Search Results for: Kcb

How To Qualify For KCB Loans- All you Should Know

March 2, 2023 by hakeem

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:

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

Eligibility to Qualify for KCB Loans

Be 18years and above
Have a valid national ID
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

Personal secured loans
Personal mobile loan
Unsecured checkoff loans
Emergency loans
Salary advance
Business loans
Sharia Compliant personal loans

How to Apply For KCB Loan

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

Visit the website to apply from there
Fill all required information
Get a feedback, apply and Submit all documents if requested for
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.

How to transfer money from M-Pesa to KCB account

January 11, 2023 by hakeem

KCB is known to be the preferred provider of financial solutions in Africa with a global reach. KCB strives to drive efficiency while growing market share.

In this post, we look at how to transfer money from M-Pesa to a KCB account. You can either do this using the M-PESA app or through an M-Benki account.

If you prefer to use an M-Benki account, you will need to open an M-Benki account first.

How To Transfer Money From M-PESA To a KCB Account

How to transfer from M-PESA to KCB account

Go to your M-PESA menu,
Choose Lipa na M-PESA,
Enter the PayBill number 522522,
Enter the KCB account number you are transferring money to and the amount
To send money, enter your M-Pesa PIN and confirm.

Sending Money From M-Pesa To KCB Charges

For all deposits made via Mpesa to KCB, there is no charge from KCB. Sending money through Safaricom M-Pesa, however, will incur a fee. Moreover, the charges below are applicable:

Dialing on to KCB Mobi Bank via USSD is charged by your mobile phone subscriber. Safaricom subscribers pay Kshs. 2.
Balance enquiry is charged at Kshs. 33
Mini statement is charged at Kshs. 33
Forex rates are free.
Airtime purchase for own phone and other phones is free
M-Pesa transfer from KCB account to M-PESA is Kshs. 55
Mobi Loan and Kopa Bill Loan are charged an interest of 6%
Salary Advance is charged an interest rate of 8% per month.

Opening a KCB M-Benki Account

You can open an M-Benki account by taking the following steps ;

Navigate to the M-Pesa menu on your phone toolkit, if you are not a customer of KCB bank
Choose payment services, then pay the bill. Put KCB paybill number 522522 in when prompted with a business number.
Select the account, then enter “ID” accompanied by your ID number in the format ID23456789.
Indicate the amount of money that you intend to deposit.
Upon completion, enter your M-Pesa PIN to authorize the transaction
A short message with your user ID and your personal identification number will be sent to you with a second message containing your M-Benki account number.

How To Open a KCB M-BENKI Account Through M-Pesa

Go to the M-PESA menu
Choose Lipa na M-PESA
Select Paybill and enter Paybill number 522522
Under Account, type ID(No Space) and your National ID Number e.g ID123456789
Enter the amount to deposit, and your M-Pesa PIN.
You will receive two SMSs, one with your KCB M-BENKI Account number and the other with your temporary PIN.

Note: You can deposit money to KCB through Mpesa without paying transaction charges. You will need to open a KCB M-Benki account to do this.

Benefits Of M-Benki

M-Benki offers users several benefits. You can do the following with M-Benki:

It is possible to transfer money to other KCB banks
There are banks other than KCB where you can move your funds
Money can be deposited into and withdrawn from M-Pesa
No matter what network you use, you can easily buy credit.

Note: Existing clients can register for M-Benki at their nearest KCB bank.

How To Withdraw Cash With a KCB M-Benki Account

If your ATM card has expired or you have forgotten it somewhere you don’t need to worry. You can withdraw cash at the nearest KCB ATM by using ‘555555’ as the agent number.

How To withdraw Money From KCB To M-Pesa account

Here is a comprehensive guideline on how to transfer your funds from KCB to M-Pesa. They are:

To start a transaction, dial *522# in your phone and enter your M-Benki secret PIN
Select MyKash from the pop-up menu, then M-Pesa.
M-Pesa grants multiple choices to send money, either to your phone or any other
As you proceed, enter any amount you wish to transfer, provided it does not exceed fifty Kenyan shillings or KSh. seventy thousand.
When you enter an amount, the system displays the cost of the transaction along with the amount you entered
Accept and complete the transaction if all is well
The amount deposited to your account will be notified to you via SMS.

How To Purchase Airtime Via KCB App

Open the KCB App icon
Select Transact
Choose Airtime
You can purchase your phone or pick a recipient from the contact list

KCB M-Pesa Contacts Kenya Commercial

In case you want to reach M-Benki client mind centers, apply the following contact information.

Short Message: 22522
Mobile: 0732 187000 or 0711 087000
Facebook: KCB Bank Group and
Twitter: KCBgroup

Conclusion

The mobile money transfer industry is a fast-growing service industry in Kenya. Given its mobility and adaptability, several banks, like KCB, have adopted the concept. It is now possible to transfer funds from M-Pesa to KCB

See also: Recovering loans and Credit note

Top Zero Deposit Car Finance Providers in Kenya

March 26, 2024 by joshua Leave a Comment

The concept of zero-deposit car finance is revolutionizing the path to car ownership in Kenya, making it more accessible to people than ever. This financing model helps people looking to drive off in their dream car without the upfront financial burden of a deposit.

Our article explains the top providers in Kenya who excel in providing zero-deposit car finance options, combining competitive interest rates, flexible repayment plans, and easy application processes.

