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Bank of Africa Kenya loans- all you need to know

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Banks are organized financial institutions that save us in times of difficulties. They provide credit facilities to solve different needs. Bank of Africa Kenya loans are not left off the list. They are a structured lending platform that provides different loans to individuals in Kenya.

Let us discuss their categories of loans, the account needed for each loan and how to contact them.

bank-of-africa-loans

About Bank of Africa Kenya 

Bank of Africa Kenya limited (BOA-Kenya) is a commercial bank providing banking services to corporate and individuals. Small and medium enterprises are left behind. They also cater for retail clientele. The bank began activities officially in Kenya in July 2004 and currently has recorded so many achievements. 

They acquired Kenyan branch of Credit Agricole Indosuez, a large international French bank. The French bank has operated in the country for over 20 years. The bank has a wide network of 27 branches country wide and a business center in Nairobi, Kenya.

What you need to know about Bank of Africa Kenya loans 

Basically Bank of Africa Kenya limited offers personal and business loans. Their branch in Kenya offers full services to SMEs and operates in real time. The loans gotten helps their customers to seamlessly and expediently transact business.

Bank of Africa Kenya loans

The different categories of loans offered by Bank of Africa Kenya limited are:

  1. Personal loans (which includes Salary advance)
  2. Asset finance 
  3. Mortgage products 

Personal loans

Their personal loans amount is Ksh 50,000 to Ksh 2,000,000 extended to salaried individuals with minimum net salary of Ksh 25,000.

Eligibility:

  1. Be in a continuous employment for over 6 months
  2. Have a minimum net salary of Ksh 25,000
  3. Qualifying age limit is 55 years
  4. Be ready to pay a processing fee of 3%
  5. Provide a good Credit Reference Bureau report

Benefits:

  1. Comes with a competitive interest rates
  2. Flexible interest installment plan
  3. Can apply for a maximum loan amount Ksh 2,000,000
  4. Receive a minimum loan amount of Ksh 50,000
  5. Fast to processing & disbursement to your personal account or salary account within 1 week

Features:

  1. Enjoy a loan duration of a minimum of 12 months to a maximum of 48 months
  2. Enjoy a response time of 48 hours
  3. Get amount ranging from Ksh 2,000,000 to Ksh 50,000

Requirements:

  1. Submit a completed Bank of Africa Personal Loan application form
  2. Letter of undertaking from employer confirming further payment 
  3. Copy of a valid ID
  4. A PIN certificate
  5. Printed original copies of the preceding 3 months’ payslips
  6. For non-BOA customers, copies of bank statements for 6 months

Asset finance 

Bank of Africa Kenya limited, designed asset finance to enable individuals and businesses acquire durable assets. The asset to be financed will be used to grow the capacity of the business. It would be also used to improve the level of service delivery of an existing enterprise.

Target Audience:

  1. Individuals
  2. Entrepreneurs
  3. Limited companies
  4. Law agencies
  5. Non–profit organizations

Mortgage finance 

Bank of Africa Kenya Limited provides a comprehensive mortgage finance solution. This focuses on providing personal and unique services. They achieve this by enabling their customers to buy, build or improve their own properties or homes.

Mortgage Products Offered:

  1. Home improvement
  2. Property acquisition 
  3. Equity release 
  4. Construction

Requirements:

  1. A properly completed and signed application form.
  2. Provide a sale agreement/offer letter.
  3. Identification card
  4. Passport 
  5. Registration documents for a business.
  6. Copies of payslips.
  7. Print bank statements for the last six months.
  8. Copy of the title of the asset that is serving as a collateral.
  9. A valuation report 
  10. A well-drafted letter of introduction and undertaking from an employer for employed persons.
  11. Open a Bank of Africa Kenya limited Current account.

Benefits:

  1. Own occupation
  2. Gain tax benefit through mortgage relief.
  3. Free financial advice on mortgage products.
  4. Personalized customer service.
  5. Flexible terms of repayment
  6. Begins to save on rent
  7. Receive capital gains from property appreciation.

Different accounts operated by Bank of Africa Kenya for loan disbursement 

  1. Personal account
  2. Current account 
  3. Deposit account
  4. Salary account 
  5. Savings account 

How to contact Bank of Africa Kenya loans

Visit BOA House, Karuna Close, Off Waiyaki Way, Westlands, Nairobi.

You can call them via call at: 0703058000/ 0203275000. If you choose to email them, their email address is yoursay@boakenya.com 

Conclusion 

Bank of Africa Kenya limited has the vision to be the preferred bank to the chosen market. They offer personal, salary advance, mortgages and asset finance to their customers. 

Furthermore, their mission is also to serve their customers with efficiency and courtesy. To contribute to the development of all their stakeholders and lots more. Try Bank of Africa Kenya loans today and enjoy their great features. 

Where Can I Lease My Car in Kenya

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Kenya’s leasing market is dominated on the demand-side by individuals and corporate customers. With varieties of leasing companies, some independent leasing entities, and some affiliate with other companies to lease out their cars.

The central concern here is where you can lease your car to be earning cash in Kenya. In this regard, we will discuss some platforms you can lease your car in Kenya and still keep ownership of the car.

Where can I lease my car in KEnya

What is car leasing?

Leasing a car is entering a long-term contract for that car. Car leasing in Kenya allows you as the car owner to make monthly income with your car. The leasing company gets the vehicle from the lessor or dealer to individuals willing to use the car, and then they make payment to the leasing company.

The leasing company at the end of the day pays the owner of the car. Lease contracts are commitments that bind parties together till the contract ends. Loan sharks sometimes come in handy.

