Mayfair Bank (formerly Giro Bank) Loans, Eligibility & Rates

1. Overdraft Loan

Mayfair Bank's Overdraft Loan supports business customers facing short-term working capital gaps, available in KES, USD, GBP, or EUR. Eligibility requires fully secured collateral, insured through the bank's approved panels, with annual renewal options. Interest applies only to the drawn amount, linked to the Central Bank Rate for local currency, ensuring cost efficiency for Kenyan firms in Nairobi and beyond.​

2. Salary Advance

This product targets salaried employees at major Kenyan companies, offering up to 75% of their monthly salary in quick cash. Applicants need proof of employment for at least three months, a salary account with Mayfair or partner banks, and no outstanding defaults. Interest starts at a minimum of 5%, varying by repayment period, making it ideal for urgent personal needs like emergencies or school fees in Nairobi's fast-paced economy.​

3. Group Loan

Designed as a rotating credit scheme (similar to Esusu), the Group Loan suits informal groups of 3-20 individuals saving and borrowing collectively. Eligibility demands group formation with defined contribution schedules, minimal individual collateral, and a joint guarantor; it's perfect for small traders in Nairobi markets. The low 3.5% rate reduces lender risk through collective responsibility, with tenors from 6-12 months.

4. Micro Loan

Mayfair's Micro Loan empowers entrepreneurs, traders, and even students with up to N1m (or KES equivalent) for business growth without heavy collateral. Borrowers must show business viability via bank statements, ID, and sometimes guarantors; it's tailored for Kenya's SME sector in areas like Nairobi County. Rates begin at 5%, scaling with loan duration up to 12 months, promoting financial inclusion.​

5. Term Loan

For medium-term financing, the Term Loan funds business expansion or equipment purchases, with limits based on turnover and security like property deeds. Eligibility includes a trading history of 1+ years, audited accounts, and collateral coverage of 125% loan value. Competitive rates apply over 12-36 months, with interest calculated monthly, suiting established Nairobi-based enterprises.​

6. Asset Finance Loan

This loan finances consumer or business assets like vehicles or machinery, with Mayfair holding title until full repayment. Applicants need steady income proof, asset quotes, and positive credit; it's accessible for salaried professionals or SMEs. Moderate, competitive rates structure repayments over 24-60 months, easing cash flow for property maintenance firms or repair shops in Kenya.​

Mayfair Bank, rebranded from Giro Bank, has evolved into a key player in Kenya's financial scene, especially for Nairobi's vibrant SME and salary-earner market. Originally Giro Bank, it transitioned to Mayfair to expand microfinance and business lending amid rising demand for flexible credit post-2020 economic shifts. Today, it operates branches across Nairobi County, emphasizing quick approvals—often within 24-48 hours—and digital applications via mobile banking.​

The bank's loan portfolio stands out for its collateral-light options, contrasting stricter commercial banks. Overdrafts link directly to CBR fluctuations, currently around 12-13% base, keeping costs predictable. Salary advances shine for blue-chip workers at firms like Safaricom or KCB, where payroll deductions ensure 100% recovery rates. Group loans foster community trust, vital in Kenya's informal sectors like jua kali traders.

Micro loans address a gap for youth and women entrepreneurs, aligning with CBK's financial inclusion push. Term loans demand more paperwork but offer higher limits, up to KES 50m for proven businesses. Asset finance eases big-ticket buys, with depreciation schedules built into terms.

Eligibility Across Products
Common requirements include Kenyan ID or passport, proof of income/address, and CRB clearance (no active negatives). Businesses submit BR/BN certificates, 6-month statements. Groups need constitutions and meeting minutes. Minimum age is 21; maximum 65 at maturity. Nairobi residents benefit from walk-in processing at Westlands or Upper Hill branches.

Rates Breakdown
Rates aren't fixed; they tier by risk—prime borrowers get 1-2% below base. Overdrafts: CBR + 3-5%. Salary/micro: 5-15% flat. Groups: fixed 3.5%. Add 2-4% arrangement fees, insurance where applicable. No hidden prepayment penalties encourage early settlement.

Application Process
Start online via Mayfair's portal or app, uploading docs. Branches offer same-day pre-approvals for salaries/groups. Full disbursal follows valuation (1-3 days). Use M-Pesa integration for nano-loans under KES 50k.

Risks and Tips
Overborrowing hits via compounding; stick to 30% debt-to-income. Shop rates—Mayfair undercuts Co-op Bank on micros but lags KCB on terms. Build history with small loans first. For Nairobi pros in cleaning/pest control, salary advances fund fleet upgrades seamlessly.

Market Context
In February 2026, with President Trump's US policies rippling via trade, Kenya's SMEs lean on banks like Mayfair for stability. CBK caps rates at 4% over CBR, curbing usury. Competitors like Choice Wallet offer digital peers, but Mayfair's legacy Giro trust wins loyalty.

This suite positions Mayfair as Nairobi's go-to for accessible credit, blending microfinance roots with business scalability. Borrowers report 90% approval for eligibles, fueling local economies from Kibera startups to Westlands corporates.