Bank Information and Reviews
The Kenya Commercial Bank is regulated by the Central Bank of Kenya. As one of the top 10 Banking institutions in Kenya, they have amassed millions in terms of client base and offer a variety of financial services across 7 African countries. KCBs’ portfolio is vast and covers everything from investments to borrowing while trying to sustain sustainability as one of the priority values.
What we Know about Kenya Commercial Bank
KCB Kenya has its headquarters in Nairobi, and since its inception in 1896, KCB has clocked in 21.6 million customers and still strives to drive efficiency whilst growing market share in order to be the preferred financial solutions provider in Africa with a global reach.
We haven’t even mentioned their niche of occupying historical buildings and landmarks!
Here is a fun fact. Did you Know The National Archives building was once Kenya Commercial Bank back in the day?
What Loans does Kenya Commercial Bank offer and what are they Best known for?
KCB offers a variety of loans that cater to personal and biashara. Of course depending on which side of the borrowing spectrum you fall on. For now, let’s focus on the personal loans that KCB has to offer. Such as:-
- Personal loans ( Secured, unsecured )
- Salary advance.
- Mobile loans.
For this article, we shall just touch on unsecured personal loans.
The exact cost of a loan with Kenya Commercial Bank & a representative example?
Loan amortisation varies for each bank. The calculation is always based on the 5c’ of credit.
For KCB unsecured loans, when we look at an estimate for a loan whose period is 5 years on the amount of Ksh.1,000,000:-
Annual Interest Rate = 13.00%
Total Amount to be Repaid = Ksh 1,365,184.
The monthly repayment amount of Ksh. 22,753.
Annual Percentage Rate (APR estimate) 12.99%
Total Interest to be paid = Ksh. 365,184.
Total Cost of Credit = Ksh. 365,184.
*Calculation is an indicative estimate, communicate with KCB for a personalised quote as charges and interest may vary.*
Can you download the Kenya Commercial Bank App?
You can also access the KCB loan services through USSD by dialling *522# whereas, for VOOMA users, the USSD option is *844#. Borrowing from KCB is a bit seamless for Kenyans as it kind of resembles the Mpesa module, so it should be easy to use.
*The rates and tariffs for Vooma depend on the amount.*
Charges incurred when using ussd options will be from the mobile subscriber that you use. (Ksh 2 for Safaricom.)
All options mentioned, here are some of the things you can do from the app(s):-
- Check balances and mini statements. ( Charge at Ksh.30)
- Send your money from Mpesa to your account. ( Paybill 522522. Charges at Ksh.55)
- Airtime purchase.
- Transfer money to anyone.
How can you get a Personal Unsecured Loan from Kenya Commercial Bank?
KCB offers two types of personal unsecured loans. That is, the checkoff and non check off.
To have access to these loans from KCB, you need to,
- Have a Valid Kenyan ID or passport.
- Latest Original Payslips.
- Proof of source of income for self-employed individuals.
- KRA pin and certificate.
- Approval letter from employer to take a loan with KCB.
Of course, these are just a few. You may be required however to submit more documents to help facilitate your approval of a loan.
How does Kenya Commercial Bank Determine your Eligibility and Cost of Credit?
Depending on the type of unsecured loan you are interested in. Your payslip and bank statements will determine the amount of money you can get.
However, for unsecured loans, the maximum you can get is up to 2 million with 48 months to repay. For secured loans, the amounts can go up to 4 million with a longer repayment period of 72 months.
Of course, yes! As with all big financial lenders in the country, you will be run through a credit check with CRB as a safety protocol to determine your risk assessment. That together with the 5cs.’
- Character. It is reflected by the applicant’s credit history.
- Capacity. The applicant’s debt-to-income ratio.
- Capital.The amount of money an applicant has.
- Collateral. An asset that can back or act as security for the loan.
- Conditions. The purpose of the loan, the amount involved, and prevailing interest rates.
Amounts, Terms and Interest Rates from Kenya Commercial Bank
Contrary to popular belief, KCB bank is quite okay and offers the best services that cater to the common ‘mwananchi’. Not only are their borrowing limit flexible, but also within reason. Doesn’t Ksh.10,000 as the lowest amount sound fair? and Ksh.4,000,000 as a reasonable higher amount to pay back?
Money borrowed from KCB can be repaid within 12- 72 months. With such favorable terms, remember the interest rates for the above mentioned amounts range from 13%- 17%. All this exclusive of facilitation fees and inhouse charges.
Disbursements and Repayments at Kenya Commercial Bank
To receive money borrowed from KCB, you need to have had an active account with them for at least 3 months.
That being said, it takes 5-7 business working days to get a loan approved with KCB and around 48 hrs for it to reflect in your account. Keep in mind the period might extend if it falls on the weekend. Meaning it will roll over to a working day for the money to reflect.
What Unique Features does Kenya Commercial Bank have to offer?
When it comes to borrowing a huge amount of money, it is always a plus to go where you will be allowed enough time to pay for it. KCB has that. 6 years is a pretty good timeline to borrow a couple of millions and pay back without worries. right?
The same applies to the opposite. If you want less than Ksh. 50,000 for that short project; you can get that too.
How to Contact Kenya Commercial Bank
There are various avenues one can use to reach KCB.
If you prefer to chat using Whatsapp, use this KCB WhatsApp No.+ 254711087087.
Prefer to email instead? – [email protected].
A traditional approach would be to call. use 08600 08600 or, alternatively, USSD at 22522 to get assisted.
The KCB Website is also interactive, and you can get assistance from there as well. Or, just browse and see what they are about.