Bank of Africa : Unsecured Personal Loan Kenya

Name of the Organization : Bank of Africa – Kenya
Type of Facility : Unsecured Personal Loan
Country : Kenya

Website : https://www.boakenya.com/

Bank of Kenya Unsecured Personal Loan

These are personal loans ranging from amounts of Kshs. 50,000 to Kshs. 2,000,000 extended to salaried individuals with minimum net salaries of Kshs. 25,000. No security is required for this loan.

Related : Bank of Africa Hudumia Salary Pack Kenya : www.statusin.org/6505.html

Features:
** The loan duration is a minimum of 12 months to a maximum of 48 months.
** Response time in 48 hours.
** Maximum amount of the loan is Kshs. 2,000,000 and a minimum of Kshs. 50,000.

Benefits:
** Competitive interest rates.
** Flexible interest installment matched to your income.
** Maximum loan amount Kshs. 2,000,000.
** Minimum loan amount Kshs. 50,000.
** Quick processing and disbursement within one week.

Eligibility:
** Any salaried individual who has been in continuous employment for over 6 months.
** Minimum net qualifying salary of Kshs. 15,000.
** Maximum qualifying age is 55 years.
** Processing fee of 2%.
** Clean Credit Reference Bureau report.

Requirements:
** Submission of duly completed BANK OF AFRICA Personal Loan application form.
** Letter of undertaking from employer confirming employment and that salary shall be sent directly to the applicant’s BANK OF AFRICA account.
** Copy of a valid ID.
** Copy of PIN certificate.
** The originals of the preceding 3 months’ payslips.
** For non-BOA customers, certified copies of bank statements for the preceding 6 months.

Contact Us:
Bank of Africa – Kenya
Head Office; Re-insurance Plaza, Taifa Road
P.O Box 69562-00400 Nairobi, Kenya

Tel: +254 703 058 120 / +254 20 327 5000
SMS: 20030
Email: yoursay [AT] boakenya.com

FAQs :
1. Who can open a BOA Savings account?
This account can be opened by individuals, business entrepreneurs, learning institutions as well as NGO’s and religious organizations. It offers customers an easier and a much more convenient way to proper financial management.

2. How much do I need to open account?
This account has a low opening balance of Kshs. 500 for individuals and Kshs. 5,000 for businesses.

3. How much do I pay to maintain this account?
There are no monthly charges on this Savings account. In addition, customer will get a free statement of account every 6 months.

4. Will I get an ATM card for withdrawals?
No, customers will not be issued with a Debit card. This applies to issuance of a cheque book as well. This is because the account is a savings account and bank’s primary goal is to enable customers develop a good savings culture and exercise good financial management.

5. How soon can I withdraw money from the savings account?
You are allowed to withdraw cash over the counter once every three months.

6. How much interest will money in my account earn?
This account has attractive interest rates on daily credit account balances pegged at market rates. Interest is paid every three months and minimum balance required to earn interest is Kshs. 5,000

7. Will I be able to access loans once I open a BOA Savings account?
Yes. As a customer, you can access a loan of up to 80% of your savings