Capital access plays a key role in the growth and survival of small businesses. Small businesses need working capital to cover daily expenses and funding for growth and expansion.
Understanding this need, the Co-operative Bank of Kenya (Co-op Bank) has rolled out various financing products to provide the much-needed capital to businesses in various sectors.
An example of such products is the Co-op Bank personal loan which offers lending of between Sh50,000 and Sh8 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 Sh50,000
- Maximum loan amount of Sh8,000,000
- 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
