KCB M-PESA loan is a mobile loan service formed through a partnership between Kenya Commercial bank ( KCB ) and Safaricom’s mobile money service M-PESA.
It is accessible from the SIM toolkit, as well as from the MySafaricom app.
REQUIREMENTS
In order to qualify for a KCB M-PESA loan, you must be at least 18 years old, a registered and active M-PESA subscriber for at least six (6) months and an active KCB M-PESA account holder.
REGISTRATION PROCESS
- Access the M-PESA menu.
- Select Loans and Savings.
- Select KCB M-PESA.
- Select Activate
LOAN AMOUNTS
KCB M-PESA offers a minimum loan amount of Ksh50 to a maximum amount of Ksh1M with each loan increment being dependent on a variety of factors including account activity.
FEE RATE
The loan attracts a fee rate of 7.5%
REPAYMENT DURATION
The loan is repayable within a period of 30 days.
REPAYMENT PROCEDURE
Method 1 ( via SIM toolkit )
- Access the M-PESA menu.
- Select Loans and Savings.
- Select KCB M-PESA.
- Select Pay Loan.
- You can pay from M-PESA or from your KCB M-PESA Account.
Method 2 ( via MySafaricom app )
- Open the MySafaricom app and access the M-PESA tab.
- Select Loans and Savings.
- Select KCB M-PESA.
- Select Loan.
- Select Pay Loan
-
You can pay from M-PESA or from your KCB M-PESA Account.
APP PERMISSIONS
For MySafaricom app users only.
This app has access to:
- Device & app history- retrieve running apps
- Identity- find accounts on the device and read your own contact card
- Contacts- find accounts on the device and read your contacts
- Location- approximate location (network-based) and precise location (GPS and network-based)
- Phone- read call log and read phone status and identity
- Photos/Media/Files- read the contents of your USB storage and modify or delete the contents of your USB storage
- Storage- read the contents of your USB storage and modify or delete the contents of your USB storage
- Camera- take pictures and videos
- Wi-Fi connection information- view Wi-Fi connections
- Device ID & call information- read phone status and identity
Other
- update component usage statistics
- read historical network usage
- receive data from Internet
- view network connections
- full network access
- control Near Field Communication
- read terms you added to the dictionary
- run at startup
- control vibration
- prevent device from sleeping
- add words to user-defined dictionary
- install shortcuts
- uninstall shortcuts
- read Google service configuration
HOW TO GROW KCB M-PESA LOAN LIMIT
- Increase activity on your KCB M-PESA Account by moving money in and out of your account.
- Increase savings on your KCB M-PESA Account.
- Increase usage of M-PESA services.
LATE REPAYMENTS
If the loan is overdue for more than 30 days but less than 90 days, penalty period is 3 months. If the loan is overdue for more than 90 days, you are listed on CRB.
OVER PAYMENTS
The excess funds are deposited in your KCB M-PESA account.
REPAYMENT DATE EXTENSION
None.
CONTACT DETAILS
Email: contactcentre@kcbgroup.com
Tel: +254 (711) 087 000
Tel: +254 (732) 187 000
Tel: +254 (711) 087 000
SMS: 22522
Categories: Loan Apps - Kenya
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