Different Types of CBA Bank Loans in Kenya

CBA Bank Loans
CBA Bank Loans

If you are in a financial fix and are wondering what to do, worry not because there are different types of CBA Bank loans in Kenya that may be of help to you.

The good news is that Central Bank of Africa (CBA) sometimes back came up with a number of loans that meet various needs of their customers across Kenya.

Their interest rates varies depending on the type of loan one wishes to apply.

Today, we will share with our readers different types of CBA Bank Loans that they need to try out if they are in a financial fix.

Different Types of CBA Bank Loans in Kenya

Personal Loans

It is divided into two. Secured and Unsecured Loans

Secured Loans

Benefits

  1. One can use either the Kenyan currency or foreign and borrow up to 90% of what they have deposited.
  2. Borrowing options are flexible.
  3. The loan application process is straight forward.
  4. CBA offers loan protection insurance.

Features

  1. Minimum amount of money one can borrow is Ksh. 50,000.
  2. Maximum amount of money one can borrow depends on their ability to repay the loan and also value of their security.

Interest rate applies on reducing balance basis.

Securities Accepted By CBA

Government securities

  1. Deposits will be held at Commercial Bank of Africa (CBA).
  2. Stocks that are fully paid and shares that have been quoted in the NSE (Nairobi Stock Exchange).

CBA Loan Application Documents

  1. Pay slips for the past 3 months.
  2. Bank statements for the past six months that have been certified.
  3. For people who are not salaried, they can provide personal financial statement.
  4. Reference letter from current employer.
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Unsecured Loans

  1. One can use either the Kenyan currency or foreign and borrow up to 90% of what they have deposited.
  2. Borrowing options are flexible.
  3. The loan application process is straight forward.
  4. CBA offers loan protection insurance.
  5. No punitive action for early repayment
  6. Loan repayments will be covered by loan protection insurance incase one gets involved in an accident and dies or becomes permanently paralyzed during an accident.

Requirements and Application

  1. Pay slips for the past 3 months.
  2. Bank statements for the past six months that have been certified.
  3. For people who are not salaried, they can provide personal financial statement.
  4. Reference letter from current employer.

Motor Loans

It is normally given to individuals who would want to buy their dream car.

Benefits and features

  1. Loan repayment plan of up to 5 years.
  2. Vehicle will secure itself.
  3. Interest rate is normally charged on a reducing balance basis.

Requirements and Application

  1. CBA Loan application form that has been dully filled.
  2. Security if the facility is secured.
  3. Bank statements for the last 6 months.

CBA Bank Contacts

Email : contact@cbagroup.com
Mobile : +254 711 056444 or 254 732 156444
Tel : +254 20 2884444
Fax : +254 20 2734616

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