Whether you’re a first-time car buyer or looking to upgrade your car, these providers in Kenya are paving the way for a smoother journey to car ownership, all without the initial deposit hurdle.

What is Zero Deposit Car Finance?

Zero deposit car finance is a credit option that allows borrowers to buy a car without making an upfront down payment. This means buyers can purchase a car immediately and start making monthly payments on the loan amount, without making the initial financial deposit.

Benefits of Zero Deposit Car Finance

The benefits of Zero-deposit car finance include:

It gives buyers immediate ownership of a car without waiting to save for a deposit to pay upfront before owing the car.
Promotes cash flow management which helps preserve your savings to use for another need
Makes car ownership accessible for a lot of people
It is budget-friendly. Zero deposit car finance helps spread the cost of a car over monthly payments.
It is flexible and gives one opportunity to get a better car.

Best/ Top Zero Deposit Car Finance Providers in Kenya

Name of Loan Provider	Interest rate	Loan amount	Repayment duration
Mwananchi Credit Ltd	10% to 14% per annum	Up to 25 million	Spans up to 48 months
NCBA Bank	11.9% to 14% per annum	Up to 25 million	Duration Spans up to 72 months
Rafiki Microfinance Bank	14% to 16% per annum	Up to ksh. 5 million	Spans up to 60 months
Toyota Kenya	10.5% to 15%	Up to ksh. 20 million	Up to 60 months repayment period.

Eligibility/Requirements For Zero Deposit Car Finance

To qualify for a zero deposit car finance in Kenya, there are requirements to meet:

You must be 18 years to 60 years
Have a valid driver’s license
A good credit score
Proof of steady source of income.
Applicant’s ID and KRA PIN Certificate
Letter of Introduction from your employer
Your latest 3 months’ certified pay slips
Recent 6 months’ bank statements (if you’re not banking with the loan provider)
Copies of employment contract, or letter of appointment to office.

How To Apply For a Zero Deposit Car Finance in Kenya

First, go for the right dealer who has a relationship with a bank or who is reputable with a competitive interest rate
Know what you are eligible for or check out your zero deposit car’s finance eligibility.
Get your good credit score records ready.
Go for the right amount you can afford to pay off
Fill and complete the zero deposit car finance loan application form. You need to write all necessary personal and financial details down.
Provide other required documents and submit them.
Wait to have the loan application approved.
Meet your existing bank and let them know. You can write a letter to your bank telling to initiate an installment payment monthly to the loan provider

Frequently Asked Questions

Does KCB offer car loans?

Yes, KCB offers car loans in Kenya. They cover 90% of the value of the car with a five-year loan term and 80% to 100% for used cars with a longer loan period.

Can I pay for a car in installments in Kenya?

You can pay for a car in installments in Kenya depending on the agreement with the lender. Each lender has their unique features, so find out before moving ahead with them.

Most of the time, you have to deposit 10% to 40% of the vehicle before you can begin the installment payments.

Which bank gives 100% car loans in Kenya?

We have many banks that offer 100% car loans in Kenya and they are:

Co-operative Bank
National Bank of Kenya
Family Bank
NCBA Bank
Rafiki Microfinance Bank and so many others.

Top 10 Instant Loan Apps in Kenya

March 15, 2024 by joshua Leave a Comment

Instant loan apps in Kenya have emerged as a game-changer for borrowers seeking quick and convenient access to loans. With your smartphone and the internet, you can download these instant loan apps in Kenya from the Google Play Store or Apple Store.

They offer a lifeline in times of emergencies, bypassing the traditional, often cumbersome, loan application processes of conventional banks.

This article explores the top 10 instant loan apps in Kenya, renowned for their quick processing times, good features, easy eligibility, low rates, good reviews, and user-friendly interfaces.

Top 10 Loan Apps in Kenya

Name of Loan Apps	Features	Eligibility criteria	Interest rates	User reviews and ratings
Saida Loan App	Easy to access Minimum of ksh 600 to ksh. 100000 Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 65 years as a Valid M-pesa number Has a valid national ID Good credit history	7.5% to 10%	More than 500k downloads More than 20,182 reviews Over 4.0/5 rating Requires 5.9 memory Capacity
Shika Loan App	Easy to access Minimum of ksh 500 to ksh. 20000 Repayment period of 30 days. Charges late repayment fees Requires a good credit history. Easy application.	From 18 years to 65 years Has a Valid M-pesa number Have a good M-Pesa history. Has a valid national ID Good credit history	15%	More than five million downloads More than 50,110 reviews Over 4.5/5 rating
Opesa Loan App	Easy to access Minimum of ksh 500 to ksh. 3000 Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 65 years Has a Valid M-pesa number Has a valid national ID Good credit history	The interest rate depends on the loan amount.	The interest rate depends on Loan amount.
Haraka Loan App	Easy to access Minimum of ksh 500 to ksh. 5000 Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 60 years Has a Valid M-pesa number. Have a good M-Pesa history. Has a valid national ID Good credit history	23%	More than one million downloads More than 10,000 reviews Over 4.0/5 rating
Timiza Loan App	Easy to access Minimum of ksh 500 to ksh. 150000 Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 65 years Has a Valid M-pesa number Has a valid National ID Good credit history	6.17%	More than one million downloads More than 5,00 reviews Over 4.0/5 rating
Branch Loan App	Easy to access Minimum of ksh 350 to ksh. 50000 Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 65 years Need a Facebook account Has a Valid Safaricom number Has a valid National ID Good credit history	Interest rates depends on the amount of Loan applied	More than ten million downloads More than 400,000 reviews Over 4.5/5 rating
Tala Loan App	Easy to access Minimum of ksh 500 to ksh. 50000 Repayment period of 7 days and 30 days. Repay using a paybill number Requires a good credit history. Easy application.	From 18 years to 65 years Has a Valid M-pesa number Has a valid national ID Good credit history	15%	Interest rates depend on the amount of Loan applied
M-shwari Loan App	Easy access to funds. Must be an active user of M-pesa for 6 months. Read data on your phone after installation. Minimum of ksh 500 to ksh.100000 Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 60 years Has a Valid Safaricom number Has a valid national ID Good credit history	7.5%	More than one million downloads More than 50,182 reviews Over 4.6/5 rating
KCB M-Pesa Loan App	Easy to access Minimum of ksh 50 to ksh.1000000 More Loan limits open as you borrow and repay on time. Repayment period of 30 days. Requires a good credit history. Easy application.	From 18 years to 60 years Has a Valid Safaricom number Has a valid national ID Good credit history	3.6%	More than one million downloads More than 40,182 reviews Over 4.5/5 rating
iPesa Loan App	Easy to access Minimum of ksh 500 to ksh. 50000 Repayment period of 7 days and 30 days. Repay using a pay bill number Requires a good credit history. Easy application.	From 18 years to 65 years Has a Valid M-pesa number Has a valid national ID Good credit history	The interest rate depends on the Loan amount.	6% and a service fee of 5% to 10%.

