NCBA Loop Personal Unsecured Loan Details

Rates available from as of 1st April 2021
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NCBA Loop

Unsecured Loan
Amount
KES
50000
-
3000000
Duration
6
months
-
6
months
Total Cost
16.1
%
-
16.1
%
annualised, year one
Typically approved within
1
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  13.0%.

Loan Fees:

  • Interest Minimum: 13%, year one
  • Interest Maximum: 13%, year one
  • 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

Money254 Review

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 

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