KCB Loans- KCB M-pesa loan, Unsecured, secured, home loan, Mortgage, Mortgage Plus, masomo loan, Salary Advance, requirements.
KCB Loans fall into various categories. Unsecured loans, secured loans, mortgage, and KCB Mpesa loans.
KCB Loans: Unsecured Personal
This loan is granted to individuals in order to meet their personal needs without the requirement for a security deposit.
Benefits
Open to employed/self-employed individuals with a regular steady income.
Repayment period of up to 48 months.
No security deposit required.
From as low as Kshs 20,000 to as high as Kshs 4M
Standard Requirements
Must have had an account with KCB for at least 3 months
Original and copy of National ID or passport
Employment card (where applicable)
Latest original pay slips (where applicable)
Proof of income for self-employed individuals
Rates & Fees
Repayment period is a maximum of 48 months (4 years)
Interest rate and other fees e.g. negotiation fees and insurance premium to be advised by the personal banker at your branch
KCB Loans: Unsecured Check Off
A special type of loan that is open to employees of Government institutions and companies that have a check-off agreement with KCB.
Benefits
From as low as Kshs 10,000 to as high as Kshs 5M
Flexible repayment period of up to 72 months (6 years).
Open to salaried individuals working for government institutions & companies with a check-off agreement with KCB.
Standard Requirements
Must have had an account with KCB for at least 3 months
Original and copy of National ID or passport
Employment card (where applicable)
Latest 3 Months pay slips (original)
Rates & Fees
Maximum repayment period is 72 months (6 years).
Interest rate and other fees e.g. negotiation fees and insurance premium to be advised by the personal banker at your branch.
KCB Loans: Masomo loan
Intended for educational advancement, this loan can be taken out by parents/guardians for students or by salaried individuals who wish to further their studies.
Benefits
Attractive competitive interest rates
Quick loan processing.
Loans of up to Kshs 300,000 repayable over a maximum period of 24 months (2 years).
Standard Requirements
Must have had an account with KCB for at least 3 months
Original and copy of National ID or passport
Latest original pay slips.
Proof of income if self-employed.
Admission letter from the university/college
Rates & Fees
Maximum repayment period is 24 months (2 years).
Interest rate and other fees e.g. negotiation fees and insurance premium to be advised by the personal banker at your branch.
KCB Loans: Salary Advance
This short term loan is open to all salaried employees who have a KCB bank account in order to meet their urgent needs.
Benefits
Up to 1.5 times your salary or Kshs 100,000 for permanent employees.
Up to 100% or Kshs 100,000 for contract employees.
No security required.
Quick turnaround time.
Standard Requirements
Must have had an account with KCB for at least 3 months
Original and copy of National ID or passport
Latest pay slips (original)
Rates & Fees
Interest rate and other fees e.g. negotiation fees to be advised by the personal banker at your branch.
Salary Advance also accessible through KCB mobile banking (*522#) or KCB App.
KCB Loans: Secured
This loan is granted to individuals, provided that they deposit some form of security, such as titles, log books or share certificates.
Benefits
Competitive interest rates.
Repayment of up to 60 months (5 years)
Standard Requirements
Must have had an account with KCB for at least 3 months
Original and copy of National ID or passport
Employment card (where applicable)
Latest original pay slips (where applicable)
Proof of source of income for self-employed individuals.
Rates & Fees
Repayment period is a maximum of 60 months (5 years)
Interest rate and other fees e.g. negotiation fees, insurance premium, security and documentation fee to be advised by the personal banker at your branch.
KCB Loans: Mortgages
With competitive rates and flexible repayments, you can realize your dream of owning your own home.
