ABSA Bank Kenya Plc Unsecured Personal Loan Check Off: Product Details & How to Apply

Rates available from as of 1st April 2021
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ABSA Bank Kenya Plc

Unsecured Loan Check Off
Easy Apply
Amount
Ksh50k - 6M
Duration
1 year - 6 years
Interest Rate
14.5% - 15% annualised
Total Cost Including Institution's Other Fees
19.12% - 19.6% annualised, year one
Typically approved within 3 days
Easy Apply
visit website

Loan Type

Check Off Loans

* Processing Fees and Excise duty are only applied to year one. For loans longer than one year, your annual cost from year two onwards will be 14.5%-15%


Total Cost Breakdown (Loan Fees):

  • Interest Minimum: 14.5%
  • Interest Maximum: 15%
  • Processing fee: 3.3%
  • Insurance Fee: 0.66%
  • Withdrawal Fee: None
  • Late Fees: None
  • Other Fees: 20% Excise Duty on processing fee
  • Other Fees: 100 Monthly Loan Processing fee

Disbursement Details:

  • Institution Type: Commercial Bank
  • Application Method: Paperwork
  • Disbursement Method: Bank Account

Repayment Details:

  • Repayment Frequency: Monthly
  • Early Repayment: Allowed
  • Repayment Method: Check-Off

Eligibility Requirement:

  • Smartphone: Not Required
  • CRB: Must be in good standing
  • Income: 15000
  • Employment: Required
  • Network: Not Required
  • History: Not Required

Documents:

  • National ID
  • Certified Pay-slips
  • KRA Pin
  • 6 Months bank statement
  • Passport photo
  • Application form Filled and Signed
  • T&C Links

How to Apply

 

Money254 Review

Pros:

  • High loan limit up-to 6 million (subject to maximum debt ratio)
  • Repayments automated via employer (Check-off)
  • Long loan tenure of up-to 72 months

Cons:

  • Only for employers with a partnership with the bank (MOUs)
  • Monthly loan processing fee of up-to Ksh100
  • Must have a minimum net salary of Ksh15000

 

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How to Apply for Absa Bank Kenya PLC Check-Off Loan, Repayment, Fees, Contacts

The Absa Bank PLC check-off loan is available to any government employee, or any employee of a company that has an agreement with Absa Bank, so that the repayments get deducted from the employees’ salaries.

No collateral or security needed to apply for the loan.

Who Is Eligible For Absa Bank Kenya PLC Check-Off Loans?

Absa Bank Check-Off Loan Limits and Interest Rates

How to Apply for Absa Bank Kenya PLC Check-Off Loan

Absa Bank Kenya PLC Check-Off Loan Repayment

Contacts

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