Abacus Wealth Management

Looking for a Personal Loan that Suits You?

With unpredictability of interest rates on loans, individuals have become skeptical about taking up loans from banks in the country. However, banks have been keeping up well with the competition and available demand to create products that will best suit them and their clients in terms of loans.

Here is a reflection of several packages of personal loans from 5 commercial banks in the country.

1. Cooperative Bank of Kenya

Coop have a personal loan designed for salaried individuals who have run an account with the bank for a minimum of six months. This guarantees the loan applicant a minimum of Kshs 50,000 and a maximum of Kshs 2M. Applicants looking to borrow more than this amount have to provide security. The repayment period stretches up to 60 months (5 years)

Requirements; A payslip and Letter from the Employer

Interest rate; 24%

2. Kenya Commercial Bank

KCB’s personal loan product is also designed for salaried individuals. One can borrow amounts up to Kshs 4M on a repayment period of 60 months.

Requirements; Net salary of Kshs 10,000 and above, KCB account holder for at least six months or statements covering six months from your current bank, Letter from employer and copy of Payslip and National ID

Interest rate; 24% plus at least 3% points calculated on risk

3. Standard Chartered Bank

Stan Chart scheme loans and personal loans. These are designed for both salaried and non slaried and non salaried individuals. The bank loans a minimum of Kshs 100,000 and a maximum of Kshs 4M and Kshs 3M for priority customers and; preferred and personal customers respectively. Repayment period is up to 60 months.

Requirements; Gross salary of Kshs 15,000 and Kshs 40,000 for personal loans, Certified copy of payslip. For scheme loans, letter of introduction from the employer is required. Non Stan Chart customers need to produce an introduction letter from employer on company letterhead and six months’ original bank statements from current bankers. On addition to that, they need to produce a copy of National ID/Passport, Certified copy of payslip, Proof of residential address and passport size photo.

Interest rate; Average of 23%. During promotional period, 19% to 21%. Insurance fee calculated on amount borrowed.

4.Equity Bank

Loan product for salaried employees with minimum loan of Kshs 30,000 and maximum of Kshs 3M with a repayment of up to 72months (6 Years).

Requirements; Salary should have passed through Equity bank for at least one month for government employees. Employees in the private sector should have completed their probation period. The bank uses check-off system (Deduct money before the client receives salary)

Interest rate; 24%-25%

5. Barclays Bank of Kenya

Barclays have  varying personal loan products with repayment periods of up to 72months. Loanees can get up to Kshs 3M.

Requirements; For Barclays customers-Original National ID and latest payslip. For non-customers, proof of an active salaried account for six months.

Interest rates; 23.5% (base lending rate) and 18% to some personal and business loan facilities.

 

Is your bank giving you the best option for your personal loan or there is something a bit more inviting next door? You decide.

 

 

 

 

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