
KCB Loan Interest Rates , Amounts And Repayment Schedule
KCB Bank is one of the leading banks in Kenya that offers various loan products to its customers. Whether you need a personal loan, a mortgage loan, or a salary advance, KCB has a solution for you.
KCB Bank is one of the leading banks in Kenya that offers various loan products to its customers. Whether you need a personal loan, a mortgage loan, or a salary advance, KCB has a solution for you.
In this article, we will look at of the KCB loan interest rates for various loan products, features and repayment schedule of KCB loans.
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Personal Unsecured Loans
Personal unsecured loans are loans that do not require any collateral or security from the borrower. They are available to salaried and self-employed individuals who have an active KCB account for a minimum of 3 months.
The loan amount ranges from Kes 20,000 to Kes 2 million, and the repayment period is up to 36 months.
The interest rate for personal unsecured loans is 13%, which consists of a 9% CBR rate and a 4% bank variable margin. The loan also attracts a negotiation fee of 2.5% and an excise duty of 20% of the negotiation fee.
To apply for a personal unsecured loan, you need to provide the following documents:
Valid Kenyan ID or passport
Latest original pay slips
Proof of source of income for self-employed individuals
Your KRA PIN certificate
Three passport size photographs
Mortgage Loans
Mortgage loans are loans that enable you to buy or build your dream house, develop property for letting, or buy land and plots. They are available to salaried persons, self-employed persons, contract persons, and Kenyans working abroad.
The loan amount starts from Kes 500,000 and the repayment period is up to 25 years.
The financing percentage depends on the type of property:
90% for owner occupier
80% for income generating properties
70% for plot purchase
The interest rate for mortgage loans is also 13%, which consists of a 9% CBR rate and a 4% bank variable margin. The loan also attracts an appraisal fee of 2.5%, a ledger fee of Kes 350 per month, and other external fees such as legal fees, stamp duty, valuation fees, and insurance fees.
To apply for a mortgage loan, you need to provide the following documents:
Valid Kenyan ID or passport
Bank statements for the last 6 or 12 months
Your KRA PIN certificate
Sale agreement duly signed by both parties and witnessed by a lawyer
Title to property being purchased/charged (minimum lease term must be at least 35 years)
For self-employed persons and partnerships: certificate of registration, trading license, partnership deeds, audited books of accounts, income tax return, tenancy agreements for rented properties/rental schedules
For limited companies and investment groups: memorandum and articles of association, certificate of incorporation, audited books of accounts, tax compliance certificate, directors resolution to borrow
For construction: approved building plans, approved structural drawings, priced bills of quantities, profiles for the architect, contractor and quantity surveyor, NEMA approval, NCA certificate
Salary Advance
Salary advance is a short-term loan that allows you to access up to half of your net monthly salary before your payday. It is available to salaried customers who have an active KCB account for at least one month.
The loan amount ranges from Kes 500 to Kes 500,000 and the repayment period is one month.
The interest rate for salary advance is also 13%, which consists of a 9% CBR rate and a 4% bank variable margin. The loan also attracts a negotiation fee of 2.5% and an excise duty of 20% of the negotiation fees.
To apply for a salary advance, you need to provide the following documents:
Valid Kenyan ID or passport
Latest original pay slip
Your KRA PIN certificate
In Conclusion
KCB Bank offers various loan products to suit your needs and preferences.
You can apply for any of these loans online or at any KCB branch countrywide.
KCB loan interest rates are considered among the most affordable in the market as seen above.