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KCB M-Pesa Loan

KCB MPesa Loan Review

KCB M-PESA is a loans and savings product exclusively offered by KCB Bank Kenya Ltd to Safaricom M-PESA customers. KCB MPesa Loan was formed through a partnership between Kenya Commercial Bank (KCB) and Safaricom’s mobile money service M-PESA.

It’s accessible through the Safaricom toolkit, M-PESA app, MySafaricom app, and KCB app.

Requirements to Access KCB M-Pesa App

Inorder to qualify for KCB MPesa loan you must be 18 years old, have a registered Safaricom line and be an active M-Pesa subscriber for at least 6 months and be an active KCB M-Pesa account holder.

KCB M-PESA is a savings and loan service that enables M-PESA customers to;

  • Save as little as Kshs. 1, and access credit from Kshs. 1000.
  • Earn interest of up to 6.3% p.a. on your saving balance.
  • Save for a fixed period of time
  • Access loans instantly, credited to your M-PESA account from a minimum Kes 1000 and up to Kes 1million charged a facility fee of 8.64% being Loan fees of 7.35% and 1.29% Excise duty

 No forms to fill, no branches to visit. Just one click on your phone and you have a savings account with access to instant loans!

How to Register for KCB MPesa Loan

On your phone go to M-Pesa. Then access the M-PESA menu > Select Loans and Savings > Select KCB M-PESA and Activate.

What are the loan features?

The KCB M-PESA loan account is a micro-credit product which gives you access to a loan; may it be for an emergency, to fund a project or enterprise.

  1. Access loan limits from as low as Ksh.1000 and up to Ksh.1million
  2. Enjoy repayment period of one month
  3. Loan repayment can be made via M-PESA, or from the KCB M-PESA account

How to qualify for a loan

  1. Be an M-PESA subscriber for 6 months
  2. Save on KCB M-PESA
  3. Actively use other Safaricom services such as voice, data and M-PESA.

How does it work?

  • Access the M-PESA menu.
  • Select Loans and Savings.
  • Select KCB M-PESA.
  • Select Loan.
  • Request Loan.
  • Enter amount.
  • Enter your M-PESA PIN
  • Loan amount will be sent to your KCB M-PESA Account. To access the loan, withdraw the money to your M-PESA for FREE.
  • The loan amount to be paid will be in inclusive of the facility fee.

What about savings?

There are two types of fixed deposit accounts available to you as a KCB M-PESA Account holder. They are;

  • Fixed Savings Account
  • Target Savings Account

Fixed Savings Account

This account allows you to lock a specific amount of cash for a period of up to 12 months.

How does it work?

  • Access M-PESA menu
  • Select Loans and Savings
  • Select KCB M-PESA
  • Select Fixed Savings Account
  • Select Fixed deposit
  • Open Account
  • Select the source of funds;
  • M-PESA
  • KCB M-PESA
  • Enter amount (amount needs to be more than KES 500)
  • Enter period (1 up to 12 months)
  • Enter M-PESA PIN and confirm the transaction
  • You will receive an M-PESA confirmation.

What are the benefits?

  • Locked periods include 1 up to 12 months with the minimum amount of Kshs.500.
  • Upon early or premature redemption, you will forfeit all interest accrued.
  • You get cash back immediately to KCB M-PESA account on prompting cash back.
  • Earn attractive Interest rates of 6.3% p.a. on your savings.

Target Savings Account

This account allows you to set a target and make deposits towards achieving that target.

How does it work?

  • Go to M-PESA menu
  • Select Loans and Savings
  • Select KCB M-PESA
  • Select Fixed Savings
  • Select Target Savings Account
  • Select Open Account
  • Select source of funds;
  • M-PESA
  • KCB M-PESA
  • Enter Target amount you intend to save for the period (amount needs to be more than KES 1000)
  • Enter period (1 up to 12 months)
  • Enter initial deposit amount (not less than KES 50)
  • Enter M-PESA PIN and confirm transaction
  • You will receive an M-PESA confirmation.

What are the benefits of KCB MPesa?

  • You top up continuously until you achieve your target.
  • You can deposit money into the target account through:
  • M-PESA
  • KCB M-PESA
  • You can choose from target periods of 1 up to 12 months with a minimum contribution of KES 50.
  • You earn interest on cumulative interest.
  • Early withdrawal of funds from Target Savings is allowed subject to withdrawal of the entire amount saved. Total interest on savings will be earned to the day of the withdrawal.
  • You get cash back immediately to your KCB M-PESA account on prompting cash back.
  • Minimum target period is 1 month.
  • Enjoy attractive Interest rates of 6.3% p.a. on your savings.

Frequently Asked Questions

How do I check my KCB M-PESA loan limit?

  • Go to M-PESA menu 
  • Select Loans and Savings 
  • Select KCB M-PESA 
  • Select Loan 
  • Select Check Loan Limit.

How do I grow my loan limit?

Inorder toincrease loan limit you will need to increase activity on your KCB M-PESA account by moving money in and out of your account. Increase savings on your KCB M-PESA account. Increase usage of M-PESA services. Early and prompt repayment of KCB M-PESA loans

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