Co-operative Bank is a publicly listed bank in Kenya that aspires to be the leading an dominant Kenyan Bank with a strong country wide presence. It has a strong network of Co-op agents scattered across the country.
Considering that many people in Kenya, salaried or non-salaried have different needs at various points in life, loans will always be of vital importance. In line with the Bank’s slogan, ‘we are with you’, the Co-operative Bank of Kenya has developed competitive loan products for personal and business needs.
Here are some of the bank loans that are offered by the Co-operative Bank:
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Business Loans
This offers the small and emerging businesses the funding they need to grow. The credit is available to all business owners and is being provided at affordable rates.
Co-op Bank Loan requirements for Business Loans
- Identification of the borrower(s) and the business incuding the Certificate of Registration
- Certified Bank statements for the business for the last six months
- Business must be older than an year
- Business records such as cashflows
- An active account with the bank
- Details of the Business such as address and owner
Co-op Bank Business loan rates
Co-operative bank has an interest rate not exceeding 13.5% per annum. The benchmark rate stands at 9.5%.
Types of Co-op Bank business loans
- Asset finance
- Biashara Plus
- Bizwise Current Account
- Business Current Account
- Business Mortgage and construction loans
- Haba Na Haba
- Msamaria Women’s Loan
- SME Loans
- Co-op Bank Flexi loan (Salary Advance)
2. Personal Loans
These products target salaried individual borrowers looking to finance development projects, buy assets or other personal expenditures.
Co-Operative Bank provides between Sh. 50,000 to Sh. 4,000,000 repayable within 72 months for personal expenditures and other investment needs.
Co-op Bank personal loan rates
The loan rates for personal loans stand at 14.5% per annum.
3. MCo-op Cash Loans
You can access a variety of banking services at the comfort of your mobile phone using the MCo-op Cash. This is done by dialing the short code *667#.
The requirement to apply for a loan on MCo-op cash is that you have to register with the service using your National Identity Card.
Services you can access using MCo-op Cash
- Apply and pay for a loan
- Send money to other mobile money services, for example, M-PESA.
- Pay bills, for instance, KPLC, DSTv, KRA Tax and Insurance
- Pay fees, for example, school fees or rent
- Activate SMS alerts for debits and credits
- Buy airtime for any mobile number
- Deposit or save money
- Send money to another MCo-op Cash Account, Co-op Bank Account or a SACCO account.
- Withdraw cash at a Co-op Agent or Co-op ATM.
- Transfer money to and from your Co-op Account or SACCO Account
- Pay for goods and services
- Check your account balance or get a statement
- Buy, sell or transfer shares
How to apply for a Co-op Bank Loan
In order to apply a Co-operative Bank loan, you need to visit their website and download the application form. You can also click here to apply for the loan
Alternatively, you can also any of their physical branches country wide and they will assist you with the loan application process.
Co-op Bank Loan calculator
The Co-op Bank loan calculator is available online to customers. It helps them calculate the total cost of the loan, the start and completion dates as well as the monthly installments.
With a customized calculator, you can choose your repayment period and the monthly installment for each loan type. Click here to access the loan calculator.
