LIST OF CHEAPEST BANK LOANS IN KENYA

Banks vary in strength, and they offer different types of loans with unique features. The most peculiar thing surrounding these types of loans is the fees and interest it attracts.

Going further, some banks offer the best and cheapest loans with standardized fees. The fact that most Kenyans depend on loans to navigate through financial needs makes them always seek the cheapest loans ever.

Moreso bank loans are said to be cheap when it has:

Low-interest rate with a long duration

No or low origination fee

Have no hidden charges

No late fees or other fees.

Cheapest Bank loans in Kenya
In the course of our research and compilation, we came up with banks that offer the cheapest loans in Kenya. Some of these banks are:

1. Central bank of Kenya
The central bank of Kenya (CBK) has the benchmark as the best lender with 9% interest rate. Their loans are unique and follow due processes.

2. Victoria Bank
This is one of the cheapest banks that offer loans at a subsidized rate. They charge more fees on loans other than the interest prescribed. They also stick to loan agreements and offer more affordable credits.

3. KCB
KCB loans often attract a 13% interest rate. They offer different categories of loans. Ranging from Masomo loans, personal unsecured cheques off, salary advance, etc. The only extra fee you pay is a negation fee of 2.5%. Interest rate comprises CBK rate at 9% and bank variable margin of 4%.

4. National Bank of Kenya
NBA is a commercial bank licensed by the central bank of Kenya. You can get an unsecured loan of kes. 6,000,000 without collateral

Benefits
Short processing period

Easy payment

No collateral required

Top up your loan

Easily accessible

Rates and fees
Minimum of KSh 50,000 and maximum of KSh 6,000,000

The interest Rate is made up of CBR + Bank Margin% p.a on a reducing balance.

Has a minimum of 6 months and a

maximum of 84 months

Negotiation fees of 2% for first loans and buy-offs. Then 1.5% for top-ups.

Internal costs
Appraisal fees charged per individual

External costs
Excise duty

Insurance fee charged against retrenchment and death.

5. HDFC Bank
HDFC is one of the biggest private lenders in the country. The transparent process in offering loans helps customers with easy access to instant unsecured and other forms of loans.

Benefits
Loan disbursal within just 10 seconds for pre-approved customers

Loan disbursal within 4 hours for other customers

Optional insurance coverage for customers

Hassle-free application process

6. Stanbic Bank Kenya
Stanbic Bank Kenya is also one of the top-notch loan providers with a top-notch collection of loan products in its line-up. The personal loan offered by the bank comes with flexible terms for the benefit of applicants. They include:

Benefits
Competitive interest rate

Flexible payment and loan-top after 6 months or repayment

Fast and hassle-free application process and funds disbursed within 48 hours

What you need to provide
Kenyan National ID

Proof of Residence. You can come along with your utility bill or lease agreement.

3 months bank statement or your current payslip

Kenya Revenue Authority PIN

7. HF Group
HF Group is an integrated property, and financial solutions regulated by the Central bank of Kenya. They are major financial institutions that offer SME loans and Asset financing in Kenya. The personal loan offered by the company comes with the following terms:

Features & benefits
Maximum period of 36 months and Maximum amount of Kes. 500,000

No early repayment penalties

Attractive interest rate on reducing balance

Interest rates in loans per bank
Cooperative bank – 13.5%

Equity bank – 13%

KCB -13%

Barclays bank – 14%

By loanspot