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Co-operative Bank of Kenya Limited Personal Unsecured Loan Details

Rates available from as of 1st April 2021
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Co-operative Bank of Kenya Limited

Personal Unsecured Loan
Amount
KES
50000
-
4000000
Duration
6
months
-
6
months
Total Cost
16
%
-
16
%
annualised, year one
Typically approved within
2
days
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* 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 13.0%

Loan Fees:

  • Interest Minimum: 13%
  • Interest Maximum: 13%
  • Processing fee: 3%
  • Insurance Fee: 0.004
  • 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: Auto-deduction/Check-off

Eligibility Requirement:

  • Smartphone: Not required
  • CRB: Must be in good standing
  • Income: No minimum
  • Employment: Required
  • Network: Not Required
  • History: Active Account for 6 Months
  • Documents: 3 latest and original pay-slips, KRA Pin, National ID,  Application form filled and signed by borrower and employer
  • T&C Links

Money254 Review

Pros:

  • Fast disbursement
  • Insurance cover against death and permanent disability ( deducted from loan amount)
  • Long loan tenure (up to 6 years)
       

Cons:

  • Formal Employment required
  • Loan limit subject to debt ratio
  • Disbursed amount lower than requested amount (negotiation fees & insurance  fees deducted upfront)

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