If you are a university student in Kenya and you want a loan, you can approach a bank or HELB for the loan. Since HELB is not for everyone, banks are the best alternative. Venas News has a list of banks where as a student you can get access to cheap student loans with flexible repayment period.
Bank of Africa
Bank of Africa gives SOMA loan to student applying to join college/university.
The SOMA Loans have the following features:
Some loan helps you relieve the stress of paying school fees and also offers you the lowest loan rate, keeping you on track for your bigger dreams. The personal loan can be used to finance all levels of education: Primary, High School and College/University (Graduate & Postgraduate).
Features:
- 2% processing fee.
- Minimum borrowing of Kshs. 20,000 and a maximum of Kshs. 500,000.
- Loan tenure of up to 10 months.
Requirements:
- Employed or retired with regular pay or a defined income stream.
- A minimum of 3 months with the same employer (for employees).
- Provide a valid employment contract.
- Provide last payslip (for employees).
KCB Bank
KCB Bank is another popular institution with loan facility for university students. Features of the loan are:
Masomo
Intended for educational advancement, this loan can be taken out by parents/guardians for students or by salaried individuals who wish to further their studies.
Benefits
- Attractive competitive interest rates
- Quick loan processing.
- Loans of up to Kshs 300,000 repayable over a maximum period of 24 months (2 years).
Standard Requirements
- Must have had an account with KCB for at least 3 months
- Original and copy of National ID or passport
- Latest original pay slips.
- Proof of income if self-employed.
- Admission letter from the university/college
Rates & Fees
- Maximum repayment period is 24 months (2 years).
- Interest rate and other fees e.g. negotiation fees and insurance premium to be advised by the personal banker at your branch.
NATIONAL BANK
Availed to students wishing to manage their allowances and loans from the start till the end of the semester. The account is denominated in Kenya shillings.
As a student, it is sometimes hard managing your allowances and loans from the start till the end of the semester. That’s why you need to open a National Bank Student Account, because it is the most easy-going economical way to keep tabs on your money throughout your student life. Open to all individuals above 18 years.
Features
• Minimum Operating Balance Kshs NIL
• Interest Earning Balance Kshs 5,000.00
• Low Auto Cash Withdrawal
Benefits
• Free Bankers Cheque for Fees Payment
• Debit visa card
• 24-hour Access to your cash at any Auto Cash ATM and Pesa Point ATMs Countrywide
• Deposit cash and cheques at National Bank Auto Cash ATM’s
• Access to mobile banking (NatMobile) and Internet banking (NatConnect)
• One free bankers cheque per semester for fees payment.
Once you have an account with National Bank you will get an opportunity to apply for a student loan.
EQUITY BANK
Equity bank is the largest bank in Kenya and one of the best banks to operate a student account.
Achievers Student Account
This is a convenient and friendly transactional account suitable for college students.
Features
- No ledger fees
- Free HELB processing
- No opening balance
- No account maintaining balance
- Discounted Visa debit/ MasterCard card
Benefits
- Affordable. No account maintenance balance or monthly charges
- Free incoming funds transfer
- Convenient. One can access the account through our branches countrywide, agents, ATM network and mobile banking (Eazzy 247)
- Free financial education booklet
- No limitation on the withdrawal amount
- Account transferred into Equity Ordinary Account when the holder turns 25 years
Requirements
- Original student ID/Letter of admission
- National ID card and photocopy
- Passport for non-Kenyan students
Once you have the account, you are eligible to apply for a loan.
Note:
There are many ways of financing university education in Kenya. The methods include: Financing through your parent’s savings, applying for Helb loan, using insurance education policy (which is the best) ,applying for a scholarship, and applying for a student loan from a bank.
