BusinessHome

Employees can now access salary loan through MCo-opCash

According to the Co-op Bank, the borrower will be charged a one-off fee of 8 per cent for a term of 1 month, 10 per cent for a loan term of 2 months and 12 per cent for a loan term of 3 months

Employees who receive their salaries through a Co-op Bank account can now access MCo-opCash salary loan even if there is no memorandum of understanding (MoU) between the bank and the employer.

Under MCo-opCash salary loan, which ranges from a minimum of Ksh 1000 to maximum of Ksh 500,000. However, in order to access the service, one must register for Mobile Banking (MCo-opCash), open a salary account with Coop Bank, and supply his or her Kenya Revenue Authority (KRA) Pin Number.

The amount will be received through the Co-op Bank account and will be repaid between 1 and three months. Once someone has registered, he may also be required to visit the nearest Co-op Bank branch with your National ID or Passport.

According to the Co-op Bank, the borrower will be charged a one-off fee of 8 per cent for a term of 1 month, 10 per cent for a loan term of 2 months and 12 per cent for a loan term of 3 months.

A fee of 0.034 per cent is also charged as cost of insurance, excise duty of 20 per cent The bank says, the fees for the loan services are deducted up front (i.e., before the money is deposited in your MCo-opCash wallet account).

One can choose to repay the loan in 1 month, 2 months, or 3 months. However, the total cost of the loan will vary depending on the loan term you choose to repay your loan i.e. in 1 month, 2 months, or 3 months.

The bank says one can apply for MCo-op Cash Salary loan even if he or she has a loan.

See also  Co-op Bank open second branch at BBS Mall in Eastleigh, Nairobi

“If you have an existing MCo-opCash loan, you are allowed to top-up after repaying at least 1 instalment. Yes, you can apply for MCo-opCash salary loan if you have another loan with Co-op Bank,” it says.

One can also apply for the loan after receiving at least one credit upon starting to use a Co-op account as a salary account.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
error: Content is protected !!