This archive report was first published on 7 July 2020.
Emergency Loans for Salaried Employees ¶
Many people in Kenya rely on personal finance and accounting strategies to cushion against unforeseen financial disasters. However, despite these hacks, they still end up requesting salary-based loans like the KCB salary advance. This loan is designed to meet short-term financial issues of salaried employees, going beyond borders to cater to KCB salary account holders.
Published on July 7, 2020, the KCB salary advance loan is a knight on a white charger for those facing untimely financial catastrophes. Unlike many other salary advances that drag borrowers into a lifetime of financial debt, this loan offers a flexible repayment period of up to 3 months.
Requirements for KCB Salary Advance ¶
To qualify for the KCB salary advance, you must meet the following requirements:
- Have an account with the Kenya Commercial Bank for at least 3 months.
- Provide either your original or copy of your National ID or passport.
- Submit your original latest payslips for 3 months.
- The loan is based purely on your individual salary.
Processing Time and Repayment ¶
The KCB salary advance processing time depends on how quickly you provide the bank with all the required documents. Once your application is approved, you can access the loan on phone through the bank's mobile banking (522#). The repayment period is flexible, allowing you to repay the loan within 3 months or less, depending on your preference and ability.
Other Loans Offered by KCB ¶
Kenya Commercial Bank also offers other loans, including personal secured loans and mobile-based loans like the KCB Mobi loan. These loans have different requirements and repayment terms, but they can provide a convenient solution for those in need of emergency funds.
Personal Secured Loans ¶
Personal secured loans are capital-intensive and require collateral like title deeds, logbooks, and share certificates. To qualify for these loans, you must meet the following requirements:
- Have an active KCB account for a minimum of 3 months.
- Provide collateral with a higher value than the loan you want to apply for.
- Submit your latest original payslips.
- Provide proof of source of income for self-employed individuals.
- Have a valid Kenyan ID or passport.
KCB Mobi Loan ¶
The KCB Mobi loan allows you to apply for credit through your mobile phone instantly and receive it to your bank account. To qualify for this loan, you must meet the following requirements:
- Be an account holder with the Kenya Commercial Bank for at least 6 months with a minimum of 4 deposits.
- Sign up on Kenya Commercial Bank mobile banking.
- Register on KCB Mobi (download the application form online).
- Have an excellent track record with previous loans.
- Ensure your account is regularly operated and not overdrawn at any given point.
