All You Need to Know about the KCB M-PESA Loan
The KCB MPESA loan is a convenient and accessible financing option provided by KCB Bank specifically for Safaricom MPESA customers. It offers a swift and straightforward solution for addressing unforeseen financial needs or seizing immediate opportunities.
Eligibility and Requirements
To qualify for the KCB MPESA loan, you simply need to be a registered and active Safaricom MPESA user. There are no difficult application procedures or extensive documentation required.
Checking Your Loan Limit
To check your KCB MPESA loan limit:
- Navigate to the M-PESA menu.
- Select “Loans and Savings.”
- Choose “KCB M-PESA.”
- Access the “Loan” section.
- Check your available loan limit.
Fees and Charges
The fee for a one-month KCB MPESA loan is 7.35% of the loan amount, covering the entire loan term.
Eligibility for a KCB M-PESA Loan
To qualify for the KCB M-Pesa loan, you must be at least 18 years old, a registered and active M-PESA subscriber for at least six (6) months, and an active KCB M-PESA Account holder.
How to Apply for the KCB M-PESA Loan
To apply for the KCB MPESA loan:
- Open your M-PESA menu.
- Select “Loans and Savings.”
- Choose “KCB M-PESA.”
- Navigate to “Request Loan.”
- Enter your desired loan amount and follow the prompts on-screen to complete your application.
- Upon quick evaluation, the loan will be disbursed directly to your KCB MPESA account.
Repaying Your Loan
To repay your KCB MPESA loan, you can:
- Use the Safaricom Toolkit:
- Go to the M-PESA menu.
- Select “Loans and Savings.”
- Choose “KCB M-PESA.”
- Access “Pay Loan.”
- Select your preferred payment source (M-PESA or KCB M-PESA Account).
- Enter the repayment amount and follow the prompts to complete the payment.
- Use the M-PESA Paybill:
- Open your M-PESA menu.
- Select “Lipa na M-PESA.”
- Choose “Paybill” and enter the business number “522559.”
- In the “Account no.” section, enter your borrower ID number (e.g., 12345678).
- Enter the repayment amount and follow the prompts on-screen to complete the payment.
Read Also : A Guide to the KCB Salary Advance
KCB M-PESA Loan Access Issues
Some reasons you might encounter difficulty accessing the KCB M-PESA loan are if you have:
- Unfavorable credit history.
- Existing outstanding KCB MPESA loan.
- Temporary blacklisted due to late repayment.
Growing Your Loan Limit
You can increase your KCB MPESA loan limit by:
- Maintaining an active KCB M-PESA account.
- Saving with KCB M-PESA.
- Regularly using M-PESA services responsibly.
- Ensuring prompt repayment of loans
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