If you’re looking for a list of loans from the Co-operative bank of Kenya, you’ve come to the right place!
The Co-operative bank of Kenya is a publicly listed bank with a strong presence in East Africa. It provides significant and resourceful financial services to its customers across the East African Community.
From its inception, the Co-operative bank of Kenya aimed at providing advanced financial services to its customers. It has excellent customer services, efficient network of service points, and a qualified and motivated personnel.
Co-Operative Bank Loans in Kenya
The bank loans are mainly categorized into two: personal and business loans.
1. Personal Loans
Personal loans are meant for salaried members of the bank. If Co-operative bank processes your salary, and your bank account is over six months, you’re eligible for a loan.
So, you can get a loan of between Kshs. 50,000 and Kshs. 4 million, for a maximum period of 60 months. The different types of personal loans include:
- Asset finance.
- Co-op personal loan.
- Flexi-cash salary advance.
- Mkopo wa kujengana loan.
Co-operative bank of Kenya Personal Loans
1. Asset Finance
The bank offers you a self-securing loan if you want to buy movable assets such as a car, laptop, computers, etc. The best thing about this loan is that it has a flexible repayment period. Also, you’ll be able to acquire your asset of choice with minimum hassle.
2. Co-op Personal Loan
If you want to pay school fees, finance a wedding, or acquire something major, Co-op personal loan has got you covered. You only need to be employed with a regular income to qualify for this loan.
3. Flexi-cash Salary Advance
This is a short term loan that you pay within a maximum of three months. You can borrow any amount from Kshs. 3000 to Kshs. 100,000, and you get the cash instantly.
4. Mkopo Wa Kujengana Loan
The Co-operative bank offers this loan to any individual self-help group registered by a government authority.
2. Business Loans
Co-operative bank offers loans to small and medium enterprises to enable them grow their businesses. Their rates are also quite affordable.
The various types of business loans that the bank offers are listed below:
- Biashara plus.
- Business mortgate and construction loans.
- MSME overdraft.
- MSME term loan.
- Msamaria women’s loan.
- SME loans.
This list is not exhausted as businesses can also secure asset financing and mkopo wa kujengana loan.
Co-operative bank of Kenya Business Loans
1. Biashara Plus
If you have a small or micro business, co-operative bank helps you ensure steady flow of cash by offering you Biashara plus loan. You can borrow between Kshs. 5,000 and Kshs. 2 million, payable for up to 24 months. The interest varies depending on the amount borrowed.
2. Business Mortgage and Construction Loans
The bank finances construction and renovation of both commercial and residential buildings. The installments are affordable and can be paid for up to 20 years. Additionally, you’re given a grace period of six months.
3. MSME Overdraft
Co-operative bank offers MSME overdraft facilities to your business so as to allow you to withdraw from your current account to a limit agreed with the bank. You can access these services for only 12 months, renewed depending on your performance.
4. MSME Term Loan
If you want to expand your business, this is the best loan option for you. depending on the level of your business and security, you can repay the MSME term loan for up to 60 months.
5. Msamaria Women’s Loan
If you’re a woman looking to expand your business, Msamaria women’s loan has got you covered. This loan also aims at boosting the economic empowerment of women by offering affordable towards their business. The maximum you can borrow is Kshs. 10 million payable within 36 months.
6. SME Loans
The various SME Loans offered by Co-operative bank include:
- SME Co-op Business Loan/Working Capital – This is used to finance expenses of a capital nature, such as machinery, and working capital. The maximum repayment period is 60 and 36 months respectively.
- Hybrid/Partially Secured Loans – If you lack enough securities to cover a loan but have shown the capacity to repay, you can access this loan. However, you need to provide securities covering at least 50% of the loan amount.
- Unsecured SME Loan for Businesses – This loan is accessible to SME owners with good cash flow and evidenced repayment but lack actual securities.
- SME Loan (Chattel Secured) – This is a secured business loan made to meet the business requirements for all SME customers.
In Conclusion, the Co-operative bank of Kenya offers loans that will cater for all your needs, be it personal or business. In addition, their rates are quite affordable, and the repayment periods are also reasonable.