Banks with low personal loans interest rates

  • Secured Loans
  • Unsecured Loans
  • Salary advance

Contrary to that there are a number of factors to consider when choosing which bank to take up a loan from other thanĀ  the obvious one which is the interest rate.

To apply for a loan in any Kenyan bank, you must meet the following criteria.

Secured Loan

  1. Must be an account holder with the Bank you are seeking a loan from for at least 90 days which is 3 months
  2. Original and copy of National Identity Card or a valid passport
  3. Employment card if employed
  4. Latest 3 Months original pay slips
  5. Provide proof of income if self-employed

Unsecured Loan

  1. Must be an account holder with the bank you are seeking a loan from for at least 90 days which is 3 months
  2. Original and copy of National Identity Card or a valid passport
  3. Employment card if applicable
  4. Latest 3 Months original pay slips
  5. Provide proof of income for self-employed individuals

Salary Advance

  1. Must be an account holder with the bank you are seeking a loan from for at least 3 months
  2. Original and copy of National Identity card or a valid passport
  3. Latest 3 Months original pay slips

Below is a look on Interest Rates on personal Loans from a number of Kenyan banks.

  • Equity Bank – 13 percent
  • Cooperative Bank – 13.5 percent
  • KCB Bank – 13.5 percent
  • Barclays Bank – 14 percent