Factors to Consider When Choosing a Loan App

Before choosing any loan app in Kenya, check out for these factors,

Interest rate
Loan limits
Approval speed/time
Repayments terms
Penalty fees
Additional fees or charges
Customer reviews
Privacy and security
Regulations

Tips For Responsible Borrowing

The eight major tips for responsible borrowing are:

Borrow only what you need
Consider your income
Understand the loan terms
Avoid multiple loans
Plan Repayments
Borrow only during emergencies
Read reviews to see what you are going into
Plan to repay on time.

Conclusion

The digital revolution in Kenya’s financial market has made accessing loans faster and more convenient than ever before through instant loan apps.

The top 10 instant loan apps in Kenya, highlighted in this article are the best, offering financial solutions tailored to meet the immediate needs of their customers.

While these instant loan apps in Kenya provide quick relief in times of emergencies, borrowers are encouraged to use them wisely, considering the terms and interest rates to ensure they maintain healthy financial habits.

26 Car Loan Companies in Kenya – What You Should Know

January 23, 2024 by hakeem

Owning a car in Kenya is turning to be a basic necessity. It helps take people to work on time and also have a standby ride to attend to emergencies. That you cannot afford a car doesn’t mean you can’t own it.

Instead of worrying about how much money you do not have to purchase a car, think of sources that will give you the best deal as there are different car loan companies in Kenya that will give you the best deal.

As we evaluate loan companies for a car loan, understand the cost, benefits and implications. Definitely you will enjoy it.

Let us discuss car loan companies in Kenya

What You Need to Know About Car Loan Companies in Kenya

Car loan companies are agencies or financial institutions that offer funds that are used in purchasing a new or used car. Oftentimes, these companies could be car dealers, banks, and non-bank institutions. In some cases, you may be able to obtain a car with zero deposit.

They have terms and conditions guiding them which must be kept before you can access the loans. They have fees and procedures to repay and recuperate bad debts.

In addition, some of these car loans companies partner with foreign and local investors to serve their customers better.

Types of Car Loan Companies in Kenya

The different kinds of car loan companies in Kenya are:

Banks
Car dealers
Non-bank institutions
Other partnerships

List of Banks for Car Loan Companies in Kenya

There are different banks that offer car loans in kenya and they include:

KCB bank

They cover 90% of the value of the car with a five years loan term and 80% for used cars with a 4 year loan period. They also have 100% financing for a period of 54 months. It all depends on what you need.

Equity bank

They have flexible repayment car loan terms and cover 70% of the value of the car. Standard Chartered bank of Kenya: They finance 90% value of the car for new cars and 80% for old cars.

They also finance your car tracker or anti-theft and insurance and give a maximum of Ksh. 10million for new cars and Ksh. 5million for used cars. Moreso, gross salary earners of ksh. 75000 can also go for a car loan hence they have a salary account with the bank.

I & M bank Kenya

I&M takes up to 80% of the value of the car for new cars and 70% for used cars. They are into partnership with Japanese exporters and world Nari to serve their customers better.

Stanbic bank Kenya

Stanbic Bank renders car loans with a maximum of 48months. The bank owns the car till you make the last repayment.

NIC bank

The minimum car loan amount with NIC bank is Ksh. 300,000 with a repayment period if 72months. Additionally, they offer car loans to their salary customers with up to 90% finance on the value of the car.

Bank of Africa Kenya

They offer competitive interest work 50% and 80% finance of the value of the car. They also have a repayment duration of 12 to 48 months. Bank of Africa keeps the car as a security for the loan.

Barclays Bank of Kenya

They operate an asset finance scheme that covers Islamic bank arm names La Riba car finance.

NCBA Bank

NCBA Bank provides car loans to individuals, organizations and companies. They can offer a car loan ranging from ksh, 10,000 to ksh. 10 million with competitive interest rate.

Their loan repayment plan is flexible.Besides these great features, they have branches in different places in Kenya making it more accessible by customers.

