8 Different Types of National Bank of Kenya Loans

National Bank of Kenya Personal Loans, National Bank of Kenya Secured Loans, National Bank of Kenya Business Loans, National Bank of Kenya Loans8 Different Types of National Bank of Kenya Loans,
National Bank of Kenya Loans

In this article, we will share different types of National Bank of Kenya loans. National Bank of Kenya is a commercial bank in Kenya that was founded in 1968. Its headquarters is in Nairobi, Kenya and as of 2018, they had 1,356 employees.

National Bank of Kenya also offers loans and below are 8 different types of National Bank of Kenya loans.

National Bank of Kenya Loans

1. Personal Mortgage Loan – Salaried

This type of loan is issued to individuals who want to own a residential house.

Features

  • Their financing is flexible and is up to 90%.
  • Repayment period of up to 25 years is flexible.
  • Interest rates that are very competitive.

Benefits

  • Contribution is low.
  • Interest rates are very competitive.
  • Home owners are given fire, life and house insurance cover.
  • long tenors to make the repayment process stress free.
  • Accelerated payments that enables clients to settle their loans sooner than stipulated in the construction loan agreement.
  • Easy access to mortgage specialties who are dedicated.

Rates

  • Appraisal fee of 1.0% of the loan amount
  • Stamp duty on transfer is 4%.
  • Legal fees and is determined by the remuneration order of the advocate.
  • Valuation fees which is about 0.4% of the property value.
  • Fire, life and house insurance cover which is 0.5% of the mortgage cover.
  • Debit income ratio which is 65% of the net disposable income.
  • Interest rate is 1.% on reducing balance for business.

Eligibility

Individual Salaried

  • Photocopy of National ID or Passport.
  • Photocopy of KRA PIN certificate.
  • Pay slips for the last 3 months.
  • Letter drafted by employer.
  • Customers who don’t bank with National Bank of Kenya need to present bank statements for the last 6 months.
  • Photocopy of Title Deed.
  • Sale agreement.
  • Rent receipts and land rates.

2. Personal Mortgage Loan – Self-Employed

This type of loan is given to self-employed clients who want to buy an existing residential house.

Features

  • 80% financing plan that is flexible.
  • Flexible repayment period of up to 10 years.
  • Interest rates that are competitive.

Benefits

  • Contribution is minimal.
  • Interest rates that are competitive.
  • Fire, life and house insurance cover for home owners.
  • Long tenors to enable the repayment process to be stress free.
  • Accelerated payments for National Bank.
  • Easy access to mortgage specialist who are very dedicated.
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Rates

  • Appraisal fee of 1.5% of borrowed amount.
  • 4% of stamp duty on transfer.
  • Legal fees based on lawyer’s remuneration order.
  • Valuation fees of 0.4% of the property value.
  • Insurance cover for life and fire – 0.5% of the mortgage cover.
  • Debt income ratio.
  • Interest rate of 17% on reducing balance for business.

Eligibility Criteria

Self-Employed Individuals

  • Photocopy of National ID or Passport.
  • Photocopy of KRA PIN certificate.
  • Business registration certificate.
  • 2 years audited books and accounts.
  • Bank statements for 1 year.
  • Tax compliance certificate.
  • Photocopy of title deed.
  • Sale agreement.
  • Rent receipts and late rates.

Self-Employed Company

  • Directors need to present photocopy of National ID or passport.
  • Photocopy of KRA pin for directors.
  • Certificate of incorporation.
  • KRA pin of the company.
  • Memorandum and articles of association.
  • Audited books and accounts for the last 3 years.
  • Bank statements for the last 1 year.
  • Tax compliance certificate.
  • Board of directors resolution to borrow.
  • Returns to registrar of companies.
  • Photocopy of title deed.
  • Sale agreement.
  • Rent receipts and land rates.

3. Construction Loan

This type of loan is given to customers who want to construct a structure or would want to do adjustments.

Features

  • Flexible financing plan of up to 85% for salaried individuals.
  • Flexible financing plan of up to 80% for self-employed individuals.
  • Flexible repayment period of up to 25 years.
  • Interest rates that are very competitive.

Benefits

  • Less contribution.
  • Fire, life and house insurance cover for home owners.
  • National bank of Kenya accelerated payments.
  • Access to mortgage specialties who are very dedicated.