Pros and cons of car leasing in Kenya

Pros:

  1. It makes the lessee avoid incurring frequent loans from the bank and has the frequent cash flow to live with.
  2. It helps in preserving cash for other uses and so may get a higher return
  3. Provides an opportunity for an individual to use the return for other investments

Cons:

  1. Issue of breach in contract might come in
  2. Cars can break down, and insurance cover might now fully cover the whole expenses for the car.

Where can I lease my car in Kenya?

Kenya is filled with individuals who are engaged in one form of different activities or the other. Some who do not owe cars might need cars to attend to their needs. Different places to lease your car in Kenya are:

  1. Kaka Logistics Enterprises Limited
  2. ARS Kenya
  3. Myhire
  4. Vismart

Kaka Logistics Enterprises Limited 

The services of Kaka logistics enterprises match people who want to borrow a car with those people who have a car to lease out. Take your car with all insurance cover to their office and register to earn from Ksh. 25,000 to Ksh.130,000 when the contract has been sealed. They are a logistics enterprise that allows the lessors to lease out their cars when they are not using them. 

Procedures and other information 

  1. You enter into a legally binding contract
  2. Let you know that payment is done on every 5th of a new Month.
  3. Be informed that you will earn between Ksh. 25,000 – ksh. 150,000 depending on your car
  4. Your vehicle will be used for leasing services only.
  5. Be aware that they do general car services.
  6. Recommendation of private comprehensive insurance requirements.
  7. The minimum duration for the lease is from 6 months to a maximum of 1 year.
  8. Acceptance of car alarm/track. If not installed, they can install it and payment mode will be discussed and agreed on. 

Notes:

  1. You, as the lessor, have the right to track and inspect your care anytime you wish
  2. You have the authority to call off the contract anytime you want.

 Modes of payment 

  1.  M-pesa payment
  2.  Bank account deposit and 
  3. Cheque collection from Kaka Logistics Enterprises office.

How to contact Kaka Logistics Enterprises 

Call them on +254721716765 or email them via info@kakalogisticsenterprises.co.ke

ARS Kenya

ARS Kenya is an established leasing and rental company in Nairobi. They offer long-term leasing services and rentals for premium clients. Clients which include NGOs, embassies, and multinationals. 

Brand leasing cars/offerings

  1. Full sized 4WDs, 
  2. SUVs and 
  3. double-cab trucks from Toyota

Benefits

  1. Regularly scheduled maintenance and servicing.
  2. Oil changes, tire rotation, tune-ups, etc.
  3. Cash and high turnover

How to contact ARS Kenya

If you wish to contact ARS Kenya via email, write them mail via sales@ars-kenya.com.

To contact them through telephone call +254-733-927437 or +254-722-203062 to speak further with them.

Myhire

Myhire seamlessly connects renters to car owners through a mobile app. They create exposure, trusted marketplace and accessibility for both renters and car owners. You can earn more money by leasing out your car. People hire your car and you get 75% of the earnings the app generated. Payment is done 30hrs after the client check-in using the app.

Their focus is on making an integrated digital platform by equipping car rental operators with the best innovations for a better rental experience.

Procedures:

  1. Registration: here you download the app. Then you sign in and list your car, put your location and the price. Specify your own ground rules and state when your car is available.
  1. Delivering your car: you deliver your own car and collect it when the client is back. Also help the client check-in using the app, give them the keys and check out the client later.  You can help them also by suggesting borrowing airtime incase an emergency arises.
  1. Payment: you are paid 30hrs the client checked-in and you are paid 75% of the money paid by the client.

 Requirements:

  1. Present vehicle for inspection.
  2. Agree to the binding partners in terms and conditions.
  3. Have a registered comprehensive PSV Insurance
  4. The car presented should be less than nine (9) years
  5. 160,000 kilometres car
  6. Value of the car should not be less than Ksh. 700,000 payment and booking of installation of MyHire-GET
  7. Up to date and good safety standard history
  8. 7 consecutive days’ rental period
  9. Four (4) passenger’s seat with 4 wheels.

Vismart

You can lease your vehicle with Vismart at a very good rate up to ksh.180,000 monthly with your car lease. Vismart leases cars on a long-term basis from individuals who own personal cars.

As an individual in Kenya, you can lease your vehicles to this platform for a period of up to one year. You will make an extra income that will enable you to purchase more cars.

Their firm commitment in car leasing in Kenya has always been to create a friendship with those they lease cars from. It has been from offering long-term car lease in Kenya at amazing rates to attracting more customers. 

Requirements:

  1. Lessor (Car owner) will be asked to render the GPS tracker login
  2. Provide a copy of your log book
  3.  Present your national identification card.

However, If you as the lessor have not installed the GPS tracker yet, you shall install it and provide the credentials to lessee 

Insurance policy

While the lessee still has the car, you as the lessor shall comply with all the insurance requirements and policy expiration date.

Payments

You receive your payment on the 5th of every month. When delays occur, know that some clients have delayed payment. Once they pay up, you get your money without delay. However, know that upfront payments are not until the month elapses.

Compliance

Note that your vehicle must comply with all traffic requirements (Traffic act 2010). The traffic acts of Kenya require all rental cars to have PSV (self drive) insurance.

Conclusion

Car leasing is a legitimate way to make money in Kenya. You lease your car to car leasing companies and they pay you monthly. Leasing your car does not mean transferring ownership with them. At the end of the contract, you still take ownership of the vehicle.

You can try out these companies listed in this article for your car leasing and enjoy the benefits that come with it.

Debt Consolidation Loans in Kenya Explained

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Imagine being able to take a loan to cover your debts and liabilities. As strange as it sounds, it’s real as it gets. With favourable terms of the loan which include a lower interest rate, lower monthly payment, or both.

Individuals can use debt consolidation loans as a tool to deal with student loans and other forms of liabilities.

What is a consolidation loan? 