Standard Chartered Bank Car Loan

The Standard Chartered Bank is one of the car financing companies in Kenya with global presence. Their quick car loan processing time has attracted more customers to them over the years.

They offer car loans to individuals, corporations and SMEs with competitive interest rates and a flexible loan repayment of up to 60 months.

Faulu Microfinance Bank

Faulu is one of the leading DTM in Kenya that offers car loans in Kenya. Individuals and SMEs can get up to ksh. 50,000 to ksh. 5 million with 48 months repayment period.

List of Car Dealership Loan Companies in Kenya

1. Toyota Kenya

They provide care loans at a rate of 18% with a duration of 5 years. They are also into partnership with Tsusho Capitals to serve their customers effectively.

2. Cheki Kenya

Cheki Kenya partnered with asset financiers to help customers get their dream cars.

Lists of Non-Bank Financial Car Loan Companies in Kenya

The list of non-bank financial institutions for car loans in Kenya are:

AMREF SACCO

They partner with import car dealers for both new and used cars by financing 80% of the car value and an interest of 1.5% on reducing the balance method. They have a loan term of 36months.

Mhasibu Sacco

This loan company finance 90% of the value of the car with an interest of 1.125% and a duration period of 48months

Springboard Capital:

This loan company also offers car loans in Kenya.

List of Other Partnerships Car Loan Companies in Kenya

Sidian partnership with Uber: They advance car loans to drivers using their loan app and driving for Uber. The drivers determine the finance rate with an interest rate of 10.5%

You can also check out some private money lenders in Nairobi, Kenya

List of Other Car Loans Companies in Kenya that You Need to Take Note of

There are numerous number of lenders and banks that offer car and logbook loans in Kenya and they include:

Ngao Credit Limited – Kenya Nairobi, Mombasa, Nakuru, Eldoret Kitengela, Kenya.
MOGO – Prestige Plaza Branch Ngong Road, Kenya.
Emergency Loans Kenya Ltd- Nairobi, Kenya.
Mwananchi Credit Limited – EcoBank Towers 10th Floor, Kenya.
ASL Credit Ltd – 84 Muthithi Road, Nairobi, Kenya
Kifedha Limited- Murang’a Road, Nairobi, Kenya.
Toyotsu Auto Mart – Nairobi, Kenya.
Platinum Credit Ltd, Satellite Office Dagoretti Branch- Wanyee Rd, Nairobi, Kenya.
Jijenge Credit Limited – 6th Floor Right Wing Town House, Kenya.
ECLOF Kenya- Nairobi, Kenya.

General Car Loans Company’s Requirements

The general requirements needed by different car loans in Kenya include:

Application form
Six months bank statement
Copies of National ID and pin
For used cars, copies of logbook and valuation reports would be needed
Passport photograph
Bank with the financial institution or have an account with them
Copy of your payslip
Sales Agreement
Proof of steady source of income
For salaried workers, have your employer sign fees documents

General Terms And Conditions Governing Car Loan Companies in Kenya

The general terms and conditions guiding loan companies in Kenya include:

The lender or bank must approve and validate the insurance company giving the vehicle policy
Often times it is required the car has an installed tracking device
Some banks and lenders prefer the car not to be more than 8 years old
The car must have an insurance policy
The bank owns the car till the borrower makes the last repayment.

Factors to Consider Before Choosing a Car Loan Company in Kenya

In considering which car loan company to choose in Kenya, there are factors to look out for, they are:

Interest rates
repayment duration
Financing amount
Insurances covers or clauses
Other attached fees and charges
Credit score for the car loan if needed

Things to do When You Have Chosen a Car Loan Company

After choosing a particular car loan company, there are various things you need to be careful about. You need to be also aware of all these things. They are:

Choose the cheap car loan amount you can pay
Go for the car with the best terms and conditions
Settle for the best. Understand every bit of the contract.
Be smart enough and use your findings well.

Conclusion

There are numerous car loan companies in Kenya with good terms and conditions guiding. Do your findings well and learn the requirements and eligibility.

When you are good to go, choose the car you can pay for. Know your repayment schedule and make payment as required to fully take ownership of your dream car.

Best Logbook Loans in Kenya

October 14, 2023 by olamide Leave a Comment

Logbook loans in Kenya are a type of secured loan where the borrower’s vehicle logbook (vehicle registration document) is used as collateral to obtain a loan.

This type of loan is popular in Kenya, where individuals can leverage their personal vehicles to access quick financing. Sometimes people call them emergency logbook loans because they are the easiest way to access credit for emergencies.

5 Best Logbook Loans in Kenya

We know that the concept of “best” can vary depending on individual needs and preferences. However, we can provide you with the best logbook loans based on our personal experiences with some of these loan lenders in Kenya.

KCB Logbook Loans: They are one of the best banks in Kenya that gives logbook loans to eligible borrowers who meet the requirements. Some of their requirements include having an active KCB account that is a minimum of three months, original payslips, Kenyan ID and other documents. You can check out their sites for more details on this type of loan.

Family bank logbook loans: The family bank is one of the best great Asset financiers in Kenya with good reviews online. They offer asset loans to business account holders and are intended to assist in the acquisition of assets. You are required to present the original copies of your logbook to access the credit. They also have their unique requirements which you can check out via their website.

NCBA logbook loan: The bank launched their logbook loan in 2021 and since then they have been giving out credit to borrowers who meet the requirements. This loan type enables borrowers to access up to 50% financing against an owned vehicle. Visit their office near you or log into their website to learn more about this loan type.

