For many people, it is not easy to simply withdraw cash whenever they need it. With rent coming up at the end of every month combined with the daily expenses and monthly bills to pay, many individuals need additional cash.
One of the best ways to get funds for our monthly needs is through loans. These financial services allow clients to apply for programs that fit their requirements. Today, many institutions have such offerings.
With so much competition, convenience becomes a deciding factor on what loan to get. If this is the case for you, consider getting a mobile loan from KCB Bank. Want to know more? Read more about its offers below.
KCB Mobile Loan Features
KCB Bank offers two types of mobile loans: the KCB M-PESA Loan and the Mobi Loan. The M-PESA Loan lets you access your additional funds no matter the time and place. You can borrow as low as Kes 100, payable over 1 month.
On the other hand, the Mobi Loan is designed to help customers quickly get additional funds. This program applies to purchases and emergencies. Your loan can range from Kes 500 to Kes 300,000 without hassle, payable over 1 month.
A great thing about the Mobi Loan is that you can earn Simba Points every time you borrow using this program. These points can be redeemed for rewards from KCB Bank’s partner establishments and merchants.
Applying For A KCB Mobile Loan Online
If you are interested in getting one of these loans, you can easily do so in the comfort of your home. The application for the M-PESA Loan requires an M-PESA account, which you can access using the app or a browser.
For the Mobi Loan, you need an active KCB account and a mobile banking account. Keep in mind that your bank account must be activated for at least six months, with a record of at least four deposits within half a year. It must also be without any overdraw record.
Before you apply, make sure that you have all the requirements, especially the accounts. Moreover, you might need to provide required documentation such as recent payslips, identification cards, and proof of residence such as utility bills.
Rates And Charges
The M-PESA Loan has an interest rate of 1.08% per month. It also has a negotiation fee of 2.5%. Moreover, the bank noted that this one-month loan costs 4.08%, inclusive of any excise duties that apply on fees. For the Mobi Loan, you can expect a 4.08% interest. Both do not include tax.
Conclusion
Getting a KCB Bank Mobile Loan is a great way to get your hands on fast and easy funds. These two options can definitely help you get through the month with minimal issues. To know more, you can send an inquiry using the forms found on KCB Bank’s website.
You can also get in touch with a representative through phone by calling +254 (20) 2287000, +254 (732) 187001 or +254 (711) 087001. For emails, send your inquiries to contactcentre@kcb.co.ke.