) is the pioneer and market leader in Agri financing. Beth is a Kenyan Journalist with a passion in matters Kenya. Check out some of the places you can get quick loans in Kenya for that rainy day. NIC Bank in Kenya now offers loans to its customers via its mobile banking service. It is unsecured but there is an understanding with your employer to pay your salary … Personal Loan Get cash immediately with our easy to process personal unsecured loan. A letter of reference from your current employer. They recently updated it to include loans and overdrafts. 200,000. To be eligible for an Mshwari loan, you have to be over 18 years old, have a registered and active Mpesa account for about 6 months and you also need to have updated your Mpesa menu. Barclays Bank of Kenya Limited acquired 51% of NIC’s total shares through the acquisition of Mercantile in the 1970s and Standard’s shareholding in NIC in the 1980s. We update you on what you need to know. In this day and age, most Kenyans own a smartphone. The repayment period is of up to 48 months. Payslip, identification documents and employment letter, The employer must have an MOU with Equity Bank Limited thus preferential terms, A long term facility enabling the clients to pay without straining financially, Deducted from source on check-off hence secure loan recovery method, Granted to customers whose employers have an MOU, on the check-off arrangement, with Equity Bank. For those who have never applied for a personal loan, am sure you are wondering about the procedure and requirements. Housing Finance. 3. To be eligible one has to be atleast 18 years old, have a registered and active Mpesa account for atleast 6 months and an updated Mpesa menu. A bank loan takes eons to come through, so what do you do? 500 and Ksh. 3. The loan amount will be charged an interest of 7.725%. Platinum Mobile Loans. KCB M-Pesa. When you download the app, it asks for access to some of the social and transactional history already stored on your phone courtesy of Mpesa and Facebook among other apps. Besides being a loan app they have an affiliate program that allows users to earn through advertising the Zenka App. Mshuari gives up to 100000 payable at 1 month with intrest rate of 7%. with an interest of Ksh. 5. The loan features include; loan amounts of Kshs.50 to Kshs.1M, repayment period of 1 month, 3 months and 6 months, the interest rates depend on repayment period: 6% (1 month), 5% (3 months), 4% (6 months). Certified copies of bank statements for the latest six months. Remember, PIN yako siri yako. We have all at one point in time been in a situation where we needed some cash to sort out something urgently. The Eazzy Banking app is your 'bank anywhere, anytime'. You can check out KCB M-Pesa one of their loans available on the mobile phone. 925.90. You can register by downloading the app on the Google Playstore. Branch. Here are the cheapest banks to borrow personal loans in Kenya according to the Central Bank of Kenya. NIC became a public company in 1971 and is currently quoted on the Nairobi Stock Exchange with approximately 22,000 shareholders. It offers personal loans such as: Equiloan – A loan facility that enables Equity bank clients can develop themselves by acquiring assets and also sorting out their own personal issues. In the event that you delay or default on payment, you will be charged a 7.5% facilitation fee on the outstanding loan balance. Annual Interest Rate: 12.2%. KCB to mpesa loan is one of the easiest ways to get a loan without having any … The Eazzy loan features include; interest rate of 2%-10% per month of the loan amount on a flat rate, the minimum loan amount is Kshs.1,000 and the maximum loan period is 12 months. To use, Safaricom Fuliza, you have to sign up on the MySafaricom app and opting in under the Fuliza tab in M-Pesa. If we look bank, back in 2014, Mkopo Rahisi was the first instant mobile loan in Kenya. Launched in 2012, this collaboration of CBA bank and Safaricom took the country by storm. Timiza Loan App. You can also access the loan service via the NIC NOW App. 3. The quickest source of this cash is family and friends, however they are not always able to come to your aid. You don’t have credit – just tap in so To check your loan limit, you can dial 488# or check on the NIC NOW App and choose check loan limit option. Home » Personal Finance » Personal Loans » Top 10 Personal Loans Providers in Kenya. To get a loan, you need to be a Co-op Bank customer and you have to have the MCo-op Cash app on either the Google Play Store or the iOS App Store. 50,000. List of Loans Without Security in Kenya 2020, Top 7 Banks Offering Unsecured Mobile Loans in Kenya. 1,500 you will pay Ksh. A personal loan is money borrowed from a bank, credit union or online lender that you pay back in fixed monthly payments, or instalments. The first-time customers get a 61-day loan payable in 2 installments. The repayment for Mco-op cash loan is 1 month or 3 months and you have to choose when applying. Loans. Loan Protection Insurance – to cover your repayments in case of accidental death or accidental permanent disability. Here’s a thought, why not apply for a loan. 1,000. Tala stands out in the list followed by Okash. The interest rate for the loan repayment is 11% and 15% depending on the amount. Urban Kenyans is an online platform that enlightens Kenyans by showing them how things are done online in Kenya. Through the app, customers can chat with their pals, read news, shop, pay bills, save and even take loans. To be able to get the loan you have to have a minimum balance of Ksh. For one to qualify for this loan, one needs to be employed or have a regular income. To get a loan, you need to be a Co-op Bank customer and you have to have the MCo-op Cash app on either the Google Play Store or the iOS App Store. You can read more on loan apps in Kenya to find out which application is better for you. Haraka is a micro-loan service by GetBucks, a South African company. Their loans attract  14% interest so if you borrow Ksh. The SOMA Loans have the following features: Some loan helps you relieve the stress of paying school fees and also offers you the lowest loan rate, keeping you on track for your bigger dreams. 10. 3 million and overdraft of upto Ksh. Wow, that’s a lot of money when you are broke. 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