How To Apply For A Bamba Loan And Get Instant Approval In 2023
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Bamba is a mobile credit facility offered by Choice Microfinance bank which is among the digital lenders licensed by the CBK to undertake digital lending services in Kenya.
Therefore, Bamba operates within the confines of the data protection act as well as other digital lender regulations aimed at preserving the rights of its users.
Currently Bamba loan limits are capped at a maximum of Ksh 30,000 with limit increases regarded as the fastest whereby the majority of its users double their limits within a short duration.
Bamba loan interest rates are set at 4% of the loan amount in addition to the principal amount and the repayment amount being 2 weeks from the date of the loan disbursement.
Bamba Loan Eligibility Requirements
Before you can access the Bamba loans, you are required to meet the minimum eligibility requirements set by Choice Bank which include;
a) Be a legally registered Kenyan citizen
b) Be at least 18 years or older in age
c) Possess a valid Kenyan national ID
d) Be a registered Safaricom and MPesa subscriber
e) Have an active business generating sustainable income
f) Not be blacklisted by the CRB
Where To Access Bamba Loans
i) Bamba loan ussd code
Currently, Bamba does not offer loans via the USSD option.
ii) Bamba loan android app downloadable from the Playstore
a) How to download app from Google Playstore via PC web
Use a PC to navigate to the Playstore’s online version.
Press the search icon at the upper right corner of the website.
Input “Bamba loan app” as the search term in the search bar.
Filter the Bamba loan app from the list of results, as published by getbamba.com Ltd. (Note: This is to prevent the many fake loan apps with names that are similar to those of the legitimate app.)
b) How to download Bamba loan app via android playstore app
Open the Play Store app on your Android device.
Press the search tab at the top of the page.
Input “Bamba loan app” as the search term.
Filter the Bamba lending app from the list of results, by selecting the one offered by getbamba.com Ltd. (Note: This is to filter out the many fake loan apps with the similar app name)
Press the “install” button.
Wait for the Bamba loan app to download (Note: The Bamba app has a size of roughly 21MB before installation and may take less than a minute to complete the download process depending on your network speed)
Once downloaded and installed, click on ‘Open’ right from the playstore
Note: If you are having issues downloading Bamba app from Playstore, you can use this alternative download link
(Note: Upon installation, the Bamba app may increase in size to roughly 101MB so ensure that you have enough storage space in your device)
iii) Bamba loan iOS app downloadable from the Appstore
Currently, Bamba does not offer loans via the iOS platform.
How To Register For Bamba Loans In 4 Easy Steps
Once the Bamba app has been downloaded and installed from the Playstore, you may follow the steps below to register and create your Bamba account.
1. Enter your MPesa registered phone number
Upon launching the Bamba app, you will be required to first input your MPesa registered phone number. Once done, click on the ‘Next’ button to proceed.
2. Wait for verification code
To verify your phone number, a 6-digit verification code shall be sent via SMS to the phone number submitted in the previous step.
This code is usually valid for 10 minutes from the time it was requested.
3. Enter Verification Code
Click on ‘enter code manually’ link to be directed to the verification code text field whereby you are required to input the 6-digit code. If correctly entered, you will receive a notification stating that you are verified.
4. Grant Location Access
On the next screen, you are required to grant the app access to your location which helps in fraud prevention as well as optimization of the app features.
Some additional information collected by the Bamba app includes data about installed applications in the form of non-invasive, publicly available metadata.
Once location access has been granted, you will be directed to the app’s dashboard.
How to Apply For A Bamba Loan
To begin the loan application, follow the below outlined processes.
1. Click on ‘Get A Loan’
This option is available within the dashboard.
2. Grant Camera Access
Bamba uses face recognition technology for identity validation and as such, it requires permission access to your device camera.
3. Create & Confirm Security PIN
In-order to protect your personal information, Bamba uses PIN security and as a result, you are required to enter a 4-digit PIN for future logins to your Bamba account.
