Most Kenyans have in recent times turn their backs on bank loans and seek refuge in mobile loan and thus pushing banks to join the mobile platform to beat the competition .
The process of acquiring a bank loan is not that complicated and it is just similar irrespective the type of bank you go for.
In Kenya we have three common types of loans;
- 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 than 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
- Must be an account holder with the Bank you are seeking a loan from for at least 90 days which is 3 months
- Original and copy of National Identity Card or a valid passport
- Employment card if employed
- Latest 3 Months original pay slips
- Provide proof of income if self-employed
Unsecured Loan
- Must be an account holder with the bank you are seeking a loan from for at least 90 days which is 3 months
- Original and copy of National Identity Card or a valid passport
- Employment card if applicable
- Latest 3 Months original pay slips
- Provide proof of income for self-employed individuals
Salary Advance
- Must be an account holder with the bank you are seeking a loan from for at least 3 months
- Original and copy of National Identity card or a valid passport
- 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