Cooperative Bank loans -Borrow and repay?USSD, Contacts, Paybill

Bank Information and Reviews

[Update: 04.11.2021]

The Cooperative Bank is one of Kenya’s most preferred banking institutions. As one of the top 5 preferred banking institutions, they offer services from personal, retail, commercial and investment banking. Central Bank of Kenya regulates the Cooperative Bank as with the rest of the pack and ensures that its customers are provided with the best financial services.

Not to mention they have over 7.5 million accounts, and their branches are pretty much everywhere in Kenya!

What we Know about Cooperative Bank

The Cooperative Bank of Kenya has been in operation since 1931! and the impact of this bank can be felt even at the grassroots levels. Their agent shops (co-op mtaani) can be spotted everywhere just like Safaricom Mpesa shops.

Seemingly, their services appeal to the below-average Kenyans mostly because of their lenient charges and transactional fees.

They must be doing pretty well as their asset value plays to the tune of 400 billion! No surprise knowing that they are listed under the Nairobi securities exchange.

What Loans does Cooperative Bank offer & what are they best known for?

Cooperative Bank offers all types of loans. Of personal, commercial, asset-based and mortgage loans, their mortgage loans and personal loans are their fastest moving loan products plusfamiliar with most of its consumers.

Under personal loans, you get:

Asset financing ( Mostly covers car financing.)

Salary Advance loans ( Works for short term loans.)

and Mkopo wa kujengana loans. ( Caters to registered self-help groups.)

The exact cost of a loan with Cooperative Bank & a representative example?

*Cost estimate by www.costofcredit.co.ke. Contact The Cooperative bank of Kenya for an official cost estimate.

Can you download the Cooperative Bank App?

The Cooperative loan app is available on Google Play Store and Apple stores too. (The rating is pretty low, but head over to the review section and judge by thy own self.)

For, frequently sought after numbers to access Cooperative bank services:

Cooperative Bank USSD – *667# for registration to mobile banking/ MCoop Cash.

Cooperative Bank Paybill – 400200 For deposits. (Charges apply. About Ksh 100.)

How can you get a Personal Loan from Cooperative Bank?

To get a loan with Cooperative Bank you need to visit their offices with the below items. Additionally, carry any extra documents that might increase your chances of your loan getting approved. Below are the standard requirements:

Original National Identity Card and a copy.
Original PIN Certificate and a copy.
No specific minimum net salary is required.
Salary payslip for the last 3 months.
A filled-in loan application form.
Copy of KRA PIN.

Probably before committing to take up any loans, it is important to go through the terms and conditions, (as no one reads the fine print.) and see what you are getting into, before committing to a loan service that strains you more than it benefits you.

How does Cooperative Bank determine your Eligibility and Cost of Credit?

For starters, employed individuals or individuals with a regular income automatically qualify to get a loan service from the cooperative bank.

Credit scoring will be used as well as your CRB record checked to ascertain your cost of credit.

Amount, Terms & Interest rates from Cooperative Bank

Amount
Min: KSh.50,000 – Max: KSh.4,000,000.

Term
Min: 6 months – Max: 72 months.

Interest
From: 5% – To: 15%

Disbursements and Repayments at Cooperative Bank

The Cooperative Bank appraisal process takes at least 48hrs upon approval and verification.

As for repayments, the agreed upon terms on the signed contract of the loan will apply. However, penalties will apply on defaulting. Just pay the loan to avoid penalty charges.