* 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: 14.5%
• 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

Example Representative Pricing

• Loan Amount: ksh100,000
• Annual Interest Rate: 14.5%
• Processing Fee: ksh3,000
• Excise Duty: ksh600
• Credit insurance: ksh300
• Loan duration: 12 months
• Estimated Monthly repayment: ksh9,002
  
• Estimated Total repayment amount: ksh111,927

This product is provided by Bank of Africa Kenya Limited. Bank of Africa Kenya Limited is a Commercial Bank licensed under the Banking Act Cap 488 of the Laws of Kenya and regulated by the Central Bank of Kenya.

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How to Apply

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

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