Loanspot.io Kenya

Search Results for: Kcb

How To Apply For Quick Loans in Cooperative Bank Kenya

by

Let us learn how to apply for quick loans in co-operative bank Kenya. Many people in Kenya, both salaried and non-salaried, have different needs in life. Some of these needs tend to be urgent and require swift action, while others seem to need slow action.

Kenyans seek money in different places. Individuals with bank accounts take salary advances and loans from banks and pay back after they get paid.

This is therefore why Co-operative Bank of Kenya understands this and has therefore made provision for loans for various needs of Kenyans. 

About Co-operative bank loan

The Co-operative Bank of Kenya is a publicly listed bank, aiming to be Kenya’s foremost bank with a strong national presence. Incorporated under the Company Act in 1965 and also licensed to carry out banking business under the Banking Act in Kenya.

Subsequently, companies of Co-operative bank Kenya runs three subsidiary companies, namely:

  1. kingdom securities limited: a stockbroker with a 60% controlling stake in the bank.
  2. The bank owns the fund management subsidiary Co-opTrust Investment Services Limited.
  3. Co-op Consultancy & Insurance Agency Limited (CCIA): A subsidiary wholly owned by the bank that specializes in corporate finance, financial advisory, and capacity building.

How do I qualify for a co-operative bank loan Kenya?

  1. 18years and above
  2. Original National Identity Card
  3. Original KRA PIN Certificate
  4. Salary pay slips for the last 3 months.
  5. Filled loan application form.

How to apply for co-operative bank Kenya loan 

To apply for co-operative bank loan, check round their website and download the form. You can also visit their physical branch and have then guide you on loan application 

Loans offered by the Cooperative Bank of Kenya

Loans offered by co-operative bank of Kenya are:

  1. Personal loans 
  2. Bizwise SME loans
  3. Co-op bank Flexi loan (salary Advance)
  4. Insurance finance loans

Personal loans

Personal loans offered by Co-operatives have been designed with features that facilitate the purchase of specific goods and services. In this regard, customers can get a Co-operative Personal Loan to buy shares on the NSE, to Top-up their loan balance to the original amount. To also finance the expansion of dairy production for dairy farmers or even for Sacco to on-lend to members.

Enhanced Benefits:

  1. The Maximum borrowing limit for unsecured loan raised to Ksh. 3 million.
  2. Maximum repayment period extended from 36 months to 60 months for loan amounts above Ksh. 100,000

Features:

  1. Minimum loan amount of Ksh 50,000
  2. Maximum loan amount of Ksh 4,000,000
  3. Maximum term of 72 months
  4. The purpose of the insurance policy includes education, medical, furniture, consumer durables, motor vehicles, plot purchase, holidays and shares.
  5. Credit scoring serving as a determinant for the appraised value of applications.
  6. Applications approved within 48hours.

Business/Bizwise SME loan

They provide small and new businesses the funding they need to grow. Small business owners can apply for the loan and the rates are affordable.

Their business expansion loan enables you to open new branches and launch new products. You can also finance the purchase of equipment, and purchase assets like land, buildings, and motor vehicles. The Bizwise SME loan can be up to 50 million.

Requirements:

  1. Need the applicant to have operated a business current account in Co-op bank for at least 6 months.
  2. Provide the bank with bank statements 
  3. Business Registration documents such as a Certificate of incorporation, Memorandum e.t.c.

Co-op Bank Flexi Loan (Salary Advance)

Don’t worry about surviving a tough month with Co-op Bank. Co-op Flexi Cash lets you borrow between Kshs 3000 and 100,000 for emergencies or short-term expenses.

This product has an interest rate of 1.16% and is repayable for not more than three months. The Co-op Flexi Cash has no additional security requirements. And, if you apply through MCo-op Cash, you will not incur any facilitation fees. You must have an active salary account with the bank for at least six months to qualify for Flexi Cash.

Insurance Finance Loan

This loan is given to people with insurance policies who need to pay their monthly premiums. Essentially, a lump-sum premium payment is made to the insurer on your behalf by the bank leaving you to pay the loan back in simple monthly installments at very competitive interest rates. The bank also offers flexible repayment options between 4 months and 10 months.

