Standard Chartered Bank Kenya Limited Non-Scheme Personal Loan Details

Rates available from as of 1st April 2021
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Standard Chartered Bank Kenya Limited

Non-Scheme Loan
Amount
KES
50000
-
7000000
Duration
6
months
-
6
months
Total Cost
16
%
-
16.5
%
annualised, year one
Typically approved within
5
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 between 13.03% - 13.53%.

Loan Fees:

  • Interest Minimum: 12.5%
  • Interest Maximum: 13%
  • Processing fee: 2.5%
  • Insurance Fee: 0.53%
  • Withdrawal Fee: None
  • Late Fees: None
  • Other Fees: 20% Excise Duty on Processing Fee

Disbursement Details:  

  • Institution Type: Commercial Bank
  • Application Method: Online/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: 40000
  • Employment: Required
  • Network: Not Required
  • History: Active account for 6 Months
  • Documents : National ID, Certified pay-slips, Letter of introduction from  employer, Application Form filled and signed
  • T&C Links

Money254 Review

Pros:

  • Long loan tenure (up to 6 years)
  • Mandatory Insurance cover, retrenchment & last expense (.54-.72%  deducted from loan)
  • Application can be completed online
       

Cons:

  • Application can be Salary transfer required
  • Formal employment required
  • Minimum gross salary of Ksh 40000

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