Given the responsibilities that kick in daily, expected, and unexpectedly, we all find ourselves in need of financial assistance at one point or another.
The funds may be needed for various reasons, such as to settle dues or start, grow, or expand a business.
While it’s easier for businesses to secure funding from financial institutions, the options may be limited for individual borrowers.
This is one reason why Co-op Bank introduced an affordable personal loan product to alleviate its customers’ financial worries.
The lender is offering personal loans of Up to Sh4 million to all its customers with an active salary account. Co-op bank’s salary account is a transactional account designed to facilitate salary processing.
Kenya Shilling officially recovers to 120s against US dollar after two years
It’s targeted at employees and is arguably the best salary account in Kenya, as it offers customers access to Asset products such as Unsecured Personal Loans, Asset Finance, Mortgages, and Cash Advances.
No minimum opening balance is required as well as operating balance. In addition, no monthly maintenance fee is required.
Customers with a Co-op Bank Salary Account enjoy the following benefits:
- Unsecured Personal Loans of up to KSh. 4m
- One-year salary advance of up to 4 times net monthly salary
- Mobile Loans of up to KSh 500,000
- Zero minimum operating balance
- Zero account maintenance charges
- Flexible salary processing fee
- Prompt salary processing
To get started, Co-op Bank requires customers to visit any of its branches countrywide with an original and photocopy of their identity card.
Other requirements are Passport Photo (To be taken at the branch) Sh600 for the Debit Card (inclusive of Excise Duty of 20%), and a copy of KRA PIN.
”A letter of introduction from the employer is not required,’’ the lender states.
To enjoy these benefits, you can visit your nearest Co-op Bank branch.