Benefits:

  1. The benefit of the loan is that it was tailored to fit the individual cash flow needs.
  2. Funds are freed up, giving you the liquidity you desire.
  3. Quick approval and simple application process, and no security required. 
  4. The minimum amount to be financed is Ksh 15,000 and there is no maximum. 
  5. Anyone can apply, and almost any insurance finance policy is covered. 

How to apply for Co-operative insurance Finance loan

You can apply at any Co-op bank branch countrywide or through your insurance broker.

The Co-op mobile banking App

Co-operative is banking on the mobile service to grow earnings from transaction charges. M-Co-op Cash charges a one-off seven per cent fee for secured personal loans between Sh100,000 and Sh200,000 repayable within 30 days.

Features of the app

  1. Apply for a loan
  2. Send money to other mobile money services, for example, M-PESA.
  3. More than 100k downloads 

Co-operative bank loan Calculator 

The Cooperative Bank of Kenya loan calculator is available online to customers, and helps them calculate the total cost of the loan, the start and completion dates as well as the monthly installments. With a customized calculator, you can choose your repayment period and monthly installment for each loan type.

How to repay your co-operative bank loan

You can repay by funding your account and having the money automatically deducted 

Or

By visiting the bank and asking for a different option. 

How long does it take to process a loan in a co-operative bank?

The duration of the Co-operative bank loan usually depends on the type of loan one wishes, such as personal loans, business loans, SME loans, and others. Most loans are approved within 24 business hours. 

Conclusion

In Kenya, Co-operative banks are offering guaranteed loan approval all over the county. They are very different from the banks or those finance agencies where the loan applicants have to struggle a lot to borrow money.

Their application procedure is so simple and straightforward. Borrowers are free from documentation hassle. 

Co-operative bank has a team of loan experts and insurance finance brokers who have immense experiences in helping people out from their financial emergency.

Debt Consolidation Loans in Kenya Explained

by

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.

10 Mortgage providers in Kenya (2024)

by Leave a Comment

Mortgage providers in Kenya are digital platforms that provide a broad range of professional services, including mortgages to individuals and corporates, loan consultations, and legal advice.

They are offered by banks, building societies, and non-bank financial institutions. Let us explore 10 mortgage providers in Kenya in 2024

What is a mortgage?

Simply put, a mortgage is a long-term loan given to help you buy a house. Financial institutions offer the products, including banks, microfinance agencies, SACCOS, and building societies.

What you need to get a mortgage loan in Kenya

When getting a mortgage, providers will explain all you need to qualify and be eligible for the loan. Listed below is a mortgage checklist you will need to complete.

  1. A carefully signed mortgage application form
  2. Original copies of your identification documents like your ID or Passport
  3. An introduction letter from your employer (This is for the employed)
  4. 3 months’ payslip
  5. 6 months certified bank statement 
  6. Letter of offer or a sales agreement (when you are looking to purchase)

10 mortgage providers in Kenya

Here are some of the top mortgage providers in Kenya, and what they charge as the average annual interest rate. You might want to check them out when looking to buy your dream home.

BankInterest Rate (p.a.)Maximum Repayment Period
1. Standard Chartered18%20 years
2. Citibank Kenya12.5%20 years
3. Commercial Bank of Kenya12.9%Not specified
4. KCB Bank9%25 years
5. NIC Bank Kenya14.1%20 years
6. CFC Stanbic Bank Kenya14.4%10 years
7. Barclays Bank of Kenya14.4%25 years
8. Co-operative Bank9.9%20 years
9a. Consolidated Bank (Residential)9.87%15 years
9b. Consolidated Bank (Commercial)11.87%15 years
10. Housing Finance Group9.5%20 years

Ownership of mortgage 

In the event of a mortgage, they split ownership into two, which are:

  1. Equity: What you owe as an individual or a business
  2. Debt: This is what the bank owns 

As a result, when you make mortgage payments, you buy more equity and you own the property in the end.

What do mortgage providers consider 

Mortgage providers look at a lot of things before taking you through the process. Much like any other loan product (loan app or not), the lender will look at:

  1. Your credit score
  2. The home price and the loan amount,
  3. The down payment,
  4. The loan term, and
  5. The loan type 

Types of mortgages in Kenya

In Kenya, there are two types of mortgages, they are:

  1. Fixed-rate mortgage and
  2. Adjustable rate mortgage

Fixed-rate mortgages 

In this type of mortgage, the interest rate is fixed till the whole repayments are done. It is more expensive because the amount remains the same during the lifetime of the loan.

