What is KCB M-PESA Loan, KCB Mobile Loans in Kenya -

What is KCB M-PESA

This is a mobile based account offered exclusively to M-PESA customers enabling you to:

• Access loans at attractive low interest rates of 1.16% per month with a one off negotiation fee of 2.5%. The cost for the one month loan is 3.66% with excise duty applicable on fees.
• Save for a fixed period of time (Fixed Deposit Account) or save a little at a time for a set period (Target Savings Account) and earn interest of up to 7% p.a.
• Transfer money in and out of the KCB M-PESA Account for FREE.

How to sign up

• Access through the M-PESA menu
• Select Loans and Savings
• Select KCB M-PESA and Activate.

Features

1. Loans

• Upon activating the account, you will be issued with a loan limit from where you can borrow instantly. Loans issued are deposited into the KCB M-PESA Account.
• You can access loan limits from as low as Kes. 50 and up to Kes. 1M.
• Enjoy repayment periods of 30 days.
• Loan repayment can be made via M-PESA or from the KCB M-PESA account.

How does it work?

• Access the M-PESA menu.
• Select Loans and Savings.
• Select KCB M-PESA.
• Select Loan.
• Request Loan.
• Enter amount.
• Enter your M-PESA PIN
• Loan amount will be sent to your KCB M-PESA Account less the interest, negotiation fee and excise duty which is deducted upfront.
• To access, the loan, go to KCB M-PESA menu and select Withdraw to M-PESA.

2. Savings

There are two types of fixed deposit accounts available to you as a KCB M-PESA Account holder. They include;

Fixed Savings Account

This account allows you to lock a specific amount of cash for a period of up to 12 months.

How does it work?

• Access M-PESA menu
• Select Loans and Savings, KCB M-PESA
• Select Fixed Savings Account
• Select Fixed deposit
• Open Account
• Select source of funds;
  • M-PESA
  • KCB M-PESA
• Enter amount (amount needs to be more than KES 500)
• Enter period (1, 3, 6 or 12 months)
• Enter M-PESA PIN and confirm transaction
• You will receive an M-PESA confirmation.

Benefits

• Locked periods include 1, 3, 6, and 12 months with minimum amount of Kshs.500.
• Upon early or premature redemption, you will forfeit all interest accrued.
• You get cash back immediately to KCB M-PESA account on prompting cash back.
• Earn attractive Interest rates of 7% p.a on your savings.

Target Savings Account

This account allows you to set a target and make deposits towards achieving that target.

How does it work?

• Access M-PESA menu.

• Select Loans and Savings, KCB M-PESA

• Select Target Savings.

• Open Account

• Open Account

• Select source of funds;
  • M-PESA
  • KCB M-PESA
• Enter amount (amount needs to be more than Kes 500)
• Enter period (1, 3, 6 or 12 months)
• Enter M-PESA PIN and confirm transaction
• You will receive an M-PESA confirmation.

Benefits

• You top up continuously until you achieve your target.

• You can deposit money into the target account through:
  • M-PESA
  • KCB M-PESA
  • Standing orders from KCB M-PESA

• You can choose from target periods of 1, 3, 6 and 12 months with minimum contribution of Kshs.50.

• You earn interest on cumulative interest.

• You are allowed up to 4 withdrawals within target lock period to maintain interest.

• You get cash back immediately to your KCB M-PESA account on prompting cash back.

• Minimum target period is 1 month.

• Enjoy attractive Interest rates of 7% p.a on your savings.

Frequently Asked Questions

What are the requirements to have a KCB M-PESA Account?

• Be a registered and active Safaricom M-PESA customer.

What are the interest rates on loans?

• 1.16% per month with a one off negotiation fee of 2.5%. The cost for the one month loan is 3.66% with excise duty applicable on fees.

How do I check my loan limit?

• Access the M-PESA menu.

• Select Loans and Savings.

• Select KCB M-PESA.

• Select Loan.

• Request Check Loan Limit.

How do i get a loan from KCB M-PESA Account?

• Access the M-PESA menu.

• Select Loans and Savings.

• Select KCB M-PESA.

• Select Loan.

• Request Loan.

• Enter amount.

• Enter your M-PESA PIN

• Loan amount will be sent into your KCB M-PESA Account less the interest charged which is deducted upfront.

• To access, the loan, go to KCB M-PESA menu and select Withdraw to M-PESA.

How do I pay my KCB M-PESA Loan?

• 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.

I cannot access a KCB M-PESA loan. What are some of the reasons for this?

• You have been listed with the Credit Reference Bureau.

• You already have an existing KCB M-PESA loan.

• You have a low credit rating.

How do I grow my 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.

How do I deposit or withdraw money into or out of the KCB M-PESA Account?

Money in and out of the KCB M-PESA Account is ONLY available through M-PESA.

• To deposit from M-PESA
  • Access the KCB M-PESA menu.
  • Select Deposit from M-PESA.
  • Your M-PESA will be deducted and your KCB M-PESA Account credited with the amount.

• To withdraw to M-PESA
  • Access the KCB M-PESA menu
  • Select Withdraw to M-PESA
  • Your KCB M-PESA Account will be deducted and your M-PESA Account credited with the amount.

How do I check my account balance?

• Access the KCB M-PESA menu

• Select My Account

• You can check your account balance or request for a Mini Statement.