HomeFINANCEGuide to KCB Mpesa Loan Application (2022)

Guide to KCB Mpesa Loan Application (2022)

The KCB Mpesa Loan outcome is a partnership between the Kenya Commercial Bank and Safaricom PLC.

The mobile-based account allows Safaricom’s customers to access instant loans at low-interest rates of about 1.16% per month with a one off negotiation fee of about 2.5%.
The customers can transmit money in and out of their accounts for free and keep them in the KCB Mpesa accounts. i.e., Fixed Deposit Account Account and earn interest of up to 7% p.a.
KCB Mpesa account advantages

The following are the advantages of the KCB Mpesa account:

Borrowing can be done directly without saving.
Loan Disbursement is via the KCB Mpesa Account
You can choose adjustable loan repayment periods of 1 month, three months, & six months.
The interest on savings is at 2 perc p.a.
Personal accident insurance advantage based on savings
Savings and withdrawals are efficiently made via either the Mpesa menu, KCB Mobi, or KCB Mtaani Agent
The minimum cut one can save is Ksh 1 with a max of 1 million

Eligibility

To open an account, you will require to have a
National ID, Legit Military ID, Approved Kenyan Passport, Diplomatic ID (Registered on IPRS), and Alien ID.
Be a enlisted Safaricom Mpesa customer.
An operational Mpesa account.
How to open a KCB Mpesa Account?
Step 1: On your Safaricom line, dial*844#.

Step 2: Accept the Terms & Conditions.
Step 3: KCB will dispatch an SMS to you including your PIN.
Step 4: Dial *844# likewise and enter the PIN to access your account.
Types of KCB Mpesa Accounts
Fixed Savings Account
This account permits you to lock a specific amount of cash for a specific period.

Features

No top-up is needed once the amount is saved.
Loan limits terms include 1/ 3/ 6, and 12 months with the lowest amount of Ksh 50
All interest accrued is relinquished upon early or premature withdrawal
You also get a Life insurance benefit established on fixed deposit savings.
Target Savings Account
This account permits you to set a saving plan or target and make deposits towards reaching that target.
Features
Requires continued contributions to achieve your target.
The account is available with standing orders from Mpesa or KCB Mpesa Account.
Variable interest rates which depend on the loan repayment duration, i.e., 1 month (3%), 3 months (4%), 6 months (5%), 12 months (six%)
Cumulative interest

How do I successfuly request a KCB Mpesa Loan?

To request a loan,
Dial *844# and enter your personal PIN.
Select “Loan” then follow by “request loan” and enter the amount you desire to borrow.
Select the choice loan repayment period (one, three, or six months).
Upon approval, KCB Mpesa will then transfer funds to your functional KCB Mpesa Account.
How do I succesfuly pay back my KCB Mpesa loan?
You can either refund the KCB loan in full or installments via the KCB Mpesa or Mpesa accounts. To refund your loan.
Dial *844# and enter your personal PIN.
Select the “Loan” menu pursued by the “Pay loan.” menu option
Select payment from either your KCB Mpesa account or Mpesa.
Enter the Amount wish to pay and follow the system initiates to complete your transaction.

How to successfuly Send Money from Mpesa to your KCB Account:

Go to Mpesa – Payment Services – Pay Bill – Enter 522522 as Business Number – Enter Your KCB Acc No – Enter the Amount to transfer -Enter Your Mpesa pin – OK.

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