We can see the term debt consolidation as the act of taking out a new loan to pay off other liabilities and consumer debts. These loans are generally unsecured ones. Here they combine multiple debts into a single, larger piece of debt, usually with more favourable payoff terms. These favourable payoff terms include a lower interest rate, lower monthly payment, or both. Consumers can use debt consolidation as a tool to deal with student loan debt, credit card debt, and other liabilities. 

Key things to know about consolidation loans?

  • Debt consolidation is means taking a loan to pay off other debt and liabilities. 
  • Debt consolidation loans do not entirely erase the original debt. They only transfer a benefactor’s loan to a different lender or type of loan.
  • There are two major types of debt consolidation loans. They include secured and unsecured.
  • Benefactors can apply for debt consolidation loans, lower-interest credit cards, and special programs for student loans.

How does debt consolidation loans work?

As stated above, debt consolidation is the act of using a different form of financing to settle other debts and liabilities. When a consumer is saddled with different debts, they can apply for a loan to merge those debts. Those debts are standardized into a single liability and paid off. They then make payments to the new debt until the debtor settles it in full.

Most consumers can apply through their bank credit union, or credit card company as the first step of the application process. A consolidation loan is a great way to start, especially if you have a great relationship and payment history with your institution.

An important point to note is that debt consolidation loans do not entirely erase the original debt. Instead, they simply transfer the benefactor’s loan to a different lender. For actual debt relief/ or for those that don’t qualify for loans, it’s advisable to look into debt settlement. Debt settlement is available to reduce consumer’s obligations rather than the number of creditors.

2 Types of Consolidation loan

There are two major types of debt consolidation loans. They are secured loan and unsecured loans.              

Secured loans are usually backed by the borrower’s assets, such as a house or a car. The asset here works as collateral for the loan.

Unsecured loans are not backed by any asset. This type of consolidation loan is usually very difficult to get. They also have higher interest rates and lower qualifying amounts compared to other forms of loans. 

With either of the loans, interest rates are typically lower than the rates charged on credit cards and other forms of loans. Also, in most cases, the rates do not fluctuate, so they do not vary over the repayment period.

Requirements for getting a debt consolidation loan?

Before qualifying for a consolidation loan, applicants must;

  • Possess a letter of employment,
  • Have two months’ worth of statements for each credit card or loan you wish to pay off.
  • Possess letters from creditors or repayment agencies.  
  • Provide a copy of the latest bank statement, reflecting three salary deposits 
  • Have the income and creditworthiness needed to qualify, especially if you’re going to a brand new lender.

Although the documentation you will need often depends on your credit history, the aforementioned documents are quite essential.

Advantages of consolidation loans

The following are the major importance of consolidation loans;

  • Debt consolidation is a great tool for people who have multiple debts with high-interest rates or monthly payments.
  • Debt consolidation loans can help your credit score. Settling the portion of the principal loan sooner can keep interest payments low. This means less money out of your pocket. This can help boost your credit score, making you more attractive to future creditors. 
  • Taking a debt consolidation loan can give you a tax break chance. The internal Revenue Service permits deduction of interest on any unsecured debt consolidation loans.
  • Going through the debt consolidation process can reduce calls or letters from the collection process. As long as the new loan is kept up to date. 

Disadvantages of consolidation loans

Debt consolidation loans have their downsides too. These disadvantages include;

  • Debt consolidation loans have longer payment schedules. This means that applicants might pay more in the long run.
  • By transferring existing loans into a brand new one, there may initially be a negative impact on the consumer’s credit score. This is because credit scores favor longer-standing debts with longer, more-consistent payment histories.
  • Ending the old credit accounts and opening a single new one may reduce the total amount of credit available, raising the debt-to-credit utilization ratio.
  • Consolidation loans can also cause potential loss of special provisions such as interest rate discounts and other rebates.

Conclusion 

Debt consolidation rolls and tackles multiple liabilities and debts, typically high-interest debt such as credit card bills, into a single payment. Debt consolidation might be a great idea for you, especially if you can get a lower interest rate. That will help you reduce your total liability and reorganize it so you can pay it off faster.

Business startup loans in Kenya – Meaning and how to apply

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Business Startup loans in Kenya are affordable and accessible. You have been thinking of starting up a business and you don’t have the cash to fund it, think no more. This article is for you. Kenya has different modes and channels a borrower can source for funds to start up a business.

In addition, as a startup, taking up a loan is one thing, repaying is another. Go for loans you can wisely utilize and repay within a short while and have your business still moving.

We will take you through business startup loans in Kenya and how to access them.

business-startup-loans-in-kenya

What are business startup loans

Business startup loans are loans made available by different financial institutions and private lenders in Kenya for the purpose of funding a business.

The borrower qualifies, applies and then gets approved and has the loan for the sole purpose of starting up a business.

What you need to know about business start-up loans

There are things you need to know about business startup loans. They are:

  1. Quick loan application procedure
  2. Easier to qualify
  3. Easier to meet up with the requirements
  4. Transparency and honesty of lenders in revealing extra hidden fees.

How to apply for business startup loans in Kenya

To apply for a business startup loans, follow the procedure:

  1. Avail yourself, study and compare lenders
  2. Visit the financial institution or lender’s website
  3. Find out the eligibility and requirements
  4. Know the documents to submit and get them ready
  5. Fill the application form either online or offline
  6. Visit the lenders branch and submit the application 
  7. Attach your documents
  8. Wait for approval and loan disbursement

Ways of accessing business startup loans

There three basic ways of accessing business startup loans in Kenya. They are:

  1. Mobile lending
  2. Micro lenders and Credit union
  3. banks

Mobile lending business startup loans in Kenya

There are different mobile lenders offering loans to business startups in Kenya. They as follows:

  1. M-shawari
  2. Tala
  3. Branch
  4. KCB M-pesa
  5. Grofin
  6. Equitel
  7. Kopa Chapaa

Micro lenders and Credit union for business startup loans in Kenya

Micro lenders and Credit unions also give out business startup loans. They include:

  1. M-co-op cash
  2. Bitband- peer-to-peer lending
  3. Kiva- Peer to peer lending

Banks for business startup loans in Kenya

Banks for business startup loans are:

  1. Equity groups
  2. Chase banks
  3. Family bank
  4. Kenya commercial banks
  5. Standard chartered banks
  6. Barclays banks
  7. Prime bank

Credit score for a business startup loans

Generally, you need 680 and above for banks to give you a business startup loan. But you will still find lenders that will give you a short-term loan to start your business at 550 and 600 credit score.

