Look no further if you’re looking for a list of loans from the Co-operative Bank of Kenya. This post provides a comprehensive reference to the list of loans offered by the Cooperative Bank of Kenya to its consumers.
The Co-operative Bank of Kenya is an East African bank with a prominent position on the stock market. It offers a wide range of financial services to its consumers within the East African Community.
The Co-operative Bank of Kenya has always tried to provide innovative financial services to its consumers. It boasts exceptional customer service, a well-organized network of service centers, and well-trained and motivated employees.
Co-operative Bank Loans in Kenya
Business loans, SME loans, and personal loans are the three basic types of bank loans.
Personal Loans
Personal loans are available to salaried bank employees. You may be eligible for a loan if a cooperative bank processes your payment and your bank account has been open for more than six months.
So, for a maximum of 60 months, you can acquire a loan between KES. 50,000 and KES. 4 million. Personal loans come in a variety of forms, including:
Personal loans come in a variety of forms, including:
Asset Finance
If you wish to acquire moveable assets like a vehicle, laptop, or computer, the bank will provide you with a self-securing loan. The most excellent part about this loan is that the payback time is adjustable. You’ll also be able to get your desired asset with less effort. The bank is willing to pay up to 80% of the asset’s entire cost.
Cooperative Personal Loan
A Co-op personal loan can help you pay for school, fund a wedding, or purchase something significant. To be eligible for this loan, you must be working and have a steady source of income.
Salary Advance with Flexibility
This is a short-term loan with a maximum repayment period of three months. You may borrow between KES 3000 and KES 100,000 and receive cash immediately.
Mkopo Wa Kujengana
The Mkopo wa Kujenga loan is also included in this list of cooperative bank loans. You see the piece of property you intended to develop. With this financing, you will be able to build it. One can earn up to 5% of their money back.
MCo-op Cash Loan App
The MCo-op Loan App allows you to borrow as much as you want without worrying about collateral from the comfort of your own home.
Business Loans
The cooperative bank provides loans to small and medium-sized businesses to help them expand. Their prices are likewise quite reasonable.
Businesses can also get asset finance and mkopo wa kujengana loans. Therefore this list isn’t complete.
For company owners, the Co-operative Bank offers a variety of lending options. The Cooperative Bank provides the following types of business loans:
Biashara Plus
Another loan issued by the Cooperative bank is the Biashara plus loan. This loan is designed specifically for small enterprises like Mama mboga, shopkeepers, and saloonists. Borrowing amounts ranging from KES 5000 to KES 2,000,000 are available at a flat interest rate of 2.5 percent. Payments are made over 12–24 months.
The Biashara plus loan stands at the top of this list of cooperative bank loans.
Construction and Business Mortgage Loans
The bank finances the construction and refurbishment of both commercial and residential structures. The payments are manageable and can be made over up to 20 years. Additionally, you have a six-month grace period.
Overdraft for MSMEs
The Co-operative Bank provides MSME overdraft capabilities to your company, allowing you to withdraw funds from your current account up to a pre-determined maximum. These services are only available for 12 months, after which they will be renewed based on your performance.
Micro, Small, and Medium-Sized Enterprises (MSME) Term Loan
This is the greatest lending choice for you if you wish to develop your business. Depending on your business and security level, you can repay the MSME term loan for up to 60 months.
Msamaria Women’s Loan
The Msamaria Women’s Loan is another loan provided by the Cooperative Bank to help women-owned companies grow. As a result, women have access to a maximum loan of KES 1,000,000, which must be paid back within 24 months. Their enterprises, however, must have been in operation for more than a year to be eligible for this credit.
SME Loans
Co-operative Bank offers a variety of SME loans, including:
- Working Capital/SME Co-op Business Loan is used to fund capital costs such as machinery and working capital. The maximum payback duration is 60 months for women and 36 months for males.
- Hybrid/Partially Secured Loans – You can get this loan if you don’t have enough collateral to secure a loan but have demonstrated your ability to repay. You must, however, offer security covering at least 50% of the loan amount.
- Unsecured SME Loan for Businesses – This loan is available to SME owners with a healthy cash flow and a track record of repayment but no tangible assets.
- SME Loan (Chattel Secured) – This is a secured business loan designed to fulfill the needs of all SME clients.
Finally, the Co-operative Bank of Kenya provides loans to meet all your needs, whether personal or business-related. Furthermore, their interest rates are moderate, and their payback terms are likewise acceptable.
