The Co-operative Bank of Kenya has unveiled a new multi-purpose loan product allowing borrowers to accomplish various financial goals.

The new product dubbed Ni Kaslip tu targets employed individuals or individuals with a regular income including a monthly pension.

According to the lender, borrowers can access a minimum loan amount of Ksh 50,000 and a maximum loan amount of Ksh 9,000,000 for various purposes including education, medical, furniture, consumer durables, motor vehicles, plot purchase, holidays, and shares.

“With just a pay slip you can get up to Kes.9M unsecured personal loans for a maximum term of 120 months,” Co-op stated.

No specific minimum net salary is required meaning anyone can access the loan as long as they have a regular income, original National Identity Card and a copy, Salary pay slips for the last 3 months, filled-in loan application form, and a copy of KRA pin.

Through its  MCo-opCash mobile app, the fourth largest lender in Kenya by asset base is also offering short-term loans of between Ksh 1,000 to Ksh 500,000 repayable in between 1-3 months depending on the amount borrowed.

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The MCo-opCash app further allows users to receive their salary through Co-op Bank account.

To qualify for the MCo-opCash loans, borrowers must have a Co-op Bank salary account, copy of KRA PIN and register on the mobile platform.

How to open a Co-op Bank salary account

Opening a salary account is easy and customers become eligible to apply for a loan after six months.  No minimum opening and operating balance is required.

The Co-op Bank Salary Account comes with a personal accident insurance cover for newly employed workers, making it attractive to public servants as accident cover is a requirement for them to be employed by the government.

Other benefits include access to Asset products such as unsecured personal loan, asset finance, Mortgages, and Cash advances.

To open a Co-op Bank salary account, visit the nearest Co-op Bank branch.

Requirements:

• Identity card/ Passport- original and copy
• Passport Photo (To be taken at the branch)
• Ksh600 for the Debit Card (inclusive of Excise Duty of 20%)
• Copy of KRA PIN
• A letter of introduction from the employer is not required

“Getting financing with a Co-op salary account is just a pay slip away – invest using ready benefits like loans, investment opportunities and Insurance,” Co-op states.

“The Co-op Salary account is ideal because of the three in one solution for finances: a salary account; a personal loan and Mobile Loans,” it adds.