Adjustable rate mortgage

The interest rate in this type of mortgage keeps changing depending on the market structure. The loan repayment keeps reducing. It is the most common type of mortgage operated in Kenya.

The reason for the changes in the interest rate is because they transfer the part of the risk of the loan to the borrower.

Read also all you need to know about the 5c’s of credit.

Conclusion 

A mortgage is a loan that enables an individual to buy the house of their dreams. Getting a mortgage is even more rewarding when you can take advantage of competitive interest rates and flexible payment plans.

Mortgage providers in Kenya provide home loans for both commercial and residential properties.

Business startup loans in Kenya – Meaning and how to apply

by

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. 

How Can I Get 20000 Loan in Kenya

by

We will explore how can I get 20000 loan in Kenya in this article. There are times in your life when you might have to borrow money. When you might want to borrow as much as Ksh. 20,000. How can I get a ksh.20,000 loan is a question you would probably ask.

Small and Large personal loans can be accessed easily depending on how you approach it. It’s important to consider as many lenders as possible to find a larger loan that fits your needs.

What You should Know Before Getting a 20,000 Loan

There are certain things you need to know before looking to get Ksh. 20,000 loan. They are listed below:

  1. Where to get the loan
  2. How to qualify for the loan
  3. What to consider before applying for the loan

How to Get 20,000 Loan in Kenya

To get kshs. 20,000 loan in Kenya, follow the steps below:

  1. Visit the bank branch or fill the application form online. For SACCOs, you have to be a registered member. 
  2. Submit all personal and necessary information 
  3. Upload all required documents 
  4. Apply and Submit your account number 
  5. Wait for loan approval 
  6. Once approved, get your loan.

Eligibility to Qualify for 20,000 Loan in Kenya

To qualify for Kshs 20,000 loan in Kenya, check the list below:

  1. Be 18years and above
  2. Have a national ID
  3. Have a good credit score
  4. Lenders will check your debt-to-income ratio
  5. Evidence of steady income
  6. possess a bank account 
  7. Get a registered Sim card
  8. Banks request for bank statements and payslips covering 6 months
  9. KRA pin certificate 
  10. Some request for M-Pesa account 

What to Consider Before Applying for 20,000 Loan

Before applying for Kshs 20,000 loan, consider the following:

  1. Know the repayment duration 
  2. Be fully aware of the interest rates 
  3. Know the fees, discounts and additional fees

Where to Get 20,000 Loan

Below are different option when choosing where to get Kshs 20,000 loan:

  1. Online lenders
  2. Banks
  3. Credit unions and SACCOs

Online Lenders

Getting online loans is convenient and simple. You can log in to the website and apply from there. Their site is open 24 hours daily.

List of online lenders that can give you Kshs 20,000 loan in Kenya are:

  1. Tala
  2. Branch
  3. KCB online loans
  4. M-shwari
  5. Shika
  6. Saida
  7. Zenka
  8. Izwe loans

Banks

Banks offer loans to new and existing customers once you are eligible for the loan.

Some banks allow you to apply for loans online, others require you to apply in person at a branch. List of some banks that can offer you Kshs. 20,000 loan in Kenya are:

  1. NIC bank
  2. KCB
  3. Bank of Africa Kenya Limited 
  4. National bank of Kenya
  5. Equity bank
  6. Co-operative bank Kenya
  7. Musoni microfinance bank e.t.c.

Credit Unions/SACCOs

Credit unions can also be a good choice to get Kshs. 20,000 loans. They are non-profit organizations and provide lower rates to their members.

Many have flexible policies on membership. Some SACCOs admit members by allowing you to make small donations or contributions during their monthly “Table” meetings.

Examples include: Joywo loans (Kiva) e.t.c.

Conclusion 

If you are ready to check how you can get kshs. 20,000 loan, be sure to shop around. Consider as many lenders as possible to find the right loan for you. Loanspot makes this easy. This article explained:

  1. How to get Ksh. 20,000 loan in Kenya
  2. Where to get Ksh. 20,000 loan
  3. How to qualify for Ksh. 20,000 loan
  4. What to consider before applying for Ksh. 20,0000 and 
  5. What you should know about Ksh. 20,000 loans in Kenya. 