Benefits
Flexible repayment terms when assessing ability to repay (joint, rental and alternative incomes will be considered). Joint income from spouse, siblings & children will be considered in assessing repayment ability
Flexible terms for construction loans
Mortgage Protection Insurance (MPI) cover limit up to Kes.18M without need for medical checkup, retrenchment cover and social perils cover included
Competitive Interest rates
Access to all other KCB banking products (e.g. Overdrafts, credit cards, current, savings and investment accounts)
Standard Requirements
Proof of income
Proof that you can meet the 10% financing and other related costs e.g. Stamp duty, lawyers fee, valuation report etc.
Rates & Fees
Competitive interest rate.
Appraisal Fee-1% of loan amount
Leger Fee- Kshs 350 per month.
Legal Fees
Valuation fees
KCB Loans: Mortgage Plus
Take out a top-up loan against your mortgage for quick financing when unforeseen emergencies strike.
Benefits
Equity release for school fees, medical emergencies or renovations.
Flexible repayment terms- can be spread out in line with remaining term of loan.
Competitive interest rate
Standard Requirements
Hold a mortgage facility with KCB
Proof of income
Rates & Fees
Competitive Interest rates
Appraisal Fee-1% of loan amount
Leger Fee- Kshs 350 per month.
Legal Fees
Valuation fees
Stamp duty (4% of cost of property or value on the open market)
Stamp duty on charge (0.1% of loan amount)
Insurance premium- Financed by KCB
KCB Loans: KCB M-PESA
The KCB M-PESA account is a virtual mobile based bank account that is offered exclusively to M-PESA registered customers allowing them to borrow micro loans between Kshs. 50 and Kshs. 1M and save on their mobile phones at highly competitive rates.
The savings offering includes:
Minimum saving of Kshs.1 and maximum saving of Kshs.1M.
Interest earned is up to 6% per annum.
Offers free deposit and withdrawal in an easy and convenient manner via M-PESA.
What does one require to get signed up on the service?
To activate KCB M-PESA Account, go to your M-PESA menu, Loans and Savings and KCB M-PESA.
Loan Features
30 day loans at 6% per month
90 days loans at 5% per month
180 days loans at 4% per month
Savings Features
There are two types of fixed deposit accounts available to you as a KCB M-PESA Account holder. They
include;
Fixed Savings Account
Target Savings Account
Fixed Savings Account
This Account allows you to lock a specific amount of cash for a certain period of time.
How does it work?
Locked periods include 1, 3, 6, and 12 months with minimum amount of Kshs.500.
Upon early or premature redemption, you will forfeit all interest accrued.
You get cash back immediately to KCB M-PESA account on prompting cash back.
Upon early redemption of the funds, the customer forfeits all interest accrued.
Target Savings Account
This account allows you to set a target and make deposits towards achieving that target.
How does it work?
You will top up continuously until you achieve your target.
The customer can deposit money into the target account through:
M-PESA
KCB M-PESA
Standing orders from KCB M-PESA
You can choose from target periods of 1, 3, 6 and 12 months with minimum contribution of
Kshs.50.
You will also earn interest on cumulative interest.
You are allowed up to 4 withdrawals within target lock period to maintain interest.
You will get cash back immediately to your KCB M-PESA account on prompting cash back.
Minimum target period is 1 month.
You benefit from exciting Interest rates of 1 month (3%), 3 months (4%), 6 months (5%) and 12
months (6%).
Fixed Deposit / Target Savings Period
Interest P/A
1 Month 3%
3 Months 4%
6 Months 5%
12 Months 6%
Benefits of KCB M-PESA
Instant Loans
You are issued with a loan limit immediately on opting in to the service of up to Kshs. 1M.
Ease of use
Available on the M-PESA menu. Customers easily access their account using the M-PESA PIN.
Earn interest
Enables customers to save and earn interest at competitive rates.
What are the Charges?
Movement of money into and out of the KCB M-PESA Account from and to M-PESA is Free.
Balance enquiry is Kshs. 1.
Loan interests are charged as:
30 day loans at 6% per month
90 day loans at 5% per month
180 day loans at 4% per month