How much loan can you get as a business startup

The amount given by lenders to borrowers for starting a business differ from lender to lender. Typically, you can borrow from ksh. 1000 to ksh. 30000. It depends on the lender or the financial institution.

Documents needed for business startup loans

The documents needed for business startup loans are:

  1. National ID
  2. Proof of address and recent passport
  3. Certificate of registration for some lenders.

Is it difficult to get a business startup loan?

It is not hard to get a business startup loan. The issue is that some banks  believe that lenders require cash flow to be able to make payment and not default.

General ways of repaying business startup loans

Repaying business startup loans differ from lender to lender. The general way of repaying it includes:

  1. Open you M-Pesa account 
  2. Choose paybill
  3. Enter the business number of the loan platform 
  4. Input the amount you want to repay
  5. Enter your M-Pesa pin
  6. Click ok and send.

You can also choose to transfer from your bank account. It all depends on the lender’s mode of loan repayment.

Conclusion 

Failure to access bank loans should not be the end of the road for your small business. Check out other means. Carry out your study well. Thanks to the various online lending options that exist in Kenya today. 

Government Programmes For Agricultural Loans in Kenya

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The increase in the country’s population and the call for higher-value agricultural production gave the need to invest in agriculture. Also, the constant demand for food and change in dietary preferences of citizens turned the agricultural market as the most sorted for.

There are several ways you can apply for a loan in Kenya, but in this article, we will explore some of this government agricultural loan programmes in Kenya. However, before we go into that, let’s take a quick look at what agricultural loans are..

agric-loans-in-kenya

What are Agricultural Loans?

Agricultural loans are a type of loans designed or mapped out for farmers and Agribusinesses. The loans are used by farmers and Agribusinesses in ways like farming, farm implement purchases, crops for cultivation, and other agriculture-associated activities.

What are Government Programmes for Agricultural Loans 

Government programmes for agricultural loans are a set of related measures or activities or schemes with a peculiar long-term aim of giving loans to farmers. The program is set up by the government intending to support farmers and Agribusinesses in food production.

The programme caters for all Agro-entrepreneur who are ready to work and boost the economy through mechanized agriculture. 

List of Government Programmes for Agricultural Loans in Kenya 

 1. Agricultural Finance Corporation: Agribusiness Loan

They set this programme up to support and encourage beginners in the agricultural sector. They design it to provide capitals for Agribusiness traders and start-ups. 

2. Youth Enterprise Development Fund

The Youth Enterprise Development Fund helps in the provision of mechanized tools to farmers. They have partnered with agencies like smart solutions in Africa (SSA) to support young farmers and beginners in accessing greenhouses and mechanized implements.

Their aim is to provide a shift from traditional farming methods to the modernized methods.

3. Uwezo Fund    

They established it in 2013 geared towards mentoring entrepreneurs which young farmers are inclusive towards eradicating poverty. They off loans between the range of sh. 50,000 and a maximum of sh. 500,000.

It is mainly for youths, women, and people with disabilities. They are also known as Mirroring the youth fund. They also help in achieving gender equality and self-independent.

Contacts: info@uwezo.go.ke/programmes@uwezo.go.ke

 4. Women’s Enterprise Fund

Women’s enterprise fund is an initiative tied to offering women entrepreneurs loans to start up something and be self independent.

They also help in marketing goods and services produced by these women entrepreneurs. It is a social motivation fund by the government to women entrepreneurs. 

contacts: +254 0714606845-6

 5. ICDC

The Industrial and Commercial Development Corporation is a 64-year-old initiative. Moreso, ICDC offers capital, joint-ventures, commercial loans and asset financing to entrepreneurs.

The aim of ICDC is to boost agriculture and industrial development in Kenya. They also offer medium and long-term loans.

Email: info@icdc.co.ke, customerservice@icdc.co.ke

6. Kenya Industrial Estate.

They joined Kenya Industrial Estate to the Ministry of Industrialization to boost the economy. Boosting all aspects of industry, both Agriculture is the key to reaching developed status.

Hence, Kenya industrial Estate is driven to indigenize all sectors of industry in Kenya. They provide subsidized loans and improved entrepreneurial skills to the citizens. They also offer loans of up to 14 million shillings.

   Email: admin@kie.co.ke Contacts: +254 0722 297 636/+254 0733 279 861

 7. Industrial Development Bank   

First Industrial development banks help to establish or expand the business and younger farmers. Their loans come in different forms ranging from projects, assets to tools financing and hire purchase.

They established it in 1973 and disburses secured loans to large industrial enterprises like Agribusinesses. They are capital heavy venture initiatives. 

Email: bizcare@idbkenya.com Mobile: +254 0733 221 111; 0728 970 750

Pros and cons to government programmes for agricultural loans in Kenya 

Pros:

  1. Low interest rates
  2. Opportunity to attend seminars and lectures by the organizing officers of the programme 
  3. Enough fund to achieve your aim
  4. Longer repayment duration
  5. Constant advice and briefing on the current situation in agricultural sector

Cons:

  1. Lack of access to modern instruments of risk management like insurance 
  2. When farmers don’t meet with demand, nobody cares. You must fulfill the contract agreement
  3. Might not see a guarantor to stand for you.

