Last updated on January 1st, 2024 at 06:50 pm

KCB Mpesa Loan Terms and Conditions

If you are in need of quick and convenient financing, the KCB M–pesa Loan may be just what you need. This loan is available to Safaricom Mpesa users and provides a hassle-free way to access credit anytime, anywhere.

However, it is important to familiarize yourself with the KCB Mpesa loan terms and conditions before you apply.

In this post, we will explore everything you need to know about this loan.

Before getting ahead, first lets understand;

What is KCB M-pesa Loan?

Simple,

KCB M-pesa Loan is a partnership between KCB Bank and Safaricom M-pesa.

It is a mobile based loan that allows you to borrow money using your Mpesa account.

The loan amount ranges from Ksh. 50 to Ksh. 1,000,000, and is repayable within one month, three months, or six months.

The loan is accessible through your Mpesa menu under the “Loans and Savings” option.

KCB M-pesa Loan Requirements

To qualify for a KCB Mpesa loan, you must meet the following requirements:

1. Be a Safaricom Mpesa registered user
2. Have an active Mpesa account
3. Have a good Mpesa transaction history
4. Have an updated and active Safaricom line
5. Be aged between 18 and 75 years

KCB Mortgage Calculator

Enter the loan amount, interest rate, and repayment period to calculate your monthly payment.

KCB M-pesa Loan Interest Rates

The interest rates for KCB Mpesa loan depend on the loan amount and repayment period. The interest rates are as follows:

1. For loans between Ksh. 50 and Ksh. 2,999, the interest rate is 1.16% per month
2. For loans between Ksh. 3,000 and Ksh. 4,999, the interest rate is 1.083% per month
3. For loans between Ksh. 5,000 and Ksh. 9,999, the interest rate is 1.066% per month
4. For loans between Ksh. 10,000 and Ksh. 49,999, the interest rate is 1.050% per month
5. For loans between Ksh. 50,000 and Ksh. 1,000,000, the interest rate is 1.016% per month

KCB Mpesa Loan Terms and Conditions

To access a KCB Mpesa loan you must agree to the following terms and conditions:

1. Loan Repayment: You must repay the loan within the agreed period. Failure to repay the loan on time will attract a penalty fee of 5% of the outstanding amount.
2. Late Payment: If you fail to make the loan repayment on the due date, you will be charged a late payment fee of 5% of the outstanding balance.
3. Default Charges: If you default on the loan, you will be charged a default fee of 5% of the outstanding balance.
4. Interest Rates: The loan attracts monthly interest rates as per the loan amount and repayment period.
5. Loan Limit: Your loan limit is determined by your Mpesa transaction history and repayment patterns.
6. Loan Disbursement: Loan disbursement is done directly to your Mpesa account.
7. Loan Security: The loan is unsecured and no collateral is required.
8. Loan Top-Up: You can top up your loan after repaying at least 50% of the initial loan amount.
9. Loan Renewal: You can renew your loan after repaying the initial loan in full.
10. Credit Reference Bureau: KCB Bank may share your credit information with credit reference bureaus.

In summary, the KCB Mpesa Loan is a convenient and accessible way to access financing at any time. However, it is important to understand the KCB Mpesa loan terms and conditions before you apply. By meeting the requirements, adhering to the terms and conditions, and repaying the loan on time, you can benefit from this loan and improve your financial standing.