You can also compare your pre-qualified rates from multiple lenders in two minutes on this platform. 

How To Pay NHIF: All Your Payment Options Explained

by

Now that you have joined the NHIF scheme, the next step is to learn more about NHIF payment. Members of the NHIF both self-employed and salaried, must make their monthly contributions.

Paying your NHIF contribution late results in penalties and prevents you from receiving medical care from accredited facilities.

About NHIF and its payment methods

In Kenya, the NHIF provides the best healthcare services at an affordable cost for the citizens of the nation. The National Health Insurance Fund has revised its payment packages to provide quality healthcare to Kenyans from all walks of life.

The payment is simple to make and can be through M-Pesa or via the bank. You are free to choose any method of your choice. NHIF issues a card as evidence of complete registration and card replacement.

NHIF payment methods 

The health platform accepts payment of monthly subscriptions through:

  1.  M-Pesa and,
  2. Bank

How to Pay NHIF via M-Pesa

The most common question we hear from people is, “How can I pay my NHIF subscription via M-Pesa?” If you are self-employed, you can pay your monthly subscriptions using M-Pesa pay bill number 200222 and follow the procedure below:

  1. Click on Lipa na M-Pesa in your M-Pesa menu.
  2. Select Paybill and enter business number 200222. 
  3. Enter the account number and the contributor’s ID number.
  4.  Type the amount, usually in Kshs. 500.00 per month. 
  5. Put in your M-Pesa pin. 
  6. Verify that all details are correct, and then click OK. M-Pesa will send you a confirmation message. It takes 2 to 3 days for the payment to reflect. 
  7. NHIF payments made through M-Pesa are convenient because they can be made at any time and from any location. 

NHIF payment via bank

Alternatively, you can make your monthly payment through any of the four bank accounts: 

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

NHIF Paybill number 

NHIF’s pay bill number is 200222. Payments should be made via M-Pesa using the paybill number.

What to do when NHIF payment does not reflect 

Once the systems are working properly, the payment will update automatically. To determine whether they have received your payment, check your account status. If it takes time to reflect, you can always contact the NHIF office for help.

NHIF payment deadline 

The payment due date for NHIF is usually on the 9th day of every month. 

NHIF Payment Penalty 

To avoid penalties, members are encouraged to pay on time. Late payments usually incur a penalty charge of 50%. For example, if you were supposed to pay Kshs. 1000, you will have to pay an additional Kshs. 500 as a penalty if you pay after the due date.

If an employer fails to submit his employees’ standard contribution, he will be liable for a penalty under the NHIF Act. Employees in this scenario will not have to pay any penalty for the time they were employed by the employer. The reactivation fee for NHIF cards will be Kshs 1500 if you haven’t contributed for more than 12 months.

You can still access NHIF services once you start paying after defaulting for a while. Paying penalties is the same as paying monthly contributions. 

NHIF payment rates for salaried employees 

Anyone who is 18 years or older and is a Kenyan citizen can make their contributions directly to NHIF for their medical insurance.

How much should you pay for NHIF per month? Under the voluntary category, members pay Kshs. 500 per month, that is, Kshs. 6000 per year.

Depending on how much each member makes per month, the contributions are usually deducted directly from their salaries. For salaried employees, here’s the NHIF rate breakdown: Up to ksh. 5,999 pay Kshs. 150.

Kshs. 6000 – 7999 pays Kshs. 300. 

Kshs. 8000 – 11,999 – Kshs. 400. 

Kshs. 12,000 – 14,999 – Kshs. 500. 

Kshs. 15,000 – 19,999 – Kshs. 600. 

Kshs. 20,000 – 24,999 – Kshs. 750. 

Ksh 25,000 – 29,999 – Kshs. 850. 

Kshs. 30,000 – 34,999 – Kshs. 900. 

Kshs. 35,000 – 39,000 – Kshs. 950. 

Kshs. 40,000 – 44,999 – Kshs. 1,000. 

Kshs. 45,000 – 49,000 – Kshs. 1,100. 

Kshs. 50,000 – 59,999 – Kshs. 1,200. 

Kshs. 60, 000 – 69,999 – Kshs. 1,300. Kshs.70, 000 – 79,999 – Kshs. 1,400. 

Kshs. 80,000 – 89,000 – Kshs. 1,500. 

