The Cooperative Bank of Kenya has mooted plans to eliminate financial burden amongst their clients by offering unsecured personal loans ranging from Sh50,000 to Sh8.
Under the revolutionary arrangement, the facility is offered at a fixed interest rate and repayment terms of up to 96 months.
Further the quickly processed personal loans amongst the eligible clients can be accessed without collateral and customers can use them for various purposes, such as buying a new home.
Below is the procedure of how to enjoy the new financial product.
How to Apply Cooperative Bank Unsecured Personal Loan, Repayment, Fees and Contacts
The Cooperative Bank unsecured personal loan is tailored to the salaried person whether employed or not employed but with a regular income who is looking to get funding for making a major purchase, financing a wedding or paying school fees.
Who is eligible for Cooperative Bank Personal Unsecured Loan?
To qualify for Cooperative Bank Unsecured Personal loan, you need to have the following:
Employed individuals or individuals with a regular income.
Original National Identity Card and a Copy
Original KRA PIN certificate and a copy
No specific minimum net salary is required
Salary payslips for the last three months
Filled in loan application form
Loan Limits and Interest Rates
Co-op Bank offers loans ranging between Sh50,000 and Sh4,000,000
The loan attracts a processing fee of 3 per cent and is repayable between 6 months and 72 months.
The minimum interest rate is 13 per cent and the maximum interest rate is also 13 per cent.
How to Apply for Your First Cooperative Bank Unsecured Personal Loan
The application method is via paperwork, so you will need to visit your nearest Cooperative Bank of Kenya branch with the above mentioned requirements, and fill the necessary forms.
Once approved, the loan will be disbursed into your bank account.
How to Make Cooperative Bank Unsecured Personal Loan Repayments
The repayment frequency for Cooperative Bank Unsecured personal loan is monthly via auto-deductions from your salary and early repayment is allowed.
Call Center Numbers: 020-2776000, 0703027000