ABSA Bank Kenya Plc Unsecured Personal Loan Check Off Details

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

Unsecured Loan Check Off
Amount
KES
50000
-
6000000
Duration
12
months
-
72
months
Total Cost
19.12
%
-
19.6
%
annualised, year one
Typically approved within
3
days
visit website

* 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%


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

 

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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