In this article, we will look at the various institutions offering student loans in Kenya.
It is becoming increasingly hard all over the world to secure employment opportunities without a diploma or a university degree.
At most times, it is even harder for a student to complete their education as a result of the high cost of education involved. It is as a result of this issue that every parent, guardian, and student needs to understand there are places where they can get help.
This article, therefore, will unearth the various options available to ensure that our dreams are achieved.
Where to get Student Loans in Kenya
There are several places where one can turn to when in need of financial aid to complete their studies. Here is a list of the best places to secure a student loan from:
1. Student Finance Africa (SFA)
Student Finance Africa is popularly known as SFA. This institution is one of the best places to get student loans in Kenya. This platform is accessible, reliable, and ensures that it fits into your plans.
To make it easy for the applicants, SFA has partnered with various universities and learning institutions. As a result, during the application process, you can access the university and the program of study through the SFA platform.
If and when you get successful, SFA finances up to 70% of your tuition fees, and its reimbursed directly to your school.
The repayment of the loan is also straightforward as its paid in monthly installments straight to SFA. As a result, wether you are a guardian or parent, you can have peace of mind as all you have to look for is 30% of your term’s school fees.
2. Higher Education Loans Board (HELB)
Higher education loans board is a state-owned corporation offering loans to needy bright students in Kenya. This is one of the best student loans in Kenya at all times as it’s payments are flexible and long term.
Moreover, with HELB Loans, if you are lucky enough, you can get a bursary of around KES 8,000. The maximum amount that one can be given is up to KES 50,000.
Moreover, unlike the SFA loan, the loan repayment schedules differ depending on which credit was extended to you. If it is the typical basic loan, repayment is made one year after completing your studies.
For more details, be sure to check out the HELB website for more comprehensive information.
3. Uniport Loans
Uniport is another top institution offering student loans in Kenya. However, there is a twist in how it provides its loans. All loans are provided on merit. Therefore a student has to be very bright.
What’s more, is that Uniport also runs a mentorship program whereby students get to interact with some of the best employers in the country even before they clear their studies. As a result, therefore, their chances of securing employment quickly than their peers is quite high.
All loans are charged at a fixed interest rate of 11%, which is way cheaper than what banks are currently offering. The repayment period begins after six months of completing one’s studies. The good news is that repayments are made quarterly and not monthly.
Uniport loans are revolutionizing access to student loans in Kenya for the bright and needy students.
4. AMREF SACCO – School Fees Loan
Amref Sacco is a notable savings and credit society operating in Kenya. It offers student loans for parents who have children in schools and are members of the Sacco.
Only one loan in this category can be accessed each time. However, the interest rate charged is way low at 6.5% per annum on reducing balance.
If successful, the loan is paid directly to the school or university. The repayment should be made within 12 months, and that’s the catch.
5. Equity Bank
Equity Bank Kenya is a leading bank in Kenya that is well known for offering affordable and innovative products to customers.
Moreover, apart from Equity Bank offering various other loans to its customers, it still provides education loans for students.
Their education loan is affordable and takes a short period. Drop at any Equity bank branches in Kenya to learn more about this loan.
6. Musoni Microfinance
Musoni Microfinance is a microfinance institution operating in Kenya. It also offers school fees loans for students to its customers. One can access up to KES 100,000 to be repaid within 3- 12 months.
A borrower is also required to pay an upfront fee of 3% to access the loan. The interest rate charged is also not as high as what would be charged by a bank.
7. Bank of Africa – Soma Loan
Bank of Africa is one of the banks operating in Kenya, offering student loans in Kenya.
This loan is available for all customers of the Bank of Africa, Kenya, and can be used to finance students at all levels of education.