KCB M-Pesa Loan is a money lending service that is offered through the M-Pesa platform on your Safaricom line. The KCB M-PESA Loan helps you stay liquid. Whatever you need the cash for, chama, to get that latest gadget or to catch up on rent we have you covered.
KCB M-pesa Loan Application
KCB M-Pesa offers a minimum loan amount of Kshs 50 and a maximum of Kshs 1,000,000 at an interest rate of 7.5%.
In order to be able to access this service you need to have a Safaricom sim card and be a registered M-Pesa user. You have to be 18 years old and be active for the last 6 months.
Registration
- Access the M-Pesa Menu on your sim toolkit or via the mySafaricom app.
- Pick loans and Savings.
- Select KCB M-Pesa.
- Hit the activate button.
Additionally, you can use the USSD code;
- Dial *844# on your Safaricom line.
- Accept the terms and conditions after reading them.
- A pin will be sent on your device.
- Dial *844# again and use the pin to access your account.
How to Request for a KCB M-pesa Loan
-
Via Safaricom APP
- Go to M-PESA menu
- Select loans & savings
- Select KCB M-PESA
- Select loans
- Request loan
- Enter amount
- Enter M-PESA PIN & submit.
-
Via USSD
- Dial *844# and enter your secret PIN or access the loans and savings on the SIM toolkit or the mySafaricom app.
- Select Loan and request loan and enter the amount you want to borrow.
- Select the preferred repayment period that you want.
- Hit the okay button. Funds will be transferred to your KCB M-Pesa account upon approval.
- From here you can transfer it to your Mpesa for withdrawal or any other payment that you want to do.
The loan will be deposited to your KCB M-PESA account. To access the loan, move the money to your M-PESA. It is free to send and withdraw money to M-PESA from KCB M-PESA.
Repayment and Duration
The loan is repayable within a period of 30 days from when you took it.
- Access the M-Pesa Menu via the sim toolkit or mySafaricom app.
- Select loans and Savings.
- Select KCB-Mpesa.
- Choose Pay loan.
- You can clear the loan from your M-Pesa account or your KCB M-Pesa account.
If the KCB M-Pesa loan is not repaid within the agreed time, you have to pay a penalty. After 90 days you are listed on the Credit Reference Bureau -CRB.
Read also: How to Deposit and Withdraw Money Via KCB Paybill Number