Kshs. 90,000 – 99,999 – Kshs. 1,600. 

Kshs. 100,000 and above – Kshs. 1,700.

NHIF contact 

NHIF can be reached at 0800720601 toll-free or at customercare@nhif.or.ke. The service points are also available to provide assistance. For enquiries, you can use the following contact details:

 Enquiry: customercare@nhif.or.ke

 Complaints: complaints@nhif.or.ke

 Laise: info@nhif.or.ke

 Fraud: fraud@nhif.or.ke or (020) 271 4803

 Fax: (020) 271 4806

Phone: (020) 272 3246

Working Hours are usually Monday to Friday from 8am to 5pm

NHIF portal login account login 

Login to the portal by visiting http://www.nhif.or.ke. If you want to know what your account status is via your mobile phone, compose a new text message.

Type the letters “ID”, a space, then your ID number (or passport number if applicable ) e.g ID 12345678 and send to 21101

Note: Charge for this service is Kshs 10 only.

Conclusion 

The above information in this article should answer all of your questions about NHIF payments. NHIF rates are very affordable, so you should not hesitate to join if you have not already done so.

To avoid penalties and receive the best treatment options, be sure to pay your monthly contribution on time. 

NHIF Card Replacement – Cost And How To Process Replacement

by Leave a Comment

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. 

Home Loan In Kenya- How To Qualify For A Home Loan

by

When you are looking to buy a house or own a home and you don’t have enough to fund it. You can take up a home loan in Kenya.

Home loan enables you to buy lands or build your dream house. Get your documents ready and be honest with every single detail. Have a consistent income. Then you are ready to take up a home loan.

We will take you through a home loan application and all you need to know.

What is a Home Loan?

Home loan is a loan designed to help individuals own a house or purchase and develop commercial properties.

It is a loan taken to purchase plots of land to rent out for commercial usage or private usage. With a home loan, you can become a landlord in a few years after repayments. 

General Features of a Home Loan

  1. Home loan is only for construction of a new house or purchase of a ready-to-move-in property
  2. Interest rate is low compared to mortgage 
  3. Typically, between 0.8% to 1.2% of the loan value
  4. Up to 30 years

Difference between home loan and mortgage loan

Home loan is a loan for buying or constructing of houses while,

Mortgage loans are loans taken against a property that the borrower already owns.

How do you qualify for a home loan?

To qualify for a home loan, you need:

  1. Credit score of at least 620 points and above 
  2. APR and DTI ratio should be less than or equal to 50% to qualify for a home loan.
  3. Have a consistent income flow
  4. Be ready and willing to reveal everything single truth and present all documents required. 

Credit score for a home loan

You need a credit score of 620 and above. It involves enormous sums and lenders are not ready to lose or give out their fund just like that. You need to have a good credit score to qualify. 

How to improve your home loan eligibility 

To improve your home loan eligibility:

  1. Check out for errors on your credit report 
  2. Ever ready to respond to your lender

How to get your home loan approved

Because of the enormous sum involved in home loans, lenders conduct strict observation and scrutiny before disbursements. To get your home loans approved, you need to;

  1. Be aware of your financial situations
  2. Make a higher down payment
  3. Have a good credit score
  4. You can use a co-applicant like your parents
  5. Keen details to application forms and documents.

Some home loan lenders in Kenya 

Some home loan providers in Kenya include:

  1. HF groups
  2. KCB
  3. NCBA Bank
  4. Stanbic Bank of Kenya

The HF groups 

They are private lenders that give out home loans in Kenya. 

Features

  1. Up to 90% financing of the selling price or value
  2. Maximum loan term of up to 20 years for employed individuals and 10 years for SMEs and groups
  3. Product is for outright purchase of a home

Benefits

  1. Our Home Loan provides you with an affordable way to buy a home with
  2. Loan repayment duration of up to 20 years for occupied homes there is tax relief for customers
  3. Mortgage protection cover in case of death or disability
  4. Includes insurance cover for fire

Requirements for Employed Persons

  1. National ID 
  2. Passport copies
  3. KRA PIN Copy
  4. 3 months payslips
  5. 6 month’s salary bank account statements
  6. Letter from employer

Requirements For Self-Employed Customers

  1. National ID
  2. Recent Passport photograph
  3. KRA PIN Certificate
  4. 3 years audited books of account
  5. 1 year bank statements
  6. Certified copy of partnership deeds (for partnerships) and Rental schedules (for landlords)

Fees & Rates

  1. Commitment Fee of 1.5%
  2. Valuation fee of approximately 0.5%
  3. Legal Fees of approximately 1-2%
  4. Stamp duty of 4%

KCB bank

The KCB is one of the biggest banks in Kenya, with a strong capital and assets base that provides a home loan.

