Many people might take salary advances when faced with pressing financial needs. This is largely because such credit allows them to pay off the owed amount from their salary. Getting a salary advance is also more flexible and convenient than a regular loan. One such salary advance is the KCB salary advance.
In this article, we will explore KCB salary advance, the application process, requirements, and benefits
What is KCB Salary Advance
KCB salary advance is a short-term loan that is open to all salaried employees who have a KCB bank account to meet their emergencies.
They give the credit to salaried KCB account holders pending the next payment. Once the salary enters the account, the calculation is done and they leave the remaining amount in your account.
How Does KCB Salary Advance Work
The KCB salary advance is handled by KCB Group. They are registered as a non-operating holding company and they give out loans to people. One of their products is Salary advance. They give their salary advance based on the individual’s salary amount.
The amount you earn determines the amount of salary advance you can take. This is done in such a way that your salary will cover the advance you will get.
How to Apply for KCB Salary Advance
To apply for KCB salary advance, follow the procedure below:
- Visit the bank or their website online
- Collect the application form for salary advance and apply
- Fill in the application form and supply all personal details
- Provide all relevant documents
- Wait for approval
- Once approved, access the platform on the phone through the bank’s mobile banking (*522#).
How do I Qualify for KCB Salary Advance
Every lending platform has qualifications and eligibility to meet to become a potential client for a loan. You qualify by:
- Being 18 years and above
- Possess a national ID card
- Be a salaried individual
- Have an account with KCB for at least 3months
Requirements
Lending institutions ensure they work with customers that have all the prerequisites they need. The following are the requirements of a Kenya Commercial Bank salary advance:
- Open and own an account with the Kenya Commercial Bank, for at least 3 months or more
- File or present original copies of your national ID or passport.
- 3 months original latest payslips.
- Be willing to accept that the salary advance is based purely on an individual’s salary.
Repayment
For the credit, the payment is flexible and requires no collateral. Permanent employees can get up to 1.5 times their salary or Kshs.100,000 whereas contract employees can apply up to Kshs.100,000.
Normally, it is repaid within 3 months or fewer, but KCB keeps deducting their loan amount until the loan amount is fully covered.
Benefits
- You can access up to Kshs. 100,000 for permanent employees and 100% for contract employees.
- No collateral is required.
- Instant advance without delay.
- Standard and Simple Requirements
- Competitive interest rate.
Note: KCB salary advance also accessible through KCB mobile banking (*522#) or KCB App
The KCB Salary Advance Loan Calculator
KCB bank provides qualified individuals with an idea of how much they are expected to pay back. This helps employees work with a reasonable budget within their financial abilities.
Once you start having a doubt, check out their loan calculator online and use it as a tool for loan calculation.
How Long Does KCB’s Salary Advance Take?
The KCB salary advance processing and disbursement time depend on how fast you provide the bank with all the required details. Go through the application to correct all necessary errors to avoid delay on the credit processing.
Once they approve your application, access the KCB salary advance on the phone through the bank’s mobile banking (*522#).
Other Loans Provided by Kenya Commercial Bank.
- KCB Unsecured Loan.
- KCB Personal Secured Loan.
- KCB Mobi Loan.
Frequently Asked Questions
What is the penalty for defaulting on the KCB salary advance?
The main consequences of defaulting on a KCB salary advance loan depending on the reasons for your default are:
- Lowering your credit score may damage your ability to borrow in the future
- Paying a fine or penalty
- Forwarding your name and details to the credit reference bureau this damaged your long-term credit score for almost 5 years.
How do I check the KCB salary advance loan balance?
To check your KCB salary advance loan balance, you can follow the procedure for checking all other loan balances which are:
- Login and access the KCB menu
- Choose ‘My Account’
- You can check your account balance on that page.
Another option is requesting a Mini Statement from KCB.
What is the USSD code for the KCB salary advance?
Once your KCB salary advance loan application is approved, you can access the advance on your mobile through the bank’s USSD code (*522#).
Conclusion
In times of financial difficulty, KCB salary advance can help you sort out your financial needs. With their instant approval and quick cash disbursement, you will get more value. In conclusion, it makes getting a loan easy and convenient.