Home BUSINESS Process of getting a bank loan in Kenya ,Secured, Unsecured, Salary Advance

Process of getting a bank loan in Kenya ,Secured, Unsecured, Salary Advance

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The process of getting a bank loan in Kenya is similar regardless of the type of bank you approach.There are three common types of loans in Kenya:secured,unsecured and salary advance.

Taking a loan is inevitable,that’s why you have to have the information at your fingertips so that you can find it easier to secure a loan when need arises.

Sometimes you might be having pressing issues which need immediate attention but you don’t have liquid cash. When you are confronted with this situation, the best thing to do is either turn to your friend for financial help or go to your bank and apply for a loan.

If you wish to apply for a loan in any Kenyan bank, the following conditions must be met:

Unsecured Loan
• Must have had an account with the bank you are seeking loan from for at least 3 months
• Original and copy of National ID or passport
• Employment card (where applicable)
• Latest 3 Months pay slips (original)
• Proof of income for self-employed individuals

Secured Loan
• Must have had an account with the Bank you are seeking loan from for at least 3 months
• Original and copy of National ID or passport
• Employment card (where applicable)
• Latest 3 Months pay slips (original)
• Proof of income for self-employed individuals.

Salary Advance
• Must have had an account with the bank you are seeking loan from for at least 3 months
• Original and copy of National ID or passport
• Latest 3 Months pay slips (original)

It takes at most one week to secure a loan from any bank in Kenya.Soft loans take less time,usually one day.

It usually takes at most 3 days to have your unsecured loan in your bank.Sometimes it can take up to a maximum of two days if it’s an emergency loan.

You should be aware that now since the interest rates have been lowered to less than 14 % per month,loans can really boost your especially if you have an immediate project you want to accomplish.Initially,the loan used to come with an interest rate of up to 30 %,but the worry of high interest rates is no more.

The best banks to go for loans include Standard Chartered Bank,KCB,Co-operative Bank,NIC Bank,CFC Stanbic and I&M bank.