Banks That Offer Student Loans In Kenya And How To Get It
A lot of students are really wondering where the can get money to go back to school due to how things are in the country today. Numerous questions are running through their minds and it seems the can’t find a lasting solution to it. Well, in every situation there is always a way out. So, in this article, you will be given detailed information on how to get student loans in Kenya.
What Is A Student Loan?
A student loan is designed to help students pay for education and its associated fees. This loan differs from other kinds of loans in the sense that the interest rate is relatively lower, and the repayment schedule is much more flexible.
Banks That Offer Student Loans In Kenya
1. HELB
This is a state-owned institution called the Higher Education Loans Board. HELB prides itself as the main financier for the majority of the disbursed student loans. They have been giving student loans since the year 1995 and they have disbursed a total of seventy-two billion Kenyan shillings for the past two and a half decades, and belongs to the student loan board Kenya.
HELB is definitely the leader at giving college student loans in Kenya. They have a long history as it’s a government-owned institution meaning it is regulated. Its track record can also be traced back to view a brief history of what you might expect as a potential beneficiary. If you were wondering where to get student loans in Kenya, start here.
Check out the official HELB website for the entry requirements. The HELB interest rates are subsidized by the government to help more students access and afford these loans to help them access education. It is arguably the best organization for student emergency loans in Kenya.
HELB is definitely a contender for the student with a vision to get an education but no money to get in. HELB allows students to access loans up to fifty thousand shillings and a bursary of 8000 shillings.
For one to apply for a HELB loan, advertisements are placed on the media asking for people’s applications as well as giving deadlines for applications. All HELB loans are released right before a new academic year begins. To check for one’s loan status, the loaned has to access the site and sign in and any information needed is found on the site.
2. KCB Bank Student Loans
The Kenya commercial bank mostly known as KCB bank is one that is widely known in Kenya. Having many customers trust, best believe that they too have a platform that allows students to access academic loans.
This is one of the banks that offer student loans in Kenya. The KCB Masomo loan is intended for educational advancement. The loan can be taken by parents to educate their children and also by salaried individuals who wish to further their studies.
The KCB Masomo loan for students in Kenya allows for borrowers to access up to 300,000 thousand for education purposes. Some factors that make the KCB Masomo loan very attractive is the fact that the loan processing process is quick and KCB Masomo loans also offer Attractive competitive interest rates for student loan schemes in Kenya.
The standard requirements are first, the borrower must have an account with KCB for about three months prior to the borrowing. They also need an Original and copy of National ID or passport, the Latest original payslips, proof of income if self-employed, and an admission letter from the university/college.
The maximum repayment for such loans in twenty-four months or two years. An interest rate and any additional fees will be communicated to you by your local banker. KCB Bank is therefore taking part in the community by giving students an opportunity to pursue higher education and also parents to give their children an education opportunity.
3. Soma Loan By Bank Of Africa
One of the banks offering student loans in Kenya is the Bank of Africa with the soma loan. This option allows students to access loans and for the lowest interest. Currently, at only fifteen percent fixed-rate, this loan is available to both parents and students hoping to join the universities and can carry their own loan.
That said, this loan is available for all levels of education beginning from primary school through to post-graduate studies. This is a great way local businesses can help promote development for its customers.
The minimum entry requirements are available on their site. Generally, they simply require proof that you are able to repay their loan and that you can be entrusted by the debtor to pay back in due time. That may mean different things for different people. If you have assets and someone else has a stable job, you both may qualify for this loan.
Do not limit your dreams for a good education before you try. The benefit of the school fees loan by the bank of Africa is that is digitized. That simply means that you can follow up on your loan and other transactions on your phone.
The terms for repaying this loan are that the loan has to be paid through monthly constant debits for a period of 10 months. Another term is that the Credit will be disbursed directly to the learning institutions. This is great because not every individual is a good money manager. It is also good to note that there is a 1% appraisal fee that is applicable.
