KCB M-Pesa Loan; How to Apply and Repay in 2023

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

1. Via  Safaricom APP

1. Go to M-PESA menu
2. Select loans & savings
3. Select KCB M-PESA
4. Select loans
5. Request loan
6. Enter amount
7. Enter M-PESA PIN & submit.

1. 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