Equity bank logbook loan: They are a reliable and accessible bank for easy logbook loans. Equity bank is known for giving reliable asset financing to borrowers. You can get your logbook loans within a few hours of submitting all required documents.

Ngao Logbook Credit: They give you up to 50% of the value of your car or up to KES 3 million in less than 24 hours to repay within a period of up to 15 – 20 months. Their requirements are easy to meet and they can be a good fit for solving emergencies by using your car as collateral.

Reasons Why These Logbook Loan Providers Are the Best

Credibility and Reputation: These lenders have a good reputation and positive customer reviews. They are licensed by the relevant regulatory authorities in Kenya, such as the Central Bank of Kenya, to ensure they operate within the legal framework.

Interest Rates and Fees: We compared the interest rates and fees among different lenders and we found out that the lenders listed above are the best. They all offer competitive rates and transparent fee structures. Also, they don’t charge excessive interest rates that could lead to financial strain.

Loan Amount and Repayment Terms: Their maximum loan amount and the flexibility of repayment terms are great. Look for lenders that provide loans that meet your specific financial requirements and offer manageable repayment schedules.

Customer Service: These lenders have a responsive customer service team that can address your inquiries and concerns promptly. Good customer service indicates a commitment to assisting borrowers throughout the loan process.

Loan Approval and Disbursement Process: When you evaluate the efficiency and speed of their loan approval and disbursement process, you will choose them. They all have a streamlined application process and can disburse funds quickly once the loan is approved.

Requirements For Logbook Loans

It is essential to know the requirements for logbook loans and get them ready for the loan. We all know that different logbook loan lenders have unique requirements but we will be listing the general requirements we know of.

Filled application form
Bank statements for a period of 6 months
Two copies of your passport photograph
Original three-month payslips
Copy of your national ID or passport
Your KRA PIN
Proof of your place of residence
Copies of logbooks of your vehicle or for other motor vehicles (Used vehicles).
The year of manufacturing of the vehicle should not be more than 10 to 12 years as a loan expiry

Some Other Lender’s Requirements Like Family Bank And Other Banks

Pro-forma invoice from the dealer/ seller.
Present the recent AA/regent automobile valuers and assessors valuation (for used vehicles).
Proof of your source of income.
Introduction/Confirmation/Appointment letter from your present employer
Carefully signed authorization forms.
Present the car for evaluation and installation of the car tracker.

Pros and Cons of Taking Logbook Loans

Pros

The loan comes in handy during an emergency.
Logbook loans offer longer repayment periods between 12 – 36 months.
Logbook loan provides more time to get your finances in order.
Comes with a lower interest rate when compared to payday loan
People without a high credit score can secure the loan. Most lenders don’t look out for high credit scores but on the logbook documents.
Once you meet the requirements, the process can be completed within 24 hours.

Cons

In all cases, one of the stringent requirements would be first to transfer the car ownership to the lender.
If you do not keep up with repayments, most times, the car will belong to the lender, depending on the agreement. Or they will sell off your car to recoup the loan interest and the principal amount.
The amount you will get as the main credit will depend on the car’s age, the mileage on the vehicle, and the general condition of the car.
The loan comes with a high-interest rate when compared to mainstream finance.

Conclusion

There are different best logbook loan lenders in Kenya and we have listed five of them in this article. If you have any reason why you won’t be using any of these lenders in this article, conduct proper research and compare lenders.

Remember, logbook loans come with risks, including high-interest rates and the potential loss of your vehicle if you default on the loan. It’s essential to carefully consider your financial situation and evaluate the terms and conditions before taking a logbook loan.

Tuk-tuk Loans in Kenya

September 18, 2023 by olamide Leave a Comment

In Kenya, there are several financial institutions and lenders that provide Tuk-tuk loans to aspiring riders and business owners.

It is essential to research and compare the terms, requirements, interest rates, and repayment options offered by different lenders before deciding to go for Tuk-tuk loans.

Additionally, consider factors such as customer reviews, reputation, and customer service when selecting a Tuk-tuk loan provider.

What are Tuk-tuk Loans?

Tuk-tuk loans in Kenya allow individuals to own a Tuk-tuk (three-wheeled motorised vehicle) through a loan arrangement.

The loan lenders give out the funds to purchase or lease Tuk-tuks, allowing people to enter or expand their operations in the transportation sector.

Majority of lenders request a deposit which averages ksh 50,000 to be provided by the borrower.

On the borrower paying the deposit to the lender, a rider will be given the Tuk tuk right away and then pay monthly installments as signed and agreed.

How Much Does a Tuk-tuk Cost?

Tuk-tuk loans in Kenya have no specific cost amount but depend on what each lender collects as an initial deposit price. Most lenders ask for a deposit of Ksh 50,000 or even more.

Some banks can finance up to 70% to 90% of the Tuk-tuk price. It depends on the policy of each financial institution in Kenya.

How to Get Tuk-tuk Loans in Kenya

To get a Tuk-tuk loan in Kenya, you need to follow the guidelines below:

First conduct background research on the lender.
Prepare your necessary and additional documents and compile other personal information.
Visit the lender’s closest branch and pick an application form
Fill out the form with honesty and don’t forget any information
Submit the form and other necessary documents.
Wait for the evaluation and Approval Process.
Once approved, you will be called to come pick up your Tuk-tuk. Or the bank will pay the agreed financing amount into your account.

