Best Bank For Loans In Kenya

What is a Loan?

In finance, a loan is the transfer of money by one party to another with an agreement to pay it back. The recipient, or borrower, incurs a debt and is usually required to pay interest for the use of the money.

Best Bank For Loans In Kenya

1. KCB Bank: Lengthy Loan Repayment

KCB Bank started in 2015 and has been a credible financial services provider. Apart from offering loans, it has other products, including insurance, mortgages, savings, investments, credit cards, and savings. 

You can choose this financial entity to secure different types of loans from salary advances, some, emergencies, and even a personal unsecured loan. The latter has some attractive benefits, including a maximum loan borrowing limit of up to 2 million and flexible repayment periods of up to 4 years.

2. Equity Bank: Friendly Interest Rate

The next bank we have is Equity, which is accredited as a profitable bank. It has a variety of loans such as Personal loans, Mortgage loans, Merchandise loans, and Unsecured loans. Personal loans, it’s ideal for those who want finance for personal needs such as Salary advances, Eazzy loans, and Equiloan.

What’s more, the Merchandise loan lets you use it to improve living standards. Note that it’s only available for Equity customers and includes the Maji Loan, Jamii Safi loan, Mortgage Loans, Car Loans, and Unsecured loans.

3. I&M Bank Limited: Favorable Mortgage Loan Rates

Like Equity Bank, I&M Bank Limited is also a commercial financial service provider. Its headquarters are in Nairobi, and they offer up to 7.5% per year, depending on the savings account.

Apart from loans, some of the services include transaction accounts, trade finance, credit cards, debit cards, prepaid cards, savings, and mortgages.

This institution is among the top banks with great interest rates for investments and mortgages. With 2 main loan categories: Car and House loans, you can enjoy competitive prices, unlike other banks in Kenya.

4. NCBA Bank: Fast Loan Disbursement

NIC and CBA banks merged on 6th December 2018 to form the now renowned financial organization, NCBA.

It has since improved its services to offer fast financial packages, especially loan disbursements. Not only that but also the asset solutions are customized to each specific need.

Although the consumer loan rates are higher than other banks, you’ll enjoy a fast 13% interest rate. Other loans include Logbook loans, construction loans, plot loans, personal loans, and mortgages.

5. Absa Group Limited: Easy Online Loan Service

Absa is one of Africa’s financial service groups that accommodates up to 12 countries with over 42,000 employees. With a flexible physical and online financial plan, this institution is among the best that lets you enjoy online loans with reasonable rates of up to 14%.

That means zero queuing when needing financial assistance, minimal to no follow-ups, zero face-to-face transactions, and other benefits. 

Where can I borrow money urgently in Kenya?

You can request loans on the KCB app or the KCB Mpesa platform more than once a day as long as you do not exceed your limit.

One can only access KCB M-Pesa loans through a Safaricom sim card. Go to your phone’s SIM toolkit and open the M-Pesa menu to borrow money or access the loans via the M-Pesa or KCB mobile apps.

What is the most friendly bank in Kenya?

Equity Bank has been feted as the Best Bank in Kenya in the 2023 Think Business Banking Awards for the 12th consecutive year.

Equity was also named the best bank in the inaugural ESG Factors Category as well as the Most Customer-Centric Bank.