Eligibility Criteria

Individual Salaried

  • Photocopy of National ID or passport.
  • Photocopy of KRA PIN certificate.
  • Pay slip for the last 3 months.
  • Well written letter from employer.
  • Bank statement for the last 6 months for people who don’t bank with National Bank of Kenya.
  • Photocopy of title deed.
  • Sale agreement.
  • Rent receipts and land rates.
  • Architectural drawings that have been approved.
  • Structural drawings that have been approved.
  • Priced bills
  • Profile and certificates of practice for Architects etc.
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4. Jenga Biashara Loan

This type of loan is normally given to individuals who would want to boost their ongoing business.

Features

  • Loan amount from Ksh. 5,000 to Ksh. 2 million.
  • Interest rate of 4% at CBR.
  • Repayment period of 6 to 24 months.
  • Negotiation fee of 3%.
  • Insurance premium of 1%.

Qualifications

  • 1 year business that is still active.
  • Bank with either National Bank of Kenya or another bank.
  • Positive CRB reference.
  • Show ability to clear the loan.
  • Requisite documentation.

5. Jenga Biashara Plus Loan

This type of loan is issued to micro customers who want to expand their ongoing established business.

Features

  • Loan amount of up to Ksh. 5 million.
  • Interest rate on reducing balance.
  • Negotiation fee of 3% and Insurance premium 1%.
  • Repayment period of up to 4 years (48 months).

Benefits

  • Automatic credit card of up to Ksh. 50,000.
  • Membership for business club.
  • Collateral requirement that is flexible.
  • Prolonged loan amounts with extended repayment period plan.

Qualifications

  • Business that has operating for 2 years.
  • Have a bank account with National Bank of Kenya or any other bank.
  • Good reference with CRB.
  • Show ability to repay the loan.
  • Collateral Requirements
  • Vehicles
  • Legal charge
  • Household or business equipments.
  • Cash over

6. Jenga Chama Loan

This type of loan is given to investment groups for financial growth. The group (chama) should be a registered one with at least 3 members in common business venture.

Features

  • Borrow up to Ksh. 10 million.
  • Repayment period plan of up to 48 months (4 years).
  • Interest rates that are very low.

Qualifications

  • Chama should have a minimal of 3 members and has been in existence for the last 12 months (1 year).
  • Joint business venture.
  • Account that has been operating for at least 6 months.
  • Register into a company in order to borrow.
  • Avail more than 20% contribution of loan needed.

Collateral Requirements

  • Legal Charge
  • Cash over

7. Jenga Kilimo Loan

This type of loan is given to small holders farmers who have ventured into tea, horticulture, livestock, dairy or agribusiness.

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Features

  • Loan amount of up to Ksh. 5 million.
  • Repayment period of up to 48 months (4 years).
  • Interest rate on reducing balance.
  • Negotiation fee.

Advantages

  • Bullet payment tea farming.
  • 3 months grace period.
  • Prolonged repayment period plan of up to 4 years (48 months).
  • Flexible collateral requirements.

Qualifications

  • Farmers with 2 years experience in agricultural activity to be financed.
  • Dairy and tea farmers should produce deliveries to marketers who have MOU with the bank.
  • Demonstrate ability to repay the loan.
  • Collateral Requirements
  • Lien over tea or milk deliveries.
  • Legal charge.
  • Farming/business equipments and household items.

8. Unsecured Personal Loans

This type of loan is issued to individuals who would want to make their dreams come true. Eg. Good education for their children among other things.

Eligibility

The loan applicant should have a permanent salary in an organization that is reputable.

Features

  • Minimum amount of loan one can borrow is Ksh. 50,000 and maximum Ksh. 4 million.
  • Flexible repayment period plan of up to 6 years.
  • Interest rates are calculated on reducing balance basis.
  • No collateral needed.

Benefits

  • Interest rates are very competitive.
  • No collateral needed.
  • Credit life and retrenchment insurance policy.
  • Easy access of money via internet banking, mobile banking or ATM.
  • Top up of loan is possible.

Documents Required for National Bank of Kenya Clients

  • Show proof of income by presenting copies of pay slips for the last 3 months.
  • Photocopy of National ID or Passport.
  • 1 passport size photo.
  • Obtain a letter of introduction from employer with the letterhead of the company or institution.

Documents Required for Non-National Bank of Kenya clients

  • Show proof of income by presenting copies of pay slips for the last 3 months.
  • Photocopy of National ID or Passport.
  • 1 passport size photo.
  • Obtain a letter of introduction from employer with the letterhead of the company or institution.

National Bank of Kenya Contacts

Email : callcentre@nationalbank.co.ke or corporateaffairs@nationalbank.co.ke

Tel : 020-2828000, 0703 088 900, 0732 118 900

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