Best Tuk tuk Loans in Kenya

There are a lot of Tuk-tuk loan providers but the best you can find in Kenya are:

1. Mogo Tuk-tuk Loans

Mogo Tuk-tuk loan is one of the best Tuk-tuk loans in Kenya as they specialize in that type of credit. To access this loan, you don’t need to stress, just visit the nearest Mogo outlet near you and apply.

A borrower with a good credit score can deposit ksh 50,000 and ride home with a brand new Tuk tuk of his choice, provided it’s in stock.

2. Watu Credit Tuk Tuk Loans

Watu Africa which was formerly known as Watu Credit is also one of the popular Tuk-tuk Loans providers in Kenya.

To access the Watu Credit Tuk tuk loan, visit the nearest Watu Credit near you and apply.

Note that you will be asked to submit some documents and also pay a deposit before getting the Tuk-tuk.

3. Car and General Tuk Tuk Loan

Car and General are also providers of Tuk tuk loans in Kenya. Visit the car and general office nearest to you in Kenya and apply for the loans.

Some of the other popular Tuk tuk loans in Kenya come from the following lenders;

4. KCB Bank Tuk tuk Loans

KCB Bank offers Tuk tuk loans as part of their “Get a Loan for a Small Business” program. With KCB Bank, you can get up to 70% financing of the purchase price, with a maximum of KES 5,000,000, plus insurance if needed.

They also provide flexible repayment terms, allowing a repayment period of up to 24 months for Tuk tuks and 12 months for motorbikes.

Their requirements are subject to change, ensure you visit their website or office for more inquiries.

5. JoyInc Tuk Tuk Loans

JoyInc is a financing company that provides Tuk tuk loans in Kenya. To become a Tuk tuk owner with JoyInc, you can make a down payment of Kshs 50,000 and become a proud owner within 2 hours.

6. Equity Bank Tuk Tuk Loans

Equity Bank, one of the largest banks in Kenya, offers Tuk tuk loans to both individuals and groups. They provide flexible loan terms and competitive interest rates to support your Tuk tuk ownership.

Other Tuk-tuk Loan Providers in Kenya

Some of the other Tuk tuk Loan providers in Kenya are:

Cooperative Bank Tuk tuk Loans.
Mwananchi Credit Tuk tuk Loans
Premier Credit Tuk tuk Loans
Faulu Tuk tuk Loans

Requirements for Tuk tuk Loans in Kenya

To be eligible for Tuk-tuk Loan, the lender needs potential borrowers to meet the following requirements:

Provide a 3-month active account statement with any financial or business institution.
Get a proforma invoice from Tuk Tuk dealers.
A valid driving license of the borrower/rider.
Show a document proving your ability to repay the loan.
Make an initial deposit of up to ksh 50,000 and above the lender. However, the banking system expects you to meet up to 30% of the Tuk-tuk cost and they will finance the 70%.
A guarantor who holds an account with the lender by the KCB account holder where a log book is a help on simple deposit.
A 6 months banking history with the lender or three months of group savings.

Note: we advise you to check for more requirements on the lender’s website before going for the loan. Optionally, you can contact their customer service or fill out the form online.

Conclusion

Some of the lenders you can consider while looking for a Tuk-tuk loan are:

Mogo Tuk-tuk loan
KCB Bank Tuk-tuk loan
Watu Africa Tuk-tuk loan
Equity Bank Tuk-tuk loan

Please note that the information provided is based on available sources, and it’s recommended to directly contact the lenders or visit their official websites for the most accurate and up-to-date information.

Cheapest Bank Loans in Kenya – All You Need To Know

September 11, 2023 by hakeem

The Central Bank of Kenya’s (CBK) decision to raise its benchmark rate in March 2023 sent shockwaves through the Kenyan banking sector. As expected, most commercial banks followed suit, raising their lending rates. But amidst this rise, a different story emerged – one of smaller lenders defying the trend and offering borrowers a glimmer of hope with lower interest rates.

This blog post dives deep into the world of Kenyan bank loans, uncovering the cheapest options available and empowering you with the knowledge to make informed financial decisions.

We’ll reveal the banks extending a helping hand to borrowers with rates as low as 9%, while also exposing those charging a hefty 17.6%. So, buckle up and get ready to navigate the Kenyan loan market like a pro!

Cheapest Bank loans in Kenya

Based on our research, we came up with a list of banks that offer the cheapest loans in Kenya. Some of these banks are highlighted in the table below:

Bank	Overall rate
The Central Bank of Kenya	9%
First Community	9%
Ecobank	10.7%
HFC	11%
Access	11.2%
Consolidated	11.6%
Habib	11.9%
DTB	12.1%
Citibank	12.2%
KCB	15.6%

1. First Community Bank (FCB)

Standing out from the crowd, FCB boasts the current lowest average interest rate at an attractive 9%. This makes them a compelling option for borrowers seeking the most affordable loan. They offer various loan products, including personal and unsecured loans.

2. Ecobank Kenya

Following closely behind is Ecobank Kenya with a competitive average rate of 10.7%. This positions them as a solid choice for budget-conscious borrowers. They cater to a wide range of loan needs, making them a versatile option.

3. HF Bank

Offering a competitive rate of 11%, HF Bank provides a good balance between affordability and an established presence in the Kenyan banking sector. They specialize in mortgage and asset-backed loans, making them a good choice for those specific needs.

4. Access Bank Kenya

Rounding out the top contenders, Access Bank Kenya comes in at a slightly higher average rate of 11.2%.