How to apply on each of these government programmes agricultural loan

The steps in applying for any of these programmes are:

  1. Visit their website online and or their physical location 
  2. Fill the application forms online or download the form and fill it. 
  3. Take the filled form to their office
  4. Submit all necessary documents and details
  5. E-Sign if it is available online or meet the loan officer to share necessary information on how to start your loan process.
  6. Click enter if it is online. When it is offline, submit all necessary documents and wait for approval and disbursement. 

Who is eligible for Government programmes for agricultural loans in Kenya 

The programme is for all kinds of farmers such as small and marginal farmers, tenant farmers and entrepreneurs in agricultural sectors or business. Concisely they include:

  1. Farmers who are more than 18years and above and possess a national ID and active phone number 
  2. Agribusinesses 
  3. Entrepreneurs in the agricultural sector.

General required documents for government programmes for agricultural loans 

The general documents required include:

  1. National ID 
  2. Proposed business plan 
  3. Bank account statement 

Note: Each programme has peculiar additional documents they require. 

How to be part of the government programmes for agricultural loans in Kenya

To be part of these programmes and also benefit from it, you need to be:

  1. Be a farmer or a young entrepreneur in the agricultural sector. 
  2. Start a Horticultural projects
  3. Establishment of dairy units and be ready to feed the country.
  4. Establishment of small poultry units and need a working capital for expansion.

Note: There are other criteria included. Contact the program organizers or visit their head office to get more clarifications.

Importance of government programmes for agricultural loans in Kenya

The importance of these programmes are:

  1. The programme plays  a key catalytic role in strengthening the farm business 
  2. It helps in augmenting the productivity of scarce resources.
  3. Bridges the gap between macro and micro agricultural systems. 

Conclusion 

Having food reach every nook and crannies of Kenta is the concern of government and agriculturists. Also, the government being aware of the need of agriculture amongst other sectors of the economy,  they consented to improve agriculture by venturing into government programmes.  These programmes give loans to both farmers and Agribusinesses.  

NHIF Card Replacement – Cost And How To Process Replacement

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All should access good health as a basic human right as contained in the 2010 Kenya constitution. But not every citizen of Kenya can afford it because of its high cost, this brought about the National Hospital Insurance Fund (NHIF).

It became a vehicle the government of Kenya uses to roll out universal healthcare in the country. NHIF Card replacement is one of the trending topics in Kenya.

We will take you through the meaning, processes, and all you need to know.

What is NHIF?

NHIF stands for National Hospital Insurance Fund. It is the primary render of health insurance in Kenya. Their primary aim and vision is to provide all Kenyans access to quality and affordable health care services.

What is NHIF Card?

NHIF is a printed document given to a member who has fully registered for NHIF health care services. It is evidence that you are a member and have fully subscribed to their insurance services.

The card covers hospital bed charges, nursing care, diagnostics and all drugs prescriptions and all medications. 

Eligibility 

Any person resident in Kenya is eligible. For those in the formal sector, it is compulsory to be a member, but for those in the informal sector, it is Voluntary. 

Requirements for registering under the NHIF  

The requirements for registering under the National Hospital Insurance Fund are listed below:

  1. Valid ID Card
  2. Passport photo
  3. Authentic Marriage certificate if married. 

How to register for NHIF

Registration fee is ksh.1500. The procedure for applying for NHIF registration online is as follows;

  1. Visit: http://www.nhif.or.ke
  2. Select Employed or self employed
  3. Employee application form will load
  4. Fill the form details
  5. Attach copy of ID, passport photo and marriage certificate (for married people only)
  6. Click Save
  7. They will notify you of your status upon nhif payment
  8. You will also receive an SMS to your number confirming your registration. 

NHIF card processes/collection

For your NHIF card replacement collection, after completing your application and the application being approved, visit any NHIF office close to you and get your card printed for you.

How long does it take for NHIF card to mature?  

The normal NHIF card takes up to 14days. After 14days, visit the nearest NHIF branch office and pick your card or have your card printed out for you.

How can I get an NHIF card replacement?

When you lose your NHIF card, you can replace it by making payment Kes. 10000 to any of these banks:

  1. Equity bank
  2. Co-operative
  3. National Bank and
  4. KCB Bank

You tell the bank teller that the payment you are making is for NHIF card replacement, then take the bank slip to any NHIF office and have your card replaced or printed.

How can I activate my dormant NHIF card?

How to reactivate your dormant NHIF Card:

  1. On your M-PESA menu, select Lipa M-Pesa.
  2. Select Paybill, enter NHIF M-Pesa paybill number: 200222.
  3. Under account number, key in your national ID number.
  4. Enter the amount
  5. You should receive a confirmation message of the transaction.

How long does your NHIF card take to be active?

To reactivate your NHIF card, you have to pay kes.1500, you will then wait for two (2) months  (60days) to start with their regular services.

How can I know that my NHIF card is active?

As a member of NHIF, you can check if your card is active by:

  1. Composing a new SMS message
  2. Type the letters “ID”, give space, then followed by your ID number (or passport number) e.g. ID 34234567.
  3. Tap send and send it to 21101.

How does NHIF card works?

All illnesses and diseases in Kenya are catered for by the National Insurance Fund (NHIF). After Registration by a member, a card is issued out. Once a member is discharged, they pay all bills accumulated in the hospital.

Benefits of NHIF

National Health insurance Fund (NHIF) as a health care service provider in Kenya plays a role in attaining better and quality packaged health care services. NHIF benefits ranges from:

  1. Clinical care services
  2. Maternity cover
  3. Life cover by paying death benefit upon verification of complete document and receipts of the deceased.
  4. Expense cover by paying for funeral expenses and general emergency loans.

