There are times in your life when you might have to borrow money. When you might want to borrow as much as ksh. 20,000. How can I get 20000 loan in Kenya is a question this article will answer. Large personal loans can be used to solve a lot of problems. It’s important to consider as many lenders as possible to find a larger loan that fits your needs.
What you should know before getting a 20000 loan in Kenya
There are certain things you need to know before looking to get Ksh. 20,000 loan. They are listed below:
- Where to get the loan
- How to qualify for the loan
- What to consider before applying for the loan
How to get 20000 loan in Kenya
To get kshs. 20,000 loan in Kenya, follow the steps below:
- Visit the bank branch or fill the application form online. For SACCOs, you have to be a registered member.
- Submit all personal and necessary information
- Upload all required documents
- Apply and submit your account number
- Wait for loan approval
- Once approved, get your loan.
Eligibility to qualify for 20000 loan in Kenya
To qualify for Kshs 20,000 loan in Kenya, check the list below:
- Be 18years and above
- Have a national ID
- Have a good credit score
- Lenders will check your debt-to-income ratio
- Evidence of steady income
- possess a bank account
- Get a registered Sim card
- Banks request for bank statements and payslips covering 6 months
- KRA pin certificate
- Some request for M-Pesa account
What to consider before applying for 20000 loan in Kenya
Before applying for Kshs 20,000 loan in Kenya, consider the following:
- Know the repayment duration
- Be fully aware of the interest rates
- Know the fees, discounts and additional fees
Where to get 20000 loan
Below are different option when choosing where to get Kshs 20,000 loan:
Getting online loans is convenient and simple. You can log in to the website and apply from there. Their site is open 24 hours daily.
List of online lenders that can give you Kshs 20,000 loan in Kenya are:
Banks offer loans to new and existing customers once you are eligible for the loan.
Some banks allow you to apply for loans online, others require you to apply in person at a branch. List of some banks that can offer you Kshs. 20,000 loan in Kenya are:
- NIC bank
- Bank of Africa Kenya Limited
- National bank of Kenya
- Equity bank
- Co-operative bank Kenya
- Musoni microfinance bank e.t.c.
Credit unions can also be a good choice to get Kshs. 20,000 loans. They are non-profit organizations and provide lower rates to their members.
Many have flexible policies on membership. Some SACCOs admit members by allowing you to make small donations or contributions during their monthly “Table” meetings.
- Joywo loans (Kiva) e.t.c.
If you are ready to check how you can get kshs. 20,000 loan, be sure to shop around. Consider as many lenders as possible to find the right loan for you. Loanspot makes this easy. This article explained:
- How to get Ksh. 20,000 loan in Kenya
- Where to get Ksh. 20,000 loan
- How to qualify for Ksh. 20,000 loan
- What to consider before applying for Ksh. 20,0000 and
- What you should know about Ksh. 20,000 loans in Kenya.
You can also compare your pre-qualified rates from multiple lenders in two minutes on this platform.