KCB Types of Loans and Interest Rates
KCB Bank offers a wide range of loans to meet the needs of its customers, both individuals and businesses. Below is a guideline for some of the loans offered by KCB:
KCB Types of Loans
Kenya Commercial Bank (KCB) offers various loans.
Personal Secured Loan: This loan helps you get started and has flexible repayment periods of up to 72 months. All you require is an active KCB account for a minimum of 3 months and the requisite securities, including share certificates, logbooks, title deeds, etc.
Personal Car Loan: This loan helps you get your dream car with a repayment period of up to 72 months. All you need is an active KCB account for at least 3 months and proof of security.
Personal Unsecured Check-Off: This loan is accessible to government employees or a company that has an agreement with KCB. The loan can be up to 4 million, with a repayment period of up to 72 months.
Personal Unsecured Check Non-off: This gives you access to an easy loan of up to 2 million with no securities and a repayment period of up to 36 months. All you need is proof of a steady income and to be an active KCB account holder for a minimum of 3 months.
Masomo: This loan helps you get funding for educational undertakings, and you are required to pay it back comfortably over a period of 24 months. To access this loan, you are required to have an active KCB account for a minimum of 3 months, be salaried, or have a guardian.
Salary Advance: This loan is open to salaried KCB Bank account holders who have had an active account for a minimum of 3 months. You may access an advance of up to 100% of your salary, at a maximum of Ksh. 100,000.
Vooma Loan: This is a mobile loan that helps you complete a purchase or sort out an emergency. The loan amounts are between Ksh. 1, 0001 and Ksh. 300, 000. All you need to do is sign up for KCB mobile banking.
KCB M-Pesa loan: This gives you access to instant mobile loans with a repayment period of 1 month. You don’t have to be a KCB account holder to access this loan.
KCB M-Pesa loan
The KCB M-Pesa loan helps you sort out your financial needs with no stress in Kenya. Whether you need the cash for chama, catch up on rent, get that latest gadget, etc., KCB has got you covered. It is fast and easy, and you get to access the highest limits. Get the loan at a rate of 8.64% with a one-month repayment period.
The advantage with KCB-M-Pesa loans is that you have the freedom to take out multiple loans as long as you are within your limit. You can access loan limits from as low as Ksh.50 and up to Ksh.1, 000, 000. Loan repayment is made via M-Pesa or from the KCB M-Pesa account.
How to apply for a KCB M-Pesa loan
- Open your phone and go to the M-Pesa menu.
- Select loans and savings
- Select KCB M-Pesa .
- Select the loan options.
- Next, request a loan option.
- Enter the amount you wish to borrow.
- Key in your secret M-Pesa PIN and submit.
The loan will be deposited in your KCB M-Pesa account. To access the loan, move the money to your M-Pesa. It is free to send and withdraw money to M-Pesa from KCB M-Pesa.
To access the loan, go to the KCB M-Pesa menu and select Withdraw to M-Pesa.
KCB Loan Interest Rates
- Personal Secured Loan: 13% [CBR rate of 9% plus bank variable margin of 4%]
- Personal Car Loan: 13% [CBR rate of 9% plus bank variable margin of 4%]
- Personal Unsecured Check-Off: 13% [CBR rate of 9% plus bank variable margin of 4%]
- Personal Unsecured Check Non-off: 13% [CBR rate of 9% plus bank variable margin of 4%]
- Masomo, 13% [CBR rate of 9% plus bank variable margin of 4%]
- Salary Advance: 13% [CBR rate of 9% plus bank variable margin of 4%]
- Vooma Loan: 91%
- KCB M-Pesa loan: 64%
Read Also How to pay KPLC Postpaid via M-Pesa
KCB Loans app
The KCB loan app offers loans to Kenyans via M-Pesa on their mobile phones. With KCB loans, you don’t have to be an account holder with KCB to access their loans.
All you need is to download the KCB app and apply. The benefits of the KCB app are fast approvals, low interest rates, and easy payment modes.
How to download the KCB loan app
Below is a simple guideline on how to download the KCB loan app on Android phones from the Google Play Store. The app is also available for iPhone users on the App Store.
- Search the KCB loan app on the Google Play Store.
- Next, click on install and wait for the process to complete.
- Now click on install and wait for the complete installation of the app on your mobile phone.
- The KCB App symbol or icon will appear on your Android mobile.
- Now you can launch the KCB mobile app, register, and apply for a loan.
Now you can successfully apply for a loan.