4. Enter your ID number
Once you have successfully created your PIN, the next screen will require you to input your national ID number. Once done, click on the ‘Next’ button.
5. Take A Selfie
Similar to Kamoa, Bamba relies on Smile ID technology for identity verification purposes. To do this, good lighting, clear image free from obstructions is necessary.
To take a selfie, click on the ‘I’m Ready’ tab and put your face inside the oval frame and wait for it to turn green. Depending on the result, you have the option of retaking the selfie.
6. Enter Your Business Details
This step involves submitting business details which include;
- Business name
- Duration the business has been in operation
- Number of employees in the business
- Goods/Services offered by the business
- Whether you are owner/employee of the business
- Sales amount made in the previous month
- Average sales amount made within the previous three months
7. Submit Your Personal Information
- Availability of previous loan approvals
- Availability of outstanding loans
- Educational level
8. Purpose for the loan application
This requires you to state the intended reason for applying for the Bamba loan. The reasons may range from starting/growing a business, paying suppliers, emergency, travel etc
Once the loan application has been submitted, wait for it to be reviewed upon which you will receive feedback on its approval or denial.
How To Increase Your Chances Of Being Approved For A Bamba Loan
There are several factors that determine the outcome of your Bamba loan application. Some of them may include;
1. Credit score rating
This refers to a numerical rating representing your financial behaviour in meeting your financial obligations such as loan repayments.
Your credit rating can either be negative or positive whereby negative signifies poor CRB score as a result of late repayments, loan default or CRB blacklisting while positive is a high CRB score as a result of timely repayments.
Consequently, lower credit rating minimizes your chances of being approved for a Bamba loan while higher credit rating improves your chances of being approved for a Bamba loan.
Fortunately, you can increase your credit score within a short time using these helpful techniques.
2. Availability of business
By functionality, Bamba advances credit primarily to businesses in Kenya and as such, it is only logical to possess a business inorder to improve your chances of being approved for a Bamba loan.
3. Duration of business operation: this typically refers to the period whereby the business has been active whereby businesses with larger duration tend to have a higher chance of loan approvals compared to businesses in operation for a much shorter period.
4. Business income: this is the amount of money generated by the business and is usually significant in determining the financial capability of its operations.
Typically, businesses bringing in large amounts tend to have higher chances of being approved than those with lower amounts in relation to their expenses.
5. Expenses: Usually goes hand in hand with business income to show the financial position of a business. Business expenditure generally include employee salaries, supplier payments, rent etc
How To Check Your Bamba Loan Limit
To check your Bamba loan limit, simply login to the Bamba app and your limit will be displayed.
How To Qualify For Larger Bamba Loan Amounts
As previously stated, Bamba loans have a maximum limit of Ksh30,000 and in order to be qualified for such a limit, you need to be aligned with certain conditions that are outlined below.
i) Timely Bamba loan repayments
ii) keeping up with all of your outstanding debts to Bamba and other lenders
iii) Not deleting financial transaction SMS
iv) Maintaining a high credit score
How To Top Up Your Bamba Loan Amount
Currently, Bamba does not offer a loan top-up option.
Bamba Loan Repayment Duration
Bamba loans are repayable within 2 weeks after disbursement of the loan.
How To Extend Bamba Due Date
Currently, Bamba does not offer a loan extension option.
To find out lenders that do, check out our list of lenders with loan extension options in Kenya.
How To Repay Bamba Loans
i) How To repay Bamba loans via paybill
The official Bamba paybill number is 4091141
ii) How To repay Bamba loan via ussd code
Currently, Bamba does not offer loan repayment option via USSD
iii) How to repay Bamba loan via app
Click on ‘Pay Now’ in-app option
How To Contact Bamba Customer Care
If you have any queries you can reach Bamba Loan App customer care at:
Whatsapp: 0703 229 889