7 Best Personal Loans Providers In Kenya

Here is a list of best personal loans providers in Kenya with best rates.

The list below does not follow any order.

1. HF GROUP

The Housing Finance Group offers loans for purchase, extension, construction, or improvement of commercial premises, including built up properties and plots and is one of the best personal loans providers in Kenya.

They also offer personal loans to customers with a regular salary and unsecured loans.

Features Of Their Personal Loans

• Maximum period of 36 months (3yrs).

• Maximum amount is ksh.500,000.

• Salary to be channeled through HFC.

• No early repayment penalties.

• Competitive interest rate on reducing balance.

Requirements Needed For Loan Qualification

• Pay slip for the last three months.

• National identification card.

• Copy of Kenya Revenue Authority (KRA) pin.

•  Filled loan application form.

2. NIC Bank

National Industrial Credit (NIC) bank personal loans are available to those with a regular income to finance private consumption and development needs.

The ability of outsiders (those without NIC bank account) to take a loan makes it one of the best personal loans providers in Kenya

Features Of Their Personal Loans

• You can borrow from a minimum of Ksh.100,000 to a maximum of ksh.4,000,000.

• You can pay it monthly over a term from 6 months to 6 years.

Requirements Needed For Loan Qualification

• Original national identification card/passport (non NIC bank applicants).

• Proof of income.

• Original and photocopy of KRA pin certificate.

• Introduction letter from employers for salaried applicants.

• One passport size photograph.

• Bank statement in the last six months for non NIC Bank applicants.

3. Co-operative Bank

If you want to pay school fees, buy land, finance a wedding etc, co-operative personal loan is the best solution for you.

Co-operative bank loan is very convenient and can help you attain your goals and making Co-operative bank one of the best personal loans providers in Kenya.

But for you to qualify, you need to have a regular income or be employed.

Features Of Their Personal Loans

• A maximum amount of 4,000,000 and a minimum of 50,000.

• A maximum term of 72 months.

• Claim assessed within 24 hours.

• Application is raised using someone’s credit score.

Requirements Needed For Loan Qualification

• Original national identification card and a copy.

• Original KRA pin certificate and a copy.

• No specific minimum net salary required.

• Salary pay slip for the last three months.

4. KCB Bank

The Kenya Commercial Bank (KCB) offers unsecured loans to people to help them meet their needs without asking for a security deposit.

They have a relatively low interest rate compared to other banks, thus making them one of the best personal loans providers in Kenya.

Features Of Their Personal Loans

• Payment period is up to 48 months (2yrs).

• No security deposit required

• Loans are from as low as ksh.20,000 to as high as ksh. 4,000,000.

• Both employed and self-employed individuals with steady income qualify for loans.

Requirements Needed For Loan Qualification

• Original and copy of national identification card/passport.

• Latest original pay slip.

• Must have had an account with KCB bank for at least 3 months.

• Proof of income for those self-employed.

5. Loan Apps in Kenya

Loan apps are mobile lenders, which offer fast loan app solution in Kenya without the need for collateral, hence making them one of the best personal loans providers in Kenya.

Requirements Needed For Loan Qualification

For you to apply for a loan from any loan app, you should:

• Have a smartphone.

• Have a well connected internet to enable you download the app from Google Play store.

• You will be required to fill in your personal details.

• A national identification card is mandatory for most apps and a phone number that is registered under that identification details.

Features Of Their Personal Loans

• The loans are channeled directly to your MPESA account within 0 – 24 hours.

• Maximum term for repayment is 30 days (1 month) for most loan apps.

6. Savings and Credit Co-operatives (SACCOs)

SACCOs are community membership-based financial institutions that are formed and owned by their members in promotion of their economic interests.

They are favorite for employees of particular company with a SACCO, making them one of the best personal loans providers in Kenya.

Examples of best performing SACCOs in Kenya include: Stima SACCO, Safaricom SACCO, Kenya Police SACCO, Mhasibu SACCO, Unaitas SACCO, and United Nations Society SACCO

Features Of Their Personal Loans

SACCOs are ideal for saving your money.

They are a good source for personal and business loan in Kenya because they allow you borrow up to six times your savings.

They also have a low interest rate compared to banks.

Requirements Needed For Loan Qualification

• National identification document

• A guarantor. Most SACCOs require at least 3-5 guarantors

• Been a member for a minimum of 6 months

• Fully completed loan application form

• Outstanding loan by the applicant must be cleared before a new loan is applied

• Collateral such as title deed, car log book, or applicant’s employer’s payroll slip

7. Equity Bank

Equity Bank Kenya Limited is a financial services provider headquartered in Nairobi, Kenya.

The bank provides loans to its members and it is one of the best personal loans providers in Kenya.

Requirements Needed For Loan Qualification

• The applicant must provide a pay slip.

• National Identification card or passport.

• Employment letter and the applicant should show proof that he/she is stable or in a position to pay the loan.

Features Of Their Personal Loans

• Maximum amount depends on the applicant’s ability to pay

• Maximum repayment period is up to 72 months (6yrs)

• Applicants should have an memorandum of understanding (MOU) with Equity Bank.

Note: Interest rates and other charged fees will be advised by the personal banker at your branch.

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