How to contact NHIF

To learn further, reach NHIF out on their toll-free number  0800720601, (020) 2723255/56, (020) 2714793/94 and (020) 2722527 or customercare@nhif.or.ke.

Fax detail is (020) 2714806 and the email address of National Hospital Insurance Fund for enquiries is customercare@nhif.or.ke.

For any kind of complaints, email to complaints@nhif.or.ke.

Conclusion 

Only the financially able can access good health care in Kenya, but with the inception of NHIF, most of the citizens can afford a robust of good health care. For those citizens in the informal sector who are not obliged or mandated to become a member, register today and get the full packages that come with proper health care and attention. 

Unsecured Loans in Kenya – Everything You Should Know

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Unsecured loans in Kenya are loans that are granted with no collateral. If a borrower defaults on the loan, it leaves the lender with few options to get paid outside of filing a lawsuit.

In the course of this article, we will be looking more into unsecured loans and if they’re right for you.

What is an Unsecured Loan?

unsecured-loans-in-kenya

As stated above, an unsecured loan is a form of loan that doesn’t need collateral or a security deposit to receive. With an unsecured loan, instead of pledging assets, borrowers qualify based on their credit history and income.

Lenders do not receive the right to take physical assets if borrowers stop making payments on unsecured loans. You promise to repay, but you don’t back up that promise by pledging collateral. 

An unsecured loan generally comes in three forms:

How Unsecured Loans in Kenya work

When applying for an unsecured loan, most lenders check applicants’ history to see if you’ve successfully paid off loans in the past.

Based on the information in your credit report, a computer creates a credit score, which is a shortcut for evaluating your creditworthiness.

Lenders will also want to be sure that you have the financial capacity to repay any new loans. When you apply for a loan, whether secured or unsecured, lenders will ask for proof of income.

Then, evaluation is done to ascertain how much of a burden your new loan payment will be relative to your monthly income. They typically do this by calculating a debt-to-income ratio.

Documents required for obtaining an unsecured loan

The following document requirements are obtainable with most unsecured loan providers;

  • Office address proof for self-employed individuals
  • Proof of continuity of business
  • Processing fee cheque
  • Duly filled loan application form
  • Couple of passport-size photographs of loan borrower
  • Identity proof – passport, driving license, voters ID, PAN card (any one proof)
  • Proof of residence – utility bill, passport, etc.
  • Salary slips for last 3 or last 6 months

How to Apply for Unsecured Loans?

The following are ways to apply for unsecured loans;

Company website: A great percentage of lenders in the market now provide their services through their websites. You can visit the official website of the bank and apply for a loan with your credentials.

Loan aggregators: These are third-party loan aggregators that can help you find the best deals available in the market. With them, you can compare the different loan products and choose the best product that suits your specific needs.

Branch office: Lastly, you may also visit the lender’s branch office and apply for a loan in person. With the Internet, this choice of application is gradually going extinct. However, if you are not Internet savvy, you may use this option to apply for a loan.

Top banks in Kenya that offer Unsecured loans

Knowing the fact that a great percentage of the risk involved in granting an unsecured loan rest on the shoulders of the lender.

Not every credit provider out there welcomes the idea of granting unsecured loans. The following banks offer unsecured loans in Kenya;

  • ICICI Bank

ICICI is one of the top private banks in the country. The lender is known for providing a wide range of loan products, including personal loans.

Benefits

  • Loan disbursal within just 3 seconds for pre-approved customers
  • Flexible loan repayment tenure up to 60 months
  • Minimal documentation and hassle-free application process
  • HDFC Bank

HDFC is one of the biggest private lenders in the country. The transparent process in offering loans helps customers with easy access to unsecured and other forms of loans.

Benefits

  • Loan disbursal within just 10 seconds for pre-approved customers
  • Loan disbursal within 4 hours for other customers
  • Optional insurance coverage for customers
  • Hassle-free application process

Yes Bank

Yes Bank is also one of the top-notch credit providers with a top-notch collection of loan products in its line-up. The personal loan offered by the bank comes with flexible terms for the benefit of applicants. They include;

Benefits

  • Repayment tenure ranging from 12 months to 60 months
  • Speed and hassle-free application process
  • Option for transferring existing loans (with high interest) from other banks to Yes Bank

IDFC First

Capital First is one of the major financial institutions that offers loans to small and medium enterprises in Kenya. The personal loan offered by the company comes with the following terms:

Benefits

  • Flexible repayment tenure ranging from 1 year to 5 years
  • Online approval in just 2 minutes
  • Hassle-free loan application process

How can I ensure my Unsecured loan application is approved?

Applicants can follow the steps mentioned below to ensure that their unsecured loan applications do not get rejected:

  • Bills and existing loans should be paid on time to maintain a high credit score.
  • In case a customer has a low credit score or has never applied for any credit before, he or she can build his/her credit score or enhance it over time.
  • Ensure your earnings match or exceed the minimum income criteria of the concerned lender before applying for an unsecured loan.
  • Having a stable and regular source of income also increases the chances of an unsecured loan application getting approved.

Pros and Cons of Unsecured Loans

From the borrower’s perspective, the main advantage of an unsecured loan is the fact that it is risk free. If you receive an unsecured loan and can’t make payments, you don’t risk losing your assets. You just put your credit score at risk.

For people and businesses with unsecured loans, there is a high chance that your debt will be discharged if you file for bankruptcy.

Additionally, since unsecured loans don’t require any collateral, the lender takes on more risk. This generally translates to higher interest rates and less favorable terms.

While unsecured loans may be less risky for the borrower, it’s important to know how much more it could cost you over its duration. You may find that putting an asset down as collateral is more beneficial than the extra money you’ll pay in interest.

