Paramount Bank Loans, Eligibility & Rates

Paramount Bank provides diverse financing options tailored for personal, home, and business needs, with a focus on affordability and quick approvals. Operating primarily in the US but with a Kenyan branch offering local products like the Ordinary Loan, it emphasizes competitive rates amid 2026 market conditions.

1. Ordinary Loan

This short-to-medium-term loan targets individuals and sole proprietorships in Kenya, ideal for personal or small business needs like emergencies or expansions. Features include easy monthly installments, daily interest accrual on balance, and availability in local or foreign currencies. Eligibility requires original ID/passport, KRA PIN, two passport photos, and proof of steady repayment capacity; applications process quickly via branches. Rates hover at 13-18% annually on reducing balance, making it accessible for Nairobi residents.​

2. Mortgage Loan (Conventional)

Paramount Bank's conventional mortgages fund home purchases or refinances with terms of 15-30 years and minimum 3% down payment. Borrowers need a credit score of 620+, though 680+ unlocks better terms; stable income and debt-to-income ratio under 43% are key. Jumbo variants handle loans over $766,550 for high-value properties, suiting families in competitive markets. Current rates range 6.5-7.5% fixed, often higher than average but offset by low origination fees.

3. FHA Loan

Government-backed FHA loans support first-time buyers or those with lower credit, requiring just 3.5% down and scores from 580. Includes 203(k) renovation options for fixer-uppers, covering purchase plus repairs up to $35,000 basic or full limits. Eligibility demands US citizenship or residency, primary residence intent, and FHA-approved properties. Rates sit at 6.25-7.0%, with Paramount's hands-on loan officers aiding approvals.​

4. VA Loan

Exclusive to veterans, active-duty service members, and eligible spouses, VA loans offer 0% down payment and waive the $1,095 origination fee at Paramount. No private mortgage insurance required, with funding fees offset by long-term savings; terms up to 30 years. Minimum credit often 620, focusing on residual income over strict scores. Rates are competitive at 6.0-6.75%, prioritizing military families' homeownership.​

5. Jumbo Loan

For luxury homes exceeding conforming limits ($766,550 in most areas), jumbo loans demand stronger profiles: 700+ credit, 10-20% down, ample reserves. Paramount handles non-conforming amounts over $500,000 with manual underwriting for flexibility. Suitable for high-net-worth buyers seeking larger properties. Expect 7.0-8.0% rates, reflecting higher risk, but personalized service streamlines the process.​

6. SBA Business Loan

Through partners, Paramount facilitates SBA loans up to $5 million for small businesses, with 10-25 year terms and low payments. Variable rates start at prime +1.5-3.75% (around 6.25%+), ideal for expansions or equipment. Eligibility includes US-based operations, sound credit, collateral, and business plans; Kenyan sole props may adapt via Ordinary Loan equivalents. Strong for startups in service sectors like cleaning or repairs.​

7. USDA Loan

Rural development USDA loans target low-to-moderate income buyers in eligible areas, with 0% down and income caps at 115% area median. Credit minimums around 640, emphasizing payment history over scores. Paramount offers these for non-urban homebuyers, with rates mirroring FHA at 6.25-7.0%. Guarantees reduce lender risk, ensuring availability nationwide.​

Paramount Bank's loan portfolio stands out for its breadth, from Kenyan personal financing to US mortgages, with dedicated officers guiding applicants. Rates remain market-responsive in February 2026, influenced by Federal Reserve policies and prime at ~5.5%. Eligibility emphasizes credit health and income stability, with online pre-approvals speeding access. Businesses benefit from SBA scalability, while homeowners gain from low-down options like VA/FHA. Compared to competitors, Paramount's higher conventional credit thresholds (680 for 3% down) suit stronger profiles, but origination perks shine. For Nairobi users, the Ordinary Loan bridges local gaps with forex flexibility. Always verify latest terms via paramountbank.com or branches, as rates fluctuate. Pre-qualify early to lock competitive offers amid rising 2026 inflation