Other Options to Consider

While not the absolute cheapest, these banks are still worth exploring depending on your specific needs and loan product:

Consolidated Bank
Habib Bank
DTB Bank

International Players:

Citibank: International banks like Citibank often cater to a different market segment and may have higher interest rates to reflect their operating model.

Traditional Powerhouses:

Kenya Commercial Bank (KCB): KCB loans often attract a 13% interest rate. They offer different categories of loans. Ranging from Masomo loans, personal unsecured check-offs, salary advances, etc. The only extra fee you pay is a negation fee of 2.5%. Interest rate comprises CBK rate at 9% and bank variable margin of 4%

Common Types of Cheap Loans Offered by Banks

Factors That Cause a Change in Interest Rate

The factors that cause changes in interest rates include:

Monetary Policy: Central banks, such as the Federal Reserve in the United States, have the authority to set interest rates. By adjusting the benchmark interest rates, central banks can influence borrowing costs for businesses and consumers.
Inflation: When inflation is high, central banks may raise interest rates to curb inflationary pressure and maintain price stability. Higher interest rates can reduce borrowing and spending, which can help slow down inflation.
Demand and Supply of Credit: Interest rates are influenced by the demand for credit from borrowers and the supply of funds available from lenders. When demand for credit is high compared to the supply of funds, interest rates tend to rise. Conversely, when there is less demand for credit or an excess supply of funds, interest rates may decrease.
Economic Growth and Financial Markets: Interest rates can also be influenced by the overall state of the economy and financial markets. During periods of economic expansion, interest rates may rise to control inflation and cool down the economy. Conversely, during economic downturns, central banks may lower interest rates to stimulate borrowing and spending to boost economic activity.

It’s important to note that interest rates are complex and can be influenced by multiple factors, and the interplay between these factors can vary depending on the specific economic conditions and policies in different countries.

How Commercial Banks Choose Their Interest Rates

Commercial banks determine interest rates using several factors such as:

Market demand: The bank’s cost of obtaining funds is one of the most significant factors in determining the interest rate. The bank’s cost of borrowing affects its lending rate to customers, as the bank needs to earn enough interest to cover its cost of borrowing and also make a profit.
Operational costs: Operational costs such as overhead, administrative and personnel expenses, and other costs of providing loans also contribute to the interest rate charged.
Yield curves.
Additionally, commercial banks assess potential borrowers’ credit scores, credit history, and assets to determine the risk of lending to them and the appropriate interest rate.
Finally, commercial banks also consider market conditions, for example, the prevailing interest rate trends, the demand for credit, as well as, the economy’s overall health and stability.

In conclusion, interest rates are influenced by various economic factors, including market demand and the bank’s operational costs. Banks aim to maximize profits while still remaining competitive by striking a balance between profitability and affordability to their customers.

Conclusion

Most borrowers fall prey to banks that offer expensive loans. The reason is that they patronize the ease of getting the loans rather than knowing the interest or other fees attached.

In urgent situations, borrowers may not notice some features. Some banks exploit Kenyans at this point of vulnerability.

Note that it is better to conduct proper research for the cheapest loans before taking one. This would enable you to make your repayments easily.

Zero Deposit Car Finance in Kenya

September 8, 2023 by olamide Leave a Comment

Zero-deposit car finance in Kenya can be beneficial for those who may not have the immediate cash needed to make a down payment or prefer to use their savings for other needs.

It is offered by many lenders and companies in Kenya but it is recommended to research and compare available deals to find the most suitable offers that fits your financial situation and requirements.

What is Zero Deposit Car Finance?

Zero deposit car finance is a type of financing option that permits people to purchase a car without having to make an upfront payment/deposit.

In this type of arrangement, the lender provides the full amount of the car and the borrower starts to repay the loan without making an initial payment.

Can You Get a Car on Zero Finance?

Yes, anybody with a good credit score and good income in Kenya can get a car with zero finance options. They also must meet the requirements and conditions for the bank loan.

However, it is important to note that going for zero-deposit car finance may result in higher monthly repayments or interest rates compared to other loans with a down payment.

The reason for this is that the absence of a deposit may increase the risk for lenders, leading to slightly higher costs for borrowers.

How to Buy a Car on Loan in Kenya

To get a car on loan in Kenya, follow the following steps:

First, go for the right dealer who has a relationship with a bank.
Meet your existing bank and let them know.
Know what you are eligible for or check out your car’s eligibility.
Get your good credit score records ready.
Go for the right amount.
Fill out and complete the lender’s car loan application. You need to show all necessary personal and financial details.
Provide other required documents and submit them.
Wait to have the loan application approved

Check out the different car loan companies in Kenya.

Cheapest Car Loans in Kenya

1. AMREF SACCO

They partner with import car dealers for both new and used cars by financing 80% of the car value and an interest of 1.5% on reducing the balance method. They have a loan term of 36 months.

and cheapest car loans in Kenya.

2. Mhasibu Sacco

This loan company financed 90% of the value of the car with an interest of 1.125% and a duration of 48 months.

3. Sidian partnership with Uber

They advance car loans to drivers using their loan app and driving for Uber. The drivers determine the finance rate with an interest rate of 10.5%

4. Toyota Kenya

They provide car loans at a rate of 18% with a duration of 5 years. They also partner with Tsusho Capitals to serve their customers effectively.

5. Cheki Kenya

Cheki Kenya partnered with asset financiers to help customers get their dream cars.

