Unsecured loan is a loan where don’t have to provide any collateral as security. KCB bank offers four types of unsecured loans to its customers. They include;
- Unsecured Personal
- Unsecured Check off
- Masomo
- Salary advance
1. Unsecured Personal
The Unsecured Personal loans are granted to individuals in order to meet their personal needs without the requirement for a security deposit. Apply now for an instant unsecured loan.
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 of 13% (CBR rate 9% plus Bank Variable margin of 4%)
- Negotiation fees of 2.5%
- Other fees e.g. insurance premium to be advised by the personal banker at your branch
2. 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 of 13% (CBR rate 9% plus Bank Variable margin of 4%).
- Negotiation fees of 2.5%.
- Other fees e.g. insurance premium to be advised by the personal banker at your branch.
3. Masomo
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 of 13% (CBR rate 9% plus Bank Variable margin of 4%)
- Negotiation fees of 2.5%
- Other fees e.g. insurance premium to be advised by the personal banker at your branch
4. 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 of 13% (CBR rate 9% plus Bank Variable margin of 4%)
- Negotiation fees of 2.5%
- Other fees e.g. insurance premium to be advised by the personal banker at your branch
Salary Advance can also be accessed through KCB mobile banking (*522#) or KCB App