Bank of Africa Kenya Limited Personal Unsecured Loan: Product Details & How to Apply

Rates available from as of 1st April 2021
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Bank of Africa Kenya Limited

Personal Unsecured Loan
Easy Apply
Amount
Ksh50k - 2M
Duration
1 year - 4 years
Interest Rate
14% annualised
Total Cost Including Institution's Other Fees
17.9% annualised, year one
Typically approved within 7 days
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Easy Apply

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 between 14.0%.

 
Total Cost Breakdown (Loan Fees):

  • Interest Minimum: 14%
  • Interest Maximum: 14%
  • Processing fee: 3%
  • Insurance Fee: 0.3%
  • Withdrawal Fee: None
  • Late Fees: None
  • Other Fees: 20% Excise Duty on 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: 25000
  • Employment: Required
  • Network: Not required
  • History: Active account for 6 Months

Documents:

  • National ID
  • 3 latest Pay-slips
  • KRA Pin
  • 6 months bank statements
  • T&C Links

How to Apply

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Pros:

  • High Maximum loan limit of up-to 2 million
  • Long loan tenure of up-to 4 years
  • Life insurance against death and permanent disability(deducted from Loan amount)

Cons:

  • Maximum age limit 55 years
  • Must be employed for 6 months
  • Must have minimum net salary of 25000

See more Personal Loans available in Kenya on Money254

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How to Apply Bank of Africa Kenya Personal Unsecured Loan, Repayment, Fees, Contacts

The Bank of Africa Kenya Limited personal unsecured loans are available to salaried individuals with minimum net salaries of Ksh25,000, who have been in continuous employment for over 6 months.

Who Is Eligible For Bank of Africa Kenya Personal Unsecured Loan?

Loan Limits and Interest Rates

How to Apply for Your First Bank of Africa Kenya Limited Personal Unsecured Loan

How to Make Bank of Africa Kenya Personal Unsecured Loan Repayments

Contacts

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