6. KCB Bank

They cover 90% of the value of the car with a five-year loan term and 80% for used cars with a 4 year loan period. They also have 100% financing for a period of 54 months. It all depends on what you need.

7. Equity bank

They have flexible repayment car loan terms and cover 70% of the value of the car. Standard Chartered Bank of Kenya: They finance 90% of the value of the car for new cars and 80% for old cars.

Equity bank also finances your car tracker or anti-theft and insurance and gives a maximum of Ksh. 10 million for new cars and Ksh. 5 million for used cars. Moreso, gross salary earners of ksh. 75000 might also need a car loan hence they have a salary account with the bank.

8. I & M Bank Kenya

I&M takes up to 80% of the value of the car for new cars and 70% for used cars. They are in partnership with Japanese exporters and World Nari to serve their customers better.

9. Stanbic bank Kenya

Stanbic Bank renders car loans with a maximum of 48 months. The bank owns the car till you make the last repayment.

10. NIC bank

The minimum car loan amount with NIC bank is Ksh. 300,000 with a repayment period of 72 months. Additionally, they offer car loans to their salary customers with up to 90% finance on the value of the car.

Conclusion

Anybody can benefit from zero deposit car finance in Kenya as long as they have a good credit limit, a good income, and meet all the requirements.

Please, also note that the terms and conditions, interest rates, and eligibility criteria for zero-deposit car finance may vary depending on the lender.

Therefore, it is recommended to contact the specific lender or financial institution directly for detailed information and to address or clarify any specific concerns or questions you may have.

15 Quick USSD M-Pesa Loan Codes (2024 Updated)

September 7, 2023 by hakeem

The Unstructured Supplementary Service Data (USSD) loan is an innovation that allows mobile phone users who may not be able to access mobile applications on their phones to apply for and receive a loan straight to their M-Pesa account within minutes. Recently, they even rolled out a *334# that allows users to access all M-Pesa services in a single code, making it a convenient option for many Kenyans seeking quick and easy access to loans.

It is often referred to as “Quick Codes”; a solution that saves time and is available for mostly Safaricom SIM cards and Airtel lines. In this article, I will show you 18 popular M-Pesa loan codes and reveal how you can access all services with a single *334# code.

15 quick USSD loan Code to M-Pesa

The following are some M-Pesa USSD loan codes you can access;

*879*99#: Bayes
*618#: HF Whizz
*844#: KCB M-Pesa
*682#: Okoa Mia
*660#: Okoa Thao
*269#: Pesa Pata
*339#: Pesa ChapChap
*841#: Zenka
*848#: Timiza
*243*90#: Sotiwa
*322#: Zazipay
*842#: Okolea
*234#: Fuliza
*222#: Mfanisi
*654#: NCBA Loop
*334#: M-Shwari
21991 (SMS Number): Tala
*667#: Mco-opCash

What is M-Pesa?

M-Pesa is a Vodafone group plc and Safaricom product launched in 2007, which centers on a phone-based money transfer service. It is the most used account by loan providers in Kenya for disbursement of funds.

What is the M-Pesa Code?

An M-Pesa code is a unique USSD code that allows you to access specific M-Pesa services directly from your phone. By dialing the M-Pesa code *334#, you access a menu-based system that interacts with your mobile network provider and lets you perform various M-Pesa actions, including:

Sending and receiving money
Checking your M-Pesa balance
Paying bills
Buying airtime
Accessing loans (as highlighted in this blog post)

There are two main categories of M-Pesa Codes:

General M-Pesa Code: The general M-Pesa code *334# provides access to core M-Pesa services and is offered by Safaricom, the main mobile network provider supporting M-Pesa.

M-Pesa Partner Codes: These codes are offered by individual banks, microfinance institutions, and other organizations that provide services through M-Pesa. These codes will grant access to specific services offered by that partner. For example, the code for Equity Bank’s loan service (Timiza) is different from the general M-Pesa loan menu offered by Safaricom (Fuliza) as highlighted in the first section of this article.

How Does the M-Pesa Loan USSD Code Work?

USSD codes provide a menu-based interface for interacting with services on your phone. Here’s a simplified breakdown of how M-Pesa Loan USSD codes work;

Dial the *334# Code to initiate the process
Follow Menu Prompts: You’ll see a series of on-screen menus with options like “Send Money”, “Loans and Savings” or “Lipa Na M-PESA”
Select your desired option

Pros and Cons of Using USSD Code to Get M-pesa Loans

Pros:

It makes loan access easy
No collateral is needed for USSD M-pesa loans
No internet connection needed to access the loan
You can easily use a Kabambe phone to get the loan. Smartphones are not necessarily needed.

Cons

Mobile USSD loans are expensive
Ussd loan amount is small
Sometimes it consumes airtime/credit, which can be costlier than buying Tunukiwa bundles.
It has a short repayment duration
Most times it comes with annoying reminders to pay up the loan before the due date.

How to repay loans using the quick USSD loan codes to M-Pesa

To learn how to repay your loan using the USSD code, contact the loan application customer service and verify whether you can repay using the USSD code. Before that, you must have funded your M-Pesa account or any other related accounts.

Conclusion

Kindly note that you can access an instant M-Pesa loan when you don’t have a smartphone or have access to the internet.

When you need a simple emergency loan, worry less that you don’t have access to downloading a loan app when you don’t use a smartphone. Remember, the USSD code is the quick code for you.