KCB home loans features:

  1. Appraisal fees at 2.5% of loan amount
  2. Ledger fees of Kes 350 per month
  3. External Application Fees
  4. Mortgage Plus Fees
  5. Negotiation Fee of 2.5% of loan amount
  6. Ledger Fee of Kes 350 per month.
  7. Legal and valuation Fees
  8. Stamp duty at 4% of cost of property or value on the open market
  9. Stamp duty on charge at 0.1% of loan amount
  10. KCB can finance insurance premium
  11. Charges are not inclusive of tax

Visit their website to find out more about KCB KCB loans 

NCBA bank 

NCBA home loans features

  1. Competitive Mortgage interest rates
  2. Friendly loan terms
  3. Loan repayment periods of up to 25 years.

Features

  1. Mortgage loan facilities of the loan amount in local currency, 1.5% of the loan amount in foreign currency.
  2. They offer NCBA mortgage loans in Kenya Shillings, Dollars, Pounds, and Euros.
  3. 105% Financing of property value or market price, whichever is lower.
  4. Maximum term of up to 25 years.
  5. They calculate home loan Interest on a reducing balance basis.

Stanbic Bank home loans

Stanbic Bank home loan features:

  1. Up to 105% finance of properties below Kes. 20M
  2. Up to 100% of finance for construction of single residential houses below Kes. 20M
  3. Loan tenure–up to 20 years (240 months)
  4. Debt to income ratio–should not exceed 50% of net salary
  5. Minimum loan amount–Kes. 1M
  6. Minimum property value–Kes. 3M
  7. Free cover limit for loan amount Les. 30M and below
  8. Only available to salaried customers in local currency

Visit their website to read up more 

General requirements for a home loan

  1. A completed and signed mortgage application form.
  2. Your Original ID/Passport (plus copies)
  3. 6 months certified bank statement.
  4. 3 months’ pay slips.
  5. Sale agreement or letter of offer(for purchase mortgage only)
  6. Letter of introduction from an employer.

Benefits of home loans

Benefits of home loans include:

  1. Easy repayment 
  2. Mortgage cover
  3. Fire insurance cover from some lenders 
  4. Longer repayment duration 
  5. Tax relief from some financial lenders.

Simple ways to make easy repayment 

Ways to make easy repayment of home loans:

  1. Pay a down payment of over 20%
  2. Make a part payment
  3. Go for short tenor repayment duration 
  4. Choose a lender with low interest rate
  5. Never miss your monthly repayment 
  6. Take advantage of home tax exemption

How to repay home loans

There are general ways of repaying home loans. Different lenders have different ways of collecting their loan repayment. They include:

  1. Login or locate your M-Pesa account 
  2. Select paybill 
  3. Enter the business number
  4. Enter your phone number as your account number 
  5. Type in the amount you want to repay
  6. Enter M-Pesa pin
  7. Confirm details and press ok
  8. Repay your home loan

Note: you can also repay through your bank account. By writing a standing order to your bank or transferring directly to the lender’s account. 

Conclusion

During the home loan application process, it is pertinent that you reveal all information which applies to your personality. Be true with it. Know what you are going for and every single detail. If not, they might reject your Home Loan application. If you are not sure about your eligibility, you can use Home Loan Eligibility Calculator to avoid Home Loan rejections.

6 Online Emergency loans in Kenya (2024 Updated list)

by Leave a Comment

The 6 online emergency loans in Kenya mentioned in this article are a smarter means to borrow and solve pressing needs. After all, unplanned and completely unpredictable events must always occur. We will be exploring some of the online emergency loans in Kenya.

How does an online emergency loan work

An online emergency loan is an online unsecured personal loan that allows you to get a loan online and pay for unexpected expenses. You need a smartphone to apply for an online emergency fund in Kenya. If they approve your loan, it gives you the power to own a fund solve your immediate problem, and pay back soon enough.

