The Co-operative Bank of Kenya has introduced a new loan offering for salaried customers, providing up to Ksh9 million in personal loans with a repayment period of up to 10 years.
Under the 'Ni Ka Slip Tu' programme, Co-op Bank is allowing customers with a Co-op salary account to enjoy personal loans from Ksh50,000 to cover education, medical, furniture, consumer durables, motor vehicles, plot purchases, holidays, and shares purchases.
A Co-op salary account is designed as a comprehensive financial solution, combining a salary account, personal loans, and mobile loans.
With a Co-op Salary Account, one does not need an opening and operating balance, which makes it easy to open the account and maintain the account. To also maintain the account, there is no monthly maintenance fee, meaning the bank does not charge a monthly fee for maintaining the account.
The account allows customers access to asset products such as unsecured personal loans, asset finance, mortgages, cash advances, debit cards, and access to credit cards.
To open the account, all that is required is an identity card or passport (original and copy), passport photo (taken at the branch), Ksh600 for the debit card, and a copy of the KRA PIN; and no letter of introduction from the employer is required.
Personal Loans
For personal loans, Co-op is extending the limit to Ksh9 million, with a flexible repayment period of up to 120 months.
To acquire a personal loan, the bank will employ credit scoring that assesses a customer's credit history, including past loans, credit card usage, and payment behaviours with applications.
Co-op assures customers that loan applications will be appraised within 48 hours for quick and smooth transactions.
The loan requirements are that a customer must be employed or individuals with a regular income, including a monthly pension, have an original National Identity Card and a copy, and no specific minimum net salary is required.
Furthermore, Co-op Bank will require salary pay slips for the last three months, a completed loan application form, and a copy of the KRA PIN.
If you are employed by the Teachers Service Commission (TSC), civil servants, National Police Service, prison and Kenya Defence Forces officers, and medical officers, you have an added advantage while seeking the loan.
Mobile Loans
Co-op Bank offers mobile banking services through the MCo-op Cash platform. MCo-op Cash is a mobile banking service that enables you to access a variety of banking, money transfer, and payment services.
If you are already using the MCo-op Cash, the bank is giving a short-term loan of between Ksh1,000 and Ksh500,000 with a repayment of between one and three months.
With MCo-opCash you can still receive your salary through a Co-op Bank account and have access to the loan facilities.
If you are not using the mobile banking option and would like to join, dial *667#.
To join, open a salary account with Co-op Bank, a copy of your KRA PIN, and register on Mobile Banking (MCo-opCash) to access this service.
To apply for the 'Ni Ka Slip Tu' programme, interested customers can contact Co-op Bank through Email: at customerservice@co-opbank.co.ke or by phone at 0703027000.
For more information, visit the official Co-op Bank website.