The KCB M-PESA account is a mobile based bank account was introduced and operated by Safaricom in 2007. Today, it is managed by both Safaricom and Kenya Commercial Bank (KCB). The account operates zero minimum balance and gives an interest rate of 2% per annum. The KCB M-PESA can be used for fixed deposit as well as target savings over a period of time. It can be accessed via the *844# USSD code. Once you dial the USSD code, you can follow the prompt to carry out any of the available functions on the platform.
The KCB M-PESA loan facility is a service that enables her registered users to borrow money with the interest of between 4% to 6% per month. It offers a repayment plan of 1, 3 or 6 months depending on your choice.
For you to take advantage of KCB M-PESA loan, you must own a KCB M-PESA account. To open one, here are the things you need;
- Must be a registered Safaricom M-PESA user with an active account.
- Must have a valid mode of identification such as National ID, Alien ID, Kenyan Passport, Diplomatic ID (Registered on IPRS), Military ID etc.
The KCB M-PESA loan limit is determined by your activeness on Safaricom and KCB M-PESA Account. You can check your loan limit by dialling the USSD code, input your PIN and choose loan. From there you can check your loan limit.
READ ALSO- Western Union: How To Transfer Money To Other Countries From Nigeria And The Charges Involved
How To Request For KCB M-PESA Loan
To request for loan via the KCB M-PESA loan facility is quite simple and easy, simply follow the steps below;
- Dial the KCB M-PESA USSD code *844# and input your PIN
- From the prompt, select the loan option
- From there, select request loan option
- Next is to input the amount you want to borrow
- Next, choose your preferred repayment period
- You will then receive the fund in your KCB M-PESA account.
Available Interest Rates And Repayment
The interest rate is determined by the number of days you choose for the repayment. For 30 days loan repayment plan, it will be charged at the rate of 6% per month, 90 days loan is charged at 5% per month while
180 days loan is charged at the rate of 4% per month.
To pay back your loan, you may either pay back in full or in installments. Whichever you decide to use, dial the *844# USSD code and input your KCB M-PESA PIN. Next choose loan and then select pay loan. Next is to select where the funds is to be withdrawn from whether KCB M-PESA account or M-PESA, then input the amount and it is done in seconds.
With the information above, I am quite sure you have all you need concerning the KCB M-PESA loan. You may now explore the possibility of getting the loan. All the best!