Bank of Africa Kenya Limited Personal Unsecured Loan Details

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

Personal Unsecured Loan
Amount
KES
50000
-
2000000
Duration
12
months
-
12
months
Total Cost
15
%
-
16
%
annualised, year one
Typically approved within
7
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 between 12.0% - 13.3%.

 
Loan Fees:

  • ‍‍Interest Minimum: 12%
  • Interest Maximum: 13%
  • 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

 

‍

Money254 Review

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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