| Bank | Loan Name | Eligibility Criteria | Interest Rates (p.a.) |
|---|---|---|---|
| KCB Bank | Personal Loan | Salaried: Min. salary KSh 20,000, age 21-60, 6 months employment | 13%-18% |
| Equity Bank | Flexi Pay Loan | Salaried/self-employed, min. income KSh 15,000, good credit score | 14%-20% |
| Co-operative Bank | Advance Loan | Employed min. 1 year, verifiable income KSh 25,000+, age 22-65 | 12.5%-17% |
| NCBA Bank | Quick Loan | Salary account holders, min. KSh 30,000 income, no defaults | 11.5%-16% |
| Stanbic Bank | Personal Finance | Min. net pay KSh 25,000, employed 6+ months, Kenyan resident | 13%-19% |
1. Personal Loans
Personal loans provide unsecured funding for emergencies, debt consolidation, or lifestyle needs without collateral. Banks assess eligibility based on steady income, credit history via CRB checks, and employment stability, typically requiring minimum salaries from KSh 15,000-KSh 30,000 monthly. Repayment terms span 12-60 months with rates around 13%-20% p.a., influenced by risk profile; lower for salaried with clean records. In Kenya, these loans suit urban professionals needing quick cash disbursal within 24-48 hours.
2. Auto Loans
Auto loans finance vehicle purchases, secured against the car itself for lower rates. Eligibility demands 20%-30% down payment, stable income proving affordability (EMI under 40% of salary), and age 21-65. Kenyan banks like KCB offer up to 80% financing for new/used cars, with tenures up to 72 months at 12%-18% p.a. Documentation includes logbooks, pay slips, and ID; approval hinges on debt-to-income ratio below 50%. These loans depreciate with vehicle value, emphasizing timely payments to avoid repossession.
3. Home Loans (Mortgages)
Home loans enable property acquisition or construction, often up to 90% of value with land title as security. Borrowers need verifiable income (KSh 50,000+ monthly), clean CRB, and 10%-20% deposit; self-employed require 2-year ITRs. Terms extend 10-25 years at 12%-16% p.a., fixed or variable, with Kenyan banks like Equity providing affordability calculators. Government-backed options like Boma Yangu lower barriers for first-timers. Risks include foreclosure, so insurers recommend budgeting for maintenance.
4. Business Loans
Business loans fuel SMEs with working capital or expansion funds, secured or unsecured. Eligibility covers registered entities with 1-2 years operation, min. turnover KSh 500,000 annually, audited accounts, and collateral like equipment. Rates range 14%-22% p.a. over 12-48 months; unsecured variants for startups hit higher at 18%+. In Nairobi, banks like Co-operative prioritize verified cash flows via bank statements. These build credit for larger funding, aiding Kenya's vibrant service sectors like facility management.
5. Overdraft and Revolving Credit
Overdraft facilities offer flexible borrowing against current accounts up to approved limits. Salaried clients qualify with average balances KSh 50,000+, 6-month relationship, and low NPLs; self-employed need business proof. Interest applies only on drawn amounts at 15%-25% p.a., cheaper than cards for short-term gaps. Kenyan banks like Stanbic auto-approve based on salary credits, ideal for cash flow in pest control or repair firms. Limits refresh post-repayment, unlike term loans.
Key Eligibility Factors
Across loans, Kenyan banks mandate national ID/Passport, recent payslips (3-6 months), bank statements (6 months), PIN certificate, and CRB clearance—no active defaults. Self-employed submit ITRs, business registrations, and valuations; minimum age 21, max 65-70 at maturity. Affordability tests cap total EMIs at 35%-50% of income. Women/youth programs via Hustler Fund relax criteria, boosting access in Nairobi County. Digital apps like KCB M-Pesa speed pre-approvals.
Current Rate Trends
As of February 2026, Kenya's CBR at 12.5% drives base lending rates; personal/auto hover 13%-18%, secured lower. Inflation and forex stability cap hikes, but high-risk profiles pay premiums. Compare via CBK portal—e.g., NCBA's 11.5% beats averages for clean records. Fixed vs. floating: fixed suits rate-rise fears, floating benefits falls. Factor fees (1%-4% arrangement, insurance) into APRs for true costs.
Application Tips
Start with eligibility calculators on bank sites, gather docs digitally for 24-hour approvals. Boost chances via salary salary accounts, timely utility payments building positive CRB. Negotiate rates with multiple quotes; bundle with insurance for discounts. Avoid overborrowing—use 50/30/20 rule (needs/wants/savings). Post-approval, automate repayments to dodge penalties (5%+ on arrears). For Nairobi service pros, loans fund equipment like cleaning gear without disrupting operations.
Comparison Insights
Unsecured personal loans offer speed but higher rates versus secured auto/home. Short-term overdrafts beat payday at 20%+ caps. Business suits growth phases, eligibility tougher sans collateral. Tailor to need: emergencies (personal), assets (secured). Kenyan market favors digital natives with apps slashing paperwork.
This covers core Credit Bank offerings, empowering informed choices amid evolving regs. Rates fluctuate—verify latest via bank branches or CBK site for personalized quotes
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