6 different online emergency loans in Kenya 2024

Currently in Kenya, online emergency loans are made accessible through apps. The current best online emergency loans in Kenya are:

  1. KCB M-Pesa loans 
  2. M-Shwari online loans
  3. Utunzi online loan
  4. Tala loans
  5. Branch loans 
  6. Timiza loans

How to apply for online emergency loans in Kenya 2024

To apply for an online emergency loan, follow the procedure:

  1. Download the app from the Google Play store 
  2. Install and register your details on the ap
  3. Submit all necessary documents. Also, do your electronic signing if requested.
  4. Update all personal information and add your bank account details and phone number 
  5. Apply for the loan 
  6. Wait for your loan approval
  7. If successful, you get your funds within a short while.

Eligibility for the best online emergency loan in Kenya 2024

To be eligible to apply for an online emergency loan, you need to:

  1. Be 18 years and above
  2. Possess a national identity to prove your identity 
  3. Own a digital gadget that can connect to the internet.  Be it a mobile phone, tablet or personal computer. 
  4. Have a valid phone number 
  5. Operate a workable email address 
  6. Have a bank account or M-Pesa account 

How to repay an online emergency loan in Kenya 2024

To repay an online emergency loan, follow the procedure:

  1. Login into the online app
  2. Click on “repay loans”
  3. Input the loan amount
  4. Select the option for repayments 
  5. Tap the repayment and have your loan repaid
  6. Wait for a successful repayment message 

Conclusion 

Online emergency loans are loans you receive to solve little unexpected issues. We have various online emergency loans discussed in this article. Go through it and select the one you need. 

Also, note that it is an alternative to take when commercial loans fail you. Be smart enough to penetrate the financial market quickly and smoothly to meet and solve your pressing needs. 

Loans in Kenya Without Security Explained

by

It is common in Kenya to get loans without security. It comes with minimal requirements and funds are received instantly. Loans in Kenya without security are easy to access and qualify for.

The purpose of this article is to direct you on how to apply, some platforms to apply from and how to qualify. 

loans-without-security-in-kenya

Facts About Loans in Kenya Without Security 

You can easily secure loans in Kenya without security but one thing is certain, it attracts higher interest rates. Unlike secured loans that come with lower interest rates.

Loans in Kenya without security are loans you apply without presenting any collateral or instrument as backup for the loan. 

In addition, you may not get a higher amount by most lenders due to the involved risk. Some lenders use the collateral as backup in case of loan default.

Other than that, loans without security are simple and quick to get.

How to Apply for Loans in Kenya Without Security 

  1.  Visit lenders online or offline and check their features
  2. If you wish to use a mobile app, download the app from Google play store. 
  3. Register online by filling the form or create an account on the app
  4. Upload all necessary documents of requested for
  5. Apply for the loan based on the loan limit
  6. Input your account number 
  7. Wait for loan approval 
  8. Once approved, get your loan

Lists of Loans in Kenya Without Security 

Generally in Kenya, there are various credit platforms and financial institutions that gives funds without security and they are:

  1. M-Pesa loan apps like: Tala loan app, Branch loan app, Zenka loan app, KCB M-Pesa loan app, Mshwari loan app, etc
  2. Banks like: Equity bank, NIC Bank, National bank online loans, KCB unsecured loans, etc.
  3. International loan platform like: International finance corporation, etc
  4. SACCOs
  5. Credit unions 
  6. Online emergency loan lenders

What Qualify Eligibility For Loans in Kenya Without Security 

  1. Credit rating and worthiness 
  2. Financial stability 
  3. Age limit
  4. Have evidence of proof of age
  5. National ID to prove citizenship 

How is the Repayment Terms like? 

  1. Some ranges from 30days to 60days
  2. Attracts an interest rate of 6% to 15% depending on the lender

Categories of Loans in Kenya Without Security 

  1. Personal loans
  2. Business loans
  3. Emergency loans
  4. Salary advance 

Conclusion 

This article shows the various alternatives you can choose from when looking for loans without security. The first amongst them is mobile loans.

Mobile loans are easy to access and just one tap on the phone, you get your loans instantly. Your other alternatives include private lenders, international financial firms, online loans, SACCOs, etc. 

Compare and evaluate the above mentioned in this article. We shall be updating this article as soon as we come across other viable credit platforms in Kenya without security.