Many people in Kenya, salaried and non-salaried have different needs in some point in life. These needs could be urgent such as medical bills or school fees while others could not require fast actions. They make these people seek for a way of settling them by looking for money in different places. Most of the salaried individuals with bank accounts tend to take salary advances and loans from banks which they later pay after they get their salaries.
From this therefore, Cooperative Bank of Kenya understand this and have therefore incorporated their services to provide for different forms of loans depending on the different needs that Kenyans have in their lifetime. Cooperative Bank of Kenya is therefore a publicly listed bank that aspires to be the leading and dominant Kenyan bank with a strong countrywide presence playing a central role in the co-operative movement and providing the relevant and innovative financial services to their customers for the optimum benefit of all their stakeholders.
Cooperative Bank of Kenya from its development aimed at offering value added financial services to chosen market segments with special emphasis on the Co-operative movements through a highly effective network of service points, excellent customer services and a highly motivated team of qualified personnel. This bank presents different loans as below:
Personal Loan: this is meant for salaried individuals who have had their bank accounts with Co-operative bank for more than 6 months and through which their salaries are processed. These individuals can therefore get a loan of a minimum of Ksh 50,000 and a maximum of Ksh 4 million which is repayable to up to 60 months anytime they need the funds for different purposes. This loan covers virtually all the purchase needs of the salaried individuals and can be used by the loaned to buy shares on the NSE, to Top up their loan balance to the original amount, to finance the expansion of dairy production for dairy farmers or even for Sacco to on-lend to members.
Bizwise SME Loan: this is another form of loan from Co-operative bank which enable the businesspeople to expand their businesses. This loan will help in expanding your business by opening new branches, introducing new products, purchasing business assets, financing the operating expenses, purchasing assets such as land, building, motor vehicles and machinery. The Bizwise SME loan can be up to 50 million. The major requirements are:
- Need the applicant to have operated a business current account in Co-op bank for at least 6 months and should provide the bank with bank statements of other operational bank accounts.
- Business Registration documents such as Certificate of incorporation, Memorandum and articles of association and business registered certificate.
Insurance Finance Loan: this loan is given to people who have insurance policies to pay premiums every month. This loan is meant to ease the payment of these premiums as the bank pays a lump sum premium amount to the insurer on your behalf thereby leaving you to pay back the loan in simple monthly installments at very competitive rates. The bank also offer the flexibility of repayment ranging from 4 months to 10 months.
The major benefits of the loan is that it is tailored to suit the individual cash flow needs, frees up funds giving you the liquidity you desire, has easy application and documentation process and quick approval with no security needed. Furthermore, the minimum amount to be financed can be as low as Ksh 15,000 and with no maximum. The major advantage for this type of loan is that anyone is eligible to apply and cover almost all the insurance finance policies. To apply is easy and is done by visiting any Co-op bank branch countrywide or through your insurance broker.