*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  14.1%.

Total Cost Breakdown (Loan Fees):

• Interest Minimum: 14.1%
• Interest Maximum: 14.1%
• Processing fee: 2%
• Insurance Fee: 0.7%
• Withdrawal Fee: Ksh 42
• Late Fees: None
• Other Fees: 20% Excise Duty on Processing Fee
  

Disbursement Details:

• Institution Type: Commercial Bank
• Application Method: Online
• Disbursement Method: Loop account
  

Repayment Details:

• Repayment Frequency: Monthly
• Early Repayment: Allowed
• Repayment Method: Auto-deduction
  
  

Eligibility Requirement:

• Smartphone: Required
• CRB: Must be in good standing
• Income: No Minimum
• Employment: Not required
• Network: Not Required
• History: Active Loop Account for 3 Months

Documents:

• National ID,
• KRA Pin,
• Selfie
• T&C Links

Representative Example of Loan Costs:

• Example Loan Amount: Ksh100,000
• Example Loan Tenure: 12 months
• Representative APR: 19.43%
• Estimated Processing fee: Ksh2,000
• Estimated credit Insurance: ksh700
• Excise duty: ksh550
• Total Loan Repayment Amount: ksh110,481
• Estimated Monthly Loan Repayments: ksh8932

This product is provided by NCBA Bank Kenya Plc. NCBA Bank Kenya Plc 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

Pros:

• Fast approval time (less than 24 hours)
• Large loan limit (3m KES)
• Easy to use app makes applying and tracking your loan straightforward     

Cons:

• Active Loop account for 3 months to access
• Withdrawal fee from Loop to Mpesa Ksh 42
• Initial sign-up requires visiting a Loop store