What We Know about KCB Loans
[Update: 04.11.2021]
KCB Mpesa loan services are soft loans offered by KCB bank and are meant to assist Kenyans to access liquid cash on the fly.
As of 2015 together in partnership with Safaricom KCB offers loan services very similar to Mshwari with differences in amounts, rates and repayment periods.
To add to that,’ Weka Weka’ is also a new saving feature added on the KCB platform to help customers save, increase their borrowing limits as well as attract substantial interest over time. By substantial we mean, 6% is the highest and reserved rate for 6 figure savings.
Where can you access KCB Mpesa Loans?
The KCB loans are accessible through the Mpesa app or sim tool kit. To activate, simply go to KCB Mpesa loans and savings then select KCB Mpesa to get started.
Alternatively, try accessing KCB loans via USSD by dialling *844#
How can you get a loan from KCB Mpesa?
KCB, borrowing limits start from as low as Ksh.500 to a maximum of 1 million!
Not only can customers access KCB loans directly via mpesa or a KCB Mtaani agent but also get to enjoy repayment periods of up to 6 months!
How does one go about getting a loan with KCB?
First, opt into the service by going to the Mpesa Menu, selecting Loans and Savings, Clicking KCB Mpesa and finally, Activate. Second, on the Mpesa Menu,
- Select loans and Savings,
- Choose the KCB loan option,
- Input amount and period, press OK.
- You will receive a confirmation through an SMS.
- Transfer money from KCB Mpesa to Mpesa wallet.
Please note transaction charges will apply.
Eligibility and requirements to get a loan from KCB Mpesa
You need to be a registered Safaricom user to access KCB mobile loans.
How much is the exact cost of a loan from KCB Mpesa & a representative example?
KCB Mpesa loans have fixed repayment periods, interest rates plus you can borrow as much as Ksh 1 million if the credit check allows it.
Here is an example: Ksh.5,000 for 30 days will attract an interest of 17.6%. This primarily means you will pay an extra Ksh.432 on top of the loan if it does not default.
Please note the cost of loans shown here is indicative. Kashy advises contacting KCB for actual rates.
Disbursement and Repayments at KCB Mpesa
Unlike Mshwari where one has to physically repay, the disbursement period for KCB Mpesa is fast and instantaneous. Here, this lender simply auto-debits your account to repay your loan.
Plainly fixed, the auto-debit process starts from a KCB Mpesa account or KCB account then finally Mpesa as a last resort.
Finally, once the loan is approved, log in and move the money to Mpesa and voila! the amount borrowed is the total amount you receive.
With that clarification, if you want to pay manually, use the KCB pay bill 522559, including the borrower’s ID Number as the account number.
What are the penalties for late repayment of a loan at KCB Mpesa?
For late repayments, KCB penalizes with an interest added monthly to the loan followed by being listed on CRB.
How much are KCB Mpesa Interest Rates?
Generally, all lending platforms have different interest rates. Equally, for KCB Mpesa, charges are 7.35% interest on a loan for a month. Therefore depending on the loan period, this is how the rates look like:
- The 30-day loan will attract 4%
90-day loan 3% per month ( 9%)
and 180-day loan 2% per month ( 12 %)
KCB does not charge a rollover fee however, interest will be charged on the outstanding balance.
Is my information with KCB Mpesa safe & secure?
Yes. Your information is safe by the very simple fact that it’s owned and managed by Safaricom and KCB bank, there is nothing to worry about.
Promotions and Rewards from KCB Mpesa.
We could not find any ongoing promotions or rewards on the KCB Mpesa service.
Contacts for KCB Mpesa.
Contact KCB via WhatsApp at 0711087087 or for physical assistance, visit any related Branch or Safaricom website.
Need assistance on KCB Mpesa loan queries? call using 0711 087000/0732 187000.
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