If you’re looking for a list of loans from the Co-operative Bank of Kenya, you’ve come to the right place. This article is a definitive guide to the list of Cooperative Bank of Kenya Loans to its clients.
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, an efficient network of service points, and qualified and motivated personnel.
Co-Operative Bank Loans in Kenya
The bank loans are mainly categorized into three: Business Loans, SME Loans, and Personal Loans.
1. Personal Loans
Personal loans are meant for salaried members of the bank. If a 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.
- MCo-op Cash App
Let’s check them in detail.
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. The bank offers up to 80% of the total cost of the asset.
2. Co-op Personal Loan
If you want to pay school fees, finance a wedding, or acquire something major, a 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
Mkopo wa Kujenga loan also ranks among other loans in this list of Cooperative bank loans. You see that plot of land you have meant to develop. You will be able to develop it with this loan. One can get up to 5% of their savings.
5. MCo-op Cash loan App
MCo-op Loan App offers you the ability to borrow as much as you want from the comfort of your home without worrying about collateral.
2. Business Loans
The co-operative bank offers loans to small and medium enterprises to enable them to 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 mortgages 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 loans.
Co-operative bank of Kenya Business Loans
The Co-operative Bank offers a wide range of loans for business owners.
Here are the various business loans offered by the Cooperative bank:
- Asset Financing
- Biashara Plus Loan
- Construction and Mortgage Loans
- Msamaria Women’s Loan
1. Biashara Plus
Biashara plus loan is another type of loan in this list of loans offered by the Cooperative bank. This loan is meant explicitly for small businesses such as the Mama mboga, the shopkeeper, the saloonist. One can borrow from as little as Ksh 5000 to Ksh 2,000,000 at a flat interest rate of 2.5% only. Payments are made within 12 – 24 months.
Biashara plus loan ranks on top of all other loans in this list of Cooperative bank loans.
2. Business Mortgage and Construction Loans
The bank finances the 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
The Co-operative Bank offers MSME overdraft facilities to your business 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 your business and security level, you can repay the MSME term loan for up to 60 months.
5. Msamaria Women’s Loan
Msamaria Women’s Loan is another loan offered by the Cooperative Bank to empower businesses owned by women. Women, therefore, have access to a maximum of Ksh 1,000,000 loan payable within 24 months. However, to be eligible for this loan, their businesses have to operate for more than a year.
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 all SME customers’ business requirements.
In Conclusion, the Co-operative Bank of Kenya offers loans that will cater to all your needs, be it personal or business. Besides, their rates are quite affordable, and the repayment periods are also reasonable.
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