KCB Bank Unsecured loans; benefits, requirements and rates & fees

KCB Bank unsecured loans interest rates
KCB Bank unsecured loans interest rates

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;

  1. Unsecured Personal
  2. Unsecured Check off
  3. Masomo
  4. 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┬áto 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