Paying school fees is usually one of the biggest bills at the start of every year as parents enroll their children in school, transfer to other schools, or continue their normal fee contributions.
Some parents send their children back to school with a little school fee hoping to clear the balance within a certain period. While some are sure of where to get the balance, others just wait for miracles to happen.
The good news is that the headache of where to get school fees shouldn’t hurt anymore as affordable loans are increasing day by day enabling parents to have their children continue with learning.
Among the loans that have been hailed by beneficiaries is the Cooperative Bank of Kenya personal loan which offers lending of between Ksh50,000 and Ksh8 million.
Whether you want to make a major purchase, finance a wedding or pay school fees, a Co-op Bank Personal Loan is a simple and convenient borrowing solution to help customers reach these goals and many others that they dare to imagine.
Anyone applying for the loans will have their requests processed within 48 hours subject to employer confirmation. In addition, Co-op requires customers to transfer their salary to a Co-operative account to qualify for a loan.
Furthermore, to qualify for a Co-op Bank personal loan, customers need to maintain an active salary account for a minimum of six months for non-check-off customers.
How to link your Co-operative Bank accounts to PesaLink
Customers under schemes/check-offs can open accounts and fill change of pay-point to Co-op Bank and immediately access credit facilities.
In cases where a customer has loans with other banks and/Saccos, Co-op Bank can buy them off or help in refinancing other bank and Sacco loans for the customer to have one repayment.
Features of Co-op Bank Personal Loan
- Minimum loan amount of Ksh50,000
- Maximum loan amount of Ksh8,000,000
- Maximum term of up to 96 months
- Purposes to be covered include education, medical, furniture, consumer durables, motor vehicles, plot purchase, holidays and shares
- Applications to be appraised using credit scoring
- Applications appraised within 48 hours
Requirements
- Employment or regular income
- Original National Identity Card and a copy
- Original PIN Certificate and a copy
- No specific minimum net salary is required
- Salary pay slips for the last 3 months
- Filled in loan application form
- Copy of KRA PIN
