Many People who may be unable to afford the costly university education should consider getting international student loans in Kenya. It comes with flexible repayment options. The loan is primarily for self-development. With each passing day, the competition for jobs becomes more intense. Having a degree is a prerequisite to getting a high-paying job. You can earn your degree faster with an international student loan.
Let us explore international student loans in Kenya.
About international student loans in Kenya
International student loans in Kenya have been existing. It is getting more and more attention as time goes on.
The loan allows students to study and pay off in small chunks.
This is a flexible plan that enables easy access to an education. Those who may not have the funds to straighten up, collect this loan and repay at a later date. International student loans in Kenya assists with mainstreaming the processes in education.
List of International student loans in Kenya
The unique and most known international student loans in Kenya is Zidisha school fees
Zidisha school fees For online student loans in Kenya
Zidisha is the way to get a school fees loan in Kenya. It is an international lending community that gives people the chance to raise loans directly from the platform all over the world.
About Zidisha international student loans
The institution was founded by Julie Kurnia. This woman visited Africa and saw the need for people to access funds for self-advancement. This platform empowers people financially and gives international students loans to various countries in Africa.
Zidisha offers mobile money transfer like Musoni. It is a crowdfunding site. This means that if you need money for a given project, like education, you make an application and request for money from lenders. Lenders from across the globe are able to invest in projects of their liking. More than one lender can give money to the same education project depending on their individual capacities as lenders. Borrowers can apply from as low as $10 to thousands of dollars. There are many success stories from individuals and students alike for the loan platform.
Application for Zidisha Membership
Before you start, please make sure you have:
- A registered Safaricom phone number
- Your national ID number
- An internet data to complete the application form
How much can I borrow?
You can borrow a maximum of KES 1,128,681 as time goes on. First-time borrowers start with a small test loan to build creditworthiness. With time, the amounts you can borrow will increase.
What is the interest rate?
Zidisha school fees loans do not carry interest. Borrowers are charged a service fee of 5% of the loan amount. This is to cover the cost of transferring and administering the loan.
Loans also carry a credit risk payment, which is used for reimbursing lenders in the event of default. The credit risk payment decreases as you build a history of on-time repayments.
Other Fees and rates
A one-time premium membership payment of 1,000 KES may be required in order to access higher credit limits.
What are the eligibility requirements?
- Have a smartphone with regular access to the Internet or a computer with access to the internet.
- Have a steady source of income. This will allow you to make repayments each week.
- Be able to get a reference or recommendations from people in your community.
Who is eligible for international student loans in Kenya
- Citizens of Kenya and other migrants
- Students from 18 years and above
- Students with national ID number
In summary, there are many international student loans being disbursed in Kenya every day. Make sure you do enough research and get enough information before choosing a lender. This should help to increase the number of student loan applications in Kenya, thus allowing more people to attend college. Zidisha international loan was the subject of this article. Go ahead and apply after reading.