KCB Mpesa loans have interest rates of 1.12% per month with a one-off negotiation fee of 2.5%. Transfer of money in and out of the KCB M-PESA Account is free which is a major attraction to the service. The cost for the one-month loan is 3.62% with excise duty applicable on fees.
Requirements for a KCB MPesa Account
– You need to be an active and registered Safaricom MPESA customer
How to Sign up for KCB M-Pesa
1. Go to your M-Pesa Menu
2. Select Loans and Savings
3. Select KCB M-Pesa and Activate
How to apply for a KCB M-Pesa Loan
After successfully activating your KCB M-Pesa account you will be issued with a loan limit. From here you can borrow money that is directly deposited into the KCB M-Pesaa account. The loan limit ranges from Ksh 50 to 1M with a repayment period of 30 days.
Note that the loan that will be sent to your KCB M-PESA Account will be less the interest, negotiation fee, and excise duty which are deducted upfront.
How to Withdraw Money from KCB Mpesa Account
Follow the following step:
1. Go to your M-Pesa menu
2. Go to Loans and Savings
3. Access your KCB M-PESA menu
4. Select Withdraw to M-PESA
5. Your KCB M-PESA Account will be deducted and your M-PESA Account credited with the amount.
How to increase your KCB Mpesa Loan Limit
1. Keep using and increasing use of M-PESA services
2. Increase savings on your KCB M-PESA Account
3. Increase activity on your KCB M-PESA Account by moving money in and out of your Account.
How To Repay KCB Mpesa Loan
You can repay your loan from your KCB M-PESA Account.
1. Access the M-PESA menu.
2. Select Loans and Savings.
3. Select KCB M-PESA.
4. Select Pay Loan.
You will be listed with the Credit Reference Bureau (CRB) if you fail to repay your loan.
Please note that once cleared from CRB, you will not be able to access any KCB mobile loan for 60 months.