The Consolidated Bank of Kenya is one of Kenya’s oldest banks. In today’s post, we’ll look at a list of Consolidated Bank of Kenya loans.
The bank is a reputable financial services provider in Kenya, which is one of the benefits of being in business for a long time. The majority of its consumers boast that these banks provide them with individualized services. Who wouldn’t want to bank with a bank that cares about its customers?
This blog is intended to guide anybody contemplating obtaining a loan from the Consolidated Bank. Their loans are divided into two major groups:
- Personal Loans
- Business Loans
Below, we delve into the different subcategories of loans offered under each significant category.
1. Business Loans
The bank provides the following types of loans under the business loans category:
Insurance financing
When operating a business, there are many risks that one needs to take insurance covers. However, it is impossible to pay for these covers upfront due to a lack of finances.
Consolidated Bank cares for its business owners’ needs and ultimately understands that their success leads to the bank’s success.
This loan product enables the bank to pay straight to the insurance company for the business insurance cover. The business will then repay this loan in equal monthly installments for 4 – 10 months.
The Consolidated Bank of Kenya offers this loan without security and has a straightforward application process.
Mortgages
This is a product designed to service the needs of customers who may wish to own or build their homes.
- Purchase or construct a residential or commercial property
- Purchase a plot
- Equity release
- Project finance
Requirements
- Proper documentary identification (Identity Card or Passport).
- One (1) recent colored passport size photo. (To be provided or taken at the branch)
- Introductory letter from the employer/ an account holder.
- KRA pin
- Next of kin details
Requirements: Self-employed Persons
- Bank statements for the last six months
- Business registration certificate
- Cash flow projections
- Copy of the latest annual filing returns and receipts
- A brief history of the business and nature of the business
- Audited accounts for three years
- KRA pin
- Next of kin details
Business Overdraft and Term Loans
These days businesses are operating in challenging financial times. As a result, companies are not left with much to grow and expand their businesses.
The Consolidated Bank has a business overdraft and term loans for companies that would like to grow to resolve this issue. This loan tops the list of the best loan products offered by the Consolidated Bank of Kenya.
The company owner has to fulfill the following requirements to access this loan:
- Present both the company and business profiles
- Show bank statements for the past six months.
- As well as present cash flow projections for the months ahead
Commercial Construction Loan
If your company is a real estate company or looking into developing your piece of land into some rentals, this loan is meant for you.
If you are building units to sell, this loan is repayable for 24 months. However, if these units are for rent, the loan is repayable in 10 years.
Our commercial construction loan is designed to help customers build multiple or single units for sale or rental purposes. As with our other loans, we offer attractive interest rates and a moratorium period on capital during the construction period.
Features
- Period of the loan
> Buy to sell units- 24 months
> Units for Rent- 10 years
- Moratorium period on capital during the construction period
Requirements
- Proper documentary identification (Identity Card or Passport).
- One (1) recent colored passport size photo (To be provided or taken at the branch)
- Introductory letter from the employer/ account holder.
- KRA pin
- Next of kin details
2. Personal Loans
Moreover, Consolidated Bank also offers personal loans to individual customers. Personal loans top the list of the best Consolidated Bank of Kenya loans.
Personal Loan
Suppose you are an employed individual looking to take a loan to develop your side hustle. This personal loan offered by the Consolidated Bank of Kenya is the most affordable.
The good news is that one can borrow up to KES 2,000,000.
However, you have to meet the following requirements:
- Present your bank statement for the past six months
- Recent three months’ payslips
- Reference letter from your employer agreeing to remit salary through Consolidated Bank
Solid Scholar Loan
This product is a convenient & affordable way to pay school fees. It is available to both salaried and other income earners.
Features
- Payback period of up to one year.
- Loans are available for amounts up to KES 500,000.
Requirements
- Confirmation letter from the employer where applicable
- Fees structure of the institution
- Proper documentary identification (National I.D or passport)
- Bank statements for the last six months (For non-customers)
- Last three months’ payslip
- KRA pin
- Next of kin details
Asset Financing Loan
The dream life usually involves one driving a posh car. Consolidated Bank sees this by offering its customers asset financing loans to acquire motor vehicles, plant, and machinery.
This facility is designed to provide our customers with a convenient solution to purchase vehicles, equipment, plant, machinery, and other assets for the business.
Features
- Up to 80% financing*
- Maximum repayment tenor up to 72 months*
- Financing of assets such as PSVs and Medical Equipment now available
- Quick turnaround time
Requirements
- A formal application duly signed by the Customer
- Copy of ID/ PIN for Customer/ Company Directors
- Certified copies of the last six months’ bank statement for multi-banked and new bank customers.
- KRA pin
- Next of kin details
In addition to the above, the bank will require the following for used vehicles:
- Sale agreement between seller and buyer
- Valuation report (From the bank’s approved list of Valuer)
- Logbook copy
- Seller’s identification & PIN copy
Conclusion
Make Consolidated Bank your bank of choice for loans now, and you will not be disappointed. Its loan options are creative, flexible, and simple to pay back.
