Prime Bank Limited Personal Unsecured Loan Details

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Prime Bank Limited
Personal Unsecured Loan
Loan Amount
Ksh50k - 4M
Loan Period
6 months - 4 years
Interest Rate
13% annualised
Total Cost
(incl fees)
15% 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 between 13.0% - 13.5%.


Total Cost Breakdown (Loan Fees):

  • Interest Minimum: 13%
  • Interest Maximum: 13%
  • Processing fee: 1%
  • Insurance Fee: 0.5%
  • Withdrawal Fee: None
  • Late Fees: 9% Flat
  • 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

Eligibility Requirement:

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

Documents:

  • Application form filled and signed
  • National ID
  • 3 latest pay-slips
  • KRA pin
  • T&C Links

Example Representative Pricing

  • Loan Amount: ksh100,000
  • Annual Interest Rate: 13%
  • Processing Fee: ksh1000
  • Excise Duty: ksh200
  • Credit insurance: ksh500
  • Loan duration: 12 months
  • Estimated Monthly repayment: ksh8,932
  • Estimated Total repayment amount: ksh109,581

This product is provided by Prime Bank Kenya. Prime Bank Kenya is a Commercial Bank licensed under the Banking Act Cap 488 of the Laws of Kenya and regulated by the Central Bank of Kenya.

Our Review
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Pros:

  • Life insurance against death and permanent disability(deducted from Loan  amount)
  • Low processing fees
  • No Early repayment fees

Cons:

  • Formal employment required
  • Relatively High late fees (10% above normal interest rates)
  • Amount disbursed lower than requested amount (processing fees & Excise Duty deducted Upfront)
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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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