Conclusion

An unsecured loan can be one of the best loan options for blacklisted people. The fact that you don’t have to provide any form of collateral is definitely an advantage to the borrower. Especially in a situation the borrower has little or nothing to offer at all.

UMBA Loans: Everything You Need To know

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Umba loan is one of the most popular and trusted mobile loan services in the vast mobile money lenders market in Kenya. Umba app allows you to make quick money transfers while saving up to 70% of your traditional banking fees. With just two clicks, you can make instant loan application.

Intriguing, right? It’s like having everything you need in your pocket. Banking has never been easier. Even as a first time user, it gives you 1% monthly interest rate. We bet you can’t wait to start using the Umba loan app. In this post, we will share with you simple steps on how you can download and apply for an Umba loan.

Tag along with us.

What is Umba?

Umba is a digital bank and a loan platform in the financial market currently operating in Kenya. They offer digital financial services to the citizens. Its mobile app has a simple user interface, fascinating product features and fast responsive performance. This is special unlike the big barriers found among other loan apps.

How to get a loan from Umba

Getting a loan from Umba is straightforward. To get a loan from Umba, you must first:

  1. Download the Umba app from Google play store 
  2. Create an account on the app
  3. Apply for the loan
  4. Receive your loan

What you need to apply for Umba loans

The requirements for accessing loans on the Umba mobile app is not as rigorous as the terms got in traditional banks. All you need is to download the Umba loan app on Google Play Store, which is fast. To access the app after download, you must:

a. Create an account by filling all the required details.

b. Provide a phone number you can use to receive funds and notifications.

c. Provide a valid identification card to prove your age and identity. 

d. Update your personal information regularly.

How to Apply for Umba Loan

Applying for an Umba loan is quite simple and easy. 

First, download the app and complete the onboarding process following the instructions stated above. Then, log into the app and click on any of the services you want. There are different short-term and long-term loans suitable for your budget. You can apply for a money loan, bill pay loan or airtime loan. 

As a first time user, you are eligible to acquire an Umba loan ranging from 250 to 7000o Kenyan Shillings with a 1% monthly interest rate. It’s best to start with small amounts and build up your credit profile as you use the app. Once your loan is approved, Umba will deposit the money into your M-Pesa wallet.

UMBA Loan App Review

Let’s give you a cursory glance of the app to help you understand its remarkable features.

1. User Interface

Umba has a nice and simple design that helps you navigate the app with ease. The light blue and white colour is eye-catching and fun to use. The best part is you don’t have to worry about unnecessary adverts popping up while using the app. 

2. Product Features

The Umba mobile app has many fascinating features that can keep your eyes glued to the screen all day. The file size is just 6.10Mb, and you can download it for free. The functionality of each feature is superb, and you can even fill a quick 30 seconds review if you want an upgrade. 

3. App Performance

Umba loan app has a fast response time which makes it easy to process your requests. The speed and stability of the app when in use is excellent. Umba uses bank-grade security to protect your personal information. All data is encrypted and protected 

Umba interest rate

The interest rate for Umba is between 1% to 15% per month.

Umba repayment period 

Umba loans have a repayment duration ranging from 1 month and one year. 

Minimum and maximum amount 

The loan amount ranges between Kes 250 to Kes 70,000. As you repay your loan, your loan limit increases.

Umba eligible countries 

The loan app is available to individuals in different counties in Kenya. Also available to people in Nigeria and Uganda.

How to repay your UMBA loan

Paying back your Umba loan on time increases your chances of accessing large loan amounts. Umba gives you a repayment period of 28 days, and you can pay back in four instalments. Failure to pay back on the due date attracts extra charges and Umba will list your account with the Credit Reference Bureau (CRB).

To repay your Umba loan, log into your mobile app account:

1. Click on your M-Pesa menu and select the ‘Lipa na Mpesa’ icon.

2. Click on the ‘pay bill’ option.

3. Then, type in the Umba loan pay bill number: 264130

4. Next, select the ‘account number option

5. Fill your account number and the loan amount you want to repay.

6. Finally, cross-check your information and submit your payment.

How to contact Umba customer care

In case of any issues encountered or more clarifications, contact Umba customer care through:

Email to suport@umba.com

Website: umba.com

Conclusion

This app is not just a mobile money lender. Umba offers full digital banking services. With your Umba app, you can open a bank account online and run your regular banking services. If you have any challenges when applying or repaying your loan, you can contact the Umba team.

How To Qualify For KCB Loans- All you Should Know

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We would be looking into how to qualify for KCB loans in this article. The KCB loan application process is simple and anybody who meets the requirements has already qualified for the loan.

Customers can borrow from KCB for a variety of amounts ranging from ksh.1,000 to Ksh. 1,000,000. Their loans are accessible and affordable. Read along to understand more about this topic.

About KCB Loans Group

KCB Group is a licensed banking institute and a registered non-operating holding company. It started operations in January 1, 2016. The holding company oversees KCB Kenya. KCB Kenya renders financial services to the people.

They have different types of loans that suits various needs. KCB group has regional units in Uganda, Tanzania, Rwanda, Burundi, Ethiopia and South Sudan. It also owns KCB Insurance Agency, KCB Capital, KCB Foundation, National Bank of Kenya and all associate companies.

How Do I Qualify for a KCB Loan?

What KCB needs from you to qualify for the loan include: 

  1. Valid Kenyan ID or passport.
  2. Recent original Payslips.
  3. Evidence of source of income for self-employed persons.
  4. Be an active KCB account holder for a minimum of 6 months
  5. For credit card advance, possess a KCB financial card

Eligibility to Qualify for KCB Loans

  1. Be 18years and above
  2. Have a valid national ID
  3. Possess a registered sim

How Long Does it Take to Process a KCB Loan?

KCB loans are gotten once you qualify and are done with the application. At most, expect it within 7 working days.