4. Musoni Educational Loans
One way to get quick student loans in Kenya is with Musoni. Chances are, you have seen Musoni offices even in quite interior parts of the country. Most major towns in Kenya have a Musoni branch.
Musoni is award-winning microfinance that prides itself on its advanced methods. All Musoni funds are sent and received through mobile platforms. The system behind Musoni which actually is an acronym for M-Usoni meaning mobile future is to use simpler digital methods that integrate the customers.
This means that if you are eligible for the Musoni education loan, it will be disbursed to you in seventy-two hours from the time of application. It has won several awards and is on a mission to build and maximize the potential of the businesses of the low income and unbanked of Kenya through the provision of affordable, flexible, and customer-oriented financial services. This is yet another way on how to get an education loan in Kenya.
5. National Bank Of Kenya
The national bank does not have a predetermined student plan. However, they offer unsecured loans to their customers.
This means that anyone with a salary or equivalent stable means of income is able to access the loan. Parents hoping to get loans for their children can apply for a National Bank loan. Unsecured student loans in Kenya are available with National bank.
The minimum amount that one can borrow for the unsecured personal loan is 50,000 and the amount can actually go up to four million Kenyan shillings. There are also flexible repayment options – you get up to 6 years to repay the loan.
The rate of interest may vary as most of the times, the loan is tailor-made for individual customer needs. As long as you ate assured of a means to repay the loan you can access*9 student loans with National bank.
Their interest rate is calculated on a reducing balance basis. As part of its CSR program, the National bank is known to support educational ventures. This shows that they have a special consideration for education and several of their customers can benefit by getting an educational loan to help pursue their dreams.
6. Zidisha School Fees
For online student loans in Kenya, Zidisha is a definite go-to. Zidisha is an international lending community that offers responsible, high-achieving people the chance to raise loans directly from ordinary people all over the world.
The founding story of this institution is heartwarming and captivating. Julie Kurnia the founder of Zidisha came to Africa and found out there was a deep need for people to be able to access funds for self-development.
This platform is perfect for raising college student loans in Kenya. This was as opposed to giving free food once. Solving the individual needs of the African issues needed empowerment and financial assistance. Zidisha empowers people financially and gives instant student loans in Kenya.
Zidisha offers mobile money transfer like Musoni but it does so differently. It is a crowdfunding site. This means that if you need money for a given project, like a business or say education, you make an application and request for money from lenders.
Lenders from across the globe are able to invest in projects of their liking and more than one lender can give money to the same projects depending on their individual capacities as lenders. Borrowers can borrow from as low as 10 dollars and all the way up to thousands of dollars. There are many success stories from individuals who have helped assist themselves in one way or the other.
Student loans are available in this same method. Log into the Zidisha website and follow the instructions that will guide you on how to appraise your issue to lenders for you to get your university loan.
The rate will be given to you once the loan amount and use are defined. The student loan has a relatively low-interest rate and the plan is flexible. On the upside, Zidisha also allows people to take part In investing in other people’s ideas. If you have extra funds, instead of having it sit in the bank, you can invest in other people’s ideas, education, and projects and make some returns while at it.
7. Equity Bank
Yet another popular Kenyan bank, Equity bank is another option for people hoping to secure loans for students in Kenya. Equity bank also does not have any specific loans designated for students. However, you can access a loan from the bank if you are in a position to pay back such loans duly.
Like several Kenyan monetary institutions, Equity bank is also very pro-education. They have played a big role in supporting students and have a well-known track record.
They gave an internship opportunity for the best-performing students from different counties with a full salary. This allowed many able students to save some money to aid the expensive transit into college.
With an equity bank Equiloan, salaried customers are able to meet the needs of various clients including those hoping to get an education loan. This means that both parents and students who qualify can access loans from equity bank.
The required documents include your payslip or equivalent to prove you can pay your loan, Identification documents, and employment letter.
What’s your take on this? We believe this article was helpful, if yes, then don’t hesitate to share this information with your friends on Facebook, Twitter, WhatsApp, and other Social Platforms.