KCB Bank Kenya Limited Masomo Personal Loan: Product Details & How to Apply

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KCB Bank Kenya Limited
Masomo
Loan Amount
Ksh100k - 4M
Loan Period
6 months - 2 years
Interest Rate
13% annualised
Total Cost
(incl fees)
16.5% annualised, year one
Product Details
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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 13.54%

Total Cost Breakdown (Loan Fees):

  • Interest Minimum: 13%
  • Interest Maximum: 13%
  • Processing fee: 2.5%
  • Insurance Fee: 0.54%
  • 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-deductions

Eligibility Requirement:

  • Smartphone: Not required
  • CRB: Must be in Good standing
  • Income: No minimum
  • Employment: Not Required
  • Network: Not required
  • History: Active account for 3 months

Documents:

  • Proof of income,
  • National ID,
  • 3 pay-slips,
  • KRA Pin,
  • Application Form filled and signed
  • T&C Links

Example Representative Pricing

  • Loan Amount: ksh100,000
  • Annual Interest Rate: 13%
  • Processing Fee: ksh3000
  • Excise Duty: ksh600
  • Credit insurance: ksh850
  • Loan duration: 12 months
  • Estimated Monthly repayment: ksh8,932
  • Estimated Total repayment amount: ksh110,721

This product is provided by KCB Bank Kenya Limited. KCB Bank 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

How to Apply

Our Review
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Pros:

  • Available to self-employed with regular income
  • Competitive Processing fee (2.5%)
  • High maximum Loan limit (up to 4 million)

Cons:

  • Must have an active account for 3 months
  • Strictly an education loan

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How to Apply for KCB Masomo Loan, App, Repayment, Fees, Contacts

The KCB Masomo loan is a product of a partnership between the Kenya Commercial Bank and the Higher Education Loans Board (HELB) that targets those pursuing undergraduate and postgraduate studies in accredited institutions of higher learning in Kenya.

Who Is Eligible For KCB Masomo Loans?

KCB Masomo Loan Limits and Interest Rates

How to Apply for KCB Masomo Loan

KCB Masomo Loan Repayment

KCB Masomo Loan Contacts

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Money254 strives to provide relevant and accurate product information, which Money254 obtains directly from each institution’s tariff guide. If you believe a product’s details are incorrect, please report the product to Money254.

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