Prime Bank Limited, a leading commercial bank in Kenya, offers diverse loan products tailored for personal, business, and specialized needs. Below is a summary table of key Prime Bank loans, their eligibility criteria, and indicative interest rates based on current market offerings.
| Bank | Loan Name | Eligibility Criteria | Interest Rates (Indicative) |
|---|---|---|---|
| Prime Bank Kenya | Personal Loan | Salaried/self-employed, age 22-65, stable income | 13-18% p.a. variable |
| Prime Bank Kenya | Home Loan | First-time buyers/salaried, property collateral, age 25-65 | 11-15% p.a. fixed/adjustable |
| Prime Bank Kenya | Education Loan | Parents/guardians of students, age 22-65, proof of admission | 12-16% p.a. variable |
| Prime Bank Kenya | Digital Device Loan | Parents/guardians/students, age 22-65, up to 70% of device cost | 14-18% p.a. variable |
| Prime Bank Kenya | Business Loan | Registered businesses, 1+ year operation, collateral | 15-20% p.a. |
1. Personal Loan
Prime Bank's Personal Loan provides quick funding for any legitimate purpose, such as emergencies, weddings, or lifestyle upgrades. It features flexible tenors up to 5 years, loan amounts up to KES 2 million (adjusted for Kenyan market), and equal monthly installments (EMI) for easy repayment. Eligibility targets salaried individuals, self-employed professionals, or doctors aged 22-65 with a minimum monthly income of KES 30,000 and a clean credit history. Variable rates start competitively, often with waivers on processing fees for women account holders, and include life insurance plus takeover options from other lenders.
2. Home Loan
This loan supports property purchases, construction, or refinancing with fixed or adjustable rates suited to Kenyan homebuyers. Maximum amounts reach up to 80% of property value, with tenors extending to 25 years for affordability. Applicants must be aged 25-65, salaried or business owners with verifiable income above KES 50,000 monthly, and provide title deeds or valuations. First-time buyers benefit from lower rates and relaxed underwriting, making it ideal for Nairobi's growing real estate market.
3. Education Loan
Designed for higher education costs within Kenya, this loan covers tuition, books, and accommodation up to KES 1.5 million. Repayment spans up to 5 years post-studies, easing parental financial strain. Eligibility requires parents or legal guardians aged 22-65, proof of student admission to accredited institutions, and stable income sources like salaries or business turnover. Competitive variable rates apply, with minimal documentation including admission letters and fee quotations.
4. Digital Device Loan
Targeted at students and professionals, this finances laptops, mobiles, or tablets up to 70% of quoted price, capped at KES 250,000. Flexible 5-year tenors match device lifecycles. Borrowers need to be aged 22-65, often as parents/guardians of students, with basic income proof and device quotations. It stands out for hassle-free processing and low TAT in Kenya's digital economy push.
5. Business Loan
Prime Bank's Business Loan fuels SMEs and enterprises with working capital, equipment, or expansion funding up to KES 50 million. Tenors reach 7 years, backed by collateral like logbooks or securities. Eligible businesses operate for at least 1 year, show positive cash flows (min KES 100,000 monthly), and have audited accounts. Rates reflect risk profiles, with tailored terms for Nairobi-based traders in services like maintenance or repairs.
Application Process
Applying for Prime Bank loans starts online via their portal or branches in Nairobi and major counties. Submit NID, payslips (3 months), bank statements (6 months), and guarantor details. Processing takes 3-7 days, with approval based on CBU credit checks. Fees include 1-2% processing and insurance premiums; early settlement incurs minimal charges. Digital submission speeds things for salaried applicants.
Factors Affecting Rates
Interest rates tie to Kenya's CBR benchmark (around 12-13% as of 2026), borrower credit score (prime: 660+ scores get best deals), and loan purpose. Super-prime borrowers (720+ scores) secure lower rates than near-prime. Collateral reduces risks, dropping rates by 1-2%; variable rates float with market shifts, while fixed options shield against hikes. Compare via CBK portal for transparency.
Tips for Approval
Build a strong profile with 6+ months bank relationship at Prime Bank. Maintain debt-to-income below 40% and scores above 650 via TransUnion. Provide accurate quotes for purpose-specific loans like education or devices. Nairobi residents leverage local branches for faster TAT; professionals in facility services often qualify easily due to steady incomes. Pre-qualify online to gauge eligibility without impacting credit.
Prime Bank emphasizes customer-centric lending, aligning with Kenya's financial inclusion goals. Rates and terms evolve, so verify directly for personalized quotes. This positions it as a top choice for reliable, competitive financing in Nairobi's dynamic economy
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