KCB (Kenya Commercial Bank) offers one of the fastest and most convenient mobile loans in Kenya. With the KCB mobile loan service, customers can borrow between Kshs 1,001 and Kshs 300,000 instantly. This type of loan is especially helpful for those who need immediate financial assistance without the hassle of paperwork or long approval processes.
By following this guide, you’ll learn how to apply for a KCB mobile loan, the interest rates, requirements, and how to repay the loan.
KCB Mobile Loan Interest Rates & Fees
The KCB mobile loan is structured as a one-month loan with an interest rate of 7.13%. This makes it a great short-term borrowing option for emergencies or unexpected expenses.
Requirements for KCB Mobile Loan
Before applying for a KCB mobile loan, make sure you meet the following requirements:
- Active KCB Account: You must have an active KCB account and be signed up for KCB mobile banking.
- Account History: Your account must have been active for at least 6 months, with a minimum of 4 deposits during this period.
- Good Account Standing: Your account should be in good standing—meaning it should not be overdrawn or flagged for non-compliance.
- Know Your Customer (KYC): KCB may call you for more details as part of the KYC process, but you will never be asked to provide your PIN or password during these calls.
How to Borrow a KCB Mobile Loan
You can borrow a KCB mobile loan through either USSD or the KCB mobile app. Here are the step-by-step procedures for both methods:
1. Borrowing via USSD
To borrow a KCB mobile loan using USSD, follow these steps:
- *Dial 522# on your phone.
- Select “Loans and Savings” from the menu.
- Choose “KCB Mobile Loans”.
- Select “Loan Request”.
- Choose 1 month as the loan term.
- Enter the loan amount you wish to borrow (must be within your approved loan limit).
- Select the KCB account where the loan should be deposited.
- Enter your KCB mobile banking PIN to confirm the request.
- Submit the application.
Once confirmed, the loan will be deposited into your selected KCB account almost instantly.
2. Borrowing via KCB Mobile App
If you prefer using the KCB mobile app, here’s how you can apply for a loan:
- Open the KCB Mobile App on your smartphone.
- Select the “Loans” option from the menu.
- Choose “Borrow” under the KCB mobile loan section.
- Select the KCB account where you want the loan to be deposited.
- Choose 1 month as the loan term.
- Enter the loan amount within your loan limit and submit.
- Enter your KCB mobile banking PIN to confirm and commit the transaction.
The loan will be deposited into your KCB account shortly after completing these steps.
Benefits of KCB Mobile Loans
- Quick Access to Funds: KCB mobile loans provide instant cash access, ideal for emergencies or urgent needs.
- Earn Simba Points: Each time you borrow, you accumulate Simba points, which can be redeemed for exciting rewards.
- No Paperwork: The process is entirely digital, eliminating the need for paperwork and long waiting times.
- Flexible Loan Amounts: Depending on your credit score and account activity, you can borrow up to Kshs 300,000.
Repayment
Repayment is done through the same KCB mobile platform, making it easy to settle your loan within the specified period of 30 days.
By following the steps above, you can borrow a KCB mobile loan in minutes, providing you with a convenient solution for your short-term financial needs. Whether you’re caught in an emergency or need quick cash, KCB mobile loans offer an accessible and straightforward borrowing process.