Different Categories of KCB Loans

  1. Personal secured loans
  2. Personal mobile loan 
  3. Unsecured checkoff loans
  4. Emergency loans
  5. Salary advance 
  6. Business loans
  7. Sharia Compliant personal loans 

How to Apply For KCB Loan 

Applying for KCB M-pesa loan is simple. Just follow the steps below:

  1. Visit the website to apply from there
  2. Fill all required information
  3. Get a feedback, apply and Submit all documents if requested for
  4. Wait for approval, if approved, you get your loan within a few hour

Conclusion

KCB loans are easy to qualify for once you meet all the requirements. It is also very easy to get the loan. Go ahead and apply once you meet the requirements.

There are also different types of loans available. Every loan type serves a purpose for a particular goal. Take advantage of KCB loans and all the features that come with them.

Loans in Kenya- Everything you need to know

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Lenders and borrowers continue to rise as nearly every sector and individual struggles with insufficient funds to deal with their daily transactions. Getting loans in Kenya is feasible and easy. It gets easier when you face multiple alternatives to select from. 

Considering this factor, loans in Kenya have really come in handy. What’s more good about it is that it can be gotten within minutes after filling the application form.

Technology and innovative digital services in Kenya made everything so simple. With all these in mind, let us discuss loans in Kenya.

loans-in-kenya

About Loans in Kenya

Kenyans can get loans from a variety of sources, including mobile phone apps, banks, mobile network providers, and credit cooperative organizations (SACCOs).

There are now more than 40lending platforms in Kenya, and new services keep launching. Likewise, the hype is growing about the possibilities these products offer, from increased household liquidity to small business loans for entrepreneurs.

Many users value the convenience and speed of accessing a loan via their phone, as well as their bank. New borrowers and lenders rise because of this rapid proliferation.

How Do I Apply For a Loan

There are many ways you can apply for loans in Kenya. You can apply through the bank, credit union, loan apps, etc. Then to apply:

  1. Simple begin by visiting the bank or the lender or downloading the loan app
  2. Fill the application form
  3. Register and submit all relevant documents
  4. After successful registration, apply for the loan.
  5. Choose the loan amount and repayment term
  6. Wait for approval. Once approved, get your loan.

Who Borrows And Why

Loans have benefited many people who would otherwise have remained financially bankrupt. The individuals eligible to borrow include:

  1. The poor
  2. Men
  3. Youths (18years and above)
  4. Business individuals and 
  5. Women.
  6. All citizens of Kenya from 18years to 68years.

Furthermore, individuals borrow for different purposes which could be:

  1. To fund or expand a business
  2. Buy or purchase a car
  3. Offset a debt
  4. To pay for school fees
  5. To buy a house and various other reasons.

5 Documents For Loan Applications 

To start a loan application in Kenya, there are documents you need to possess before you can qualify for a loan. These documents include:

  1. National ID or passport proving identity 
  2. Pay slip
  3. Account statement
  4. Passport
  5. KRA pin

Rates And Fees Associated With Loans in Kenya

Digital borrowers in Kenya are meant to pay up some fees when taking up a loan. The fees are often to allow the lender to allow you to keep his or her for a period. The fees associated with loans in Kenya are:

  1. Interest rate
  2. Negotiation fee
  3. Application or processing fee
  4. Origination fee
  5. Appraisal fee
  6. Late repayment fee

What Determines How Much Interest You Will Pay on a Loan 

Lenders use a lot of factors to determine interest rates. Risk is a key factor that lenders consider when making decisions. While some prefer very little exposure to it, others are more tolerant.

One thing is for sure: a risky investment will cost you more. Here are some ways lenders measures the risk of investing in you loan you applied for:

  1. A high credit score reduces the interest rate
  2. Secured loan lowers the rate
  3. Short loan duration brings down the rate
  4. Size of the loan amount impacts your rate
  5. Reasons for borrowing can also affect the amount of the interest rate to pay

How Can I Get Loans in Kenya 

To get loans in Kenya, follow the procedure:

  1. After all due processes and submission of documents and application
  2. Submit your account details or M-Pesa account details
  3. Check your account for the fund.

10 Banks That Offer Loans in Kenya

The list if banks that offer loans in Kenya are:

  1. KCB group
  2. Musoni microfinance bank
  3. Absa bank Kenya
  4. Family bank
  5. HF bank
  6. National bank
  7. Ecobank
  8. Standard chartered bank Kenya
  9. Equity bank
  10. Sidian bank
  11. Stanbic bank
  12. Bank of Africa

8 Loan Apps in Kenya

The list of 8 loan apps in Kenya are:

  1. Mshwari
  2. KCB M-Pesa
  3. Tala
  4. Branch loan
  5. Okash
  6. Timi

10 Banks That Offer Loans in Kenya

The list if banks that offer loans in Kenya are:

  1. KCB group
  2. Musoni microfinance bank
  3. Absa bank Kenya
  4. Family bank
  5. HF bank
  6. National bank
  7. Ecobank
  8. Standard Chartered Bank Kenya
  9. Equity bank
  10. Sidian Bank
  11. Stanbic Bank
  12. Bank of Africa

8 Loan Apps in Kenya

The list of 8 loan apps in Kenya are:

  1. Mshwari
  2. KCB M-Pesa
  3. Tala
  4. Branch loan
  5. Okash
  6. Timiza
  7. Shika
  8. Haraka

Conclusion

In recent years, many in the financial sector supported loan applications because they saw that loans could be used by unbanked or under-banked customers to meet their needs.

In loan application, the amount you borrowed, and the interest accrued will be the two largest chunks of the payments you will make, but they are not the only ones.

As with loans in Kenya, do your homework and be informed to make the best decision. You read this article, so you’re well on your way!