In order to save and borrow money with KCB M-Pesa, you need to sign up and activate KCB M-Pesa services on your mobile phone.
Follow these simple steps to get you going:
Go to M-Pesa Menu
Select Loans and Savings
Next, select KCB M-PESA
Finally, click on Activate.
How to Apply for KCB M-Pesa Loan
KCB M-Pesa allows you to borrow from as low as Ksh. 1,000 up to Ksh. 1 Million, depending on your loan limit. The loan is repayable in 1 month and is charged at a one-off facility fee of 7.35%, paid together with the loan.
In order to qualify for a KCB M-Pesa loan, you need to have been an M-PESA subscriber for at least 6 months, save on KCB M-PESA and actively use other Safaricom services such as voice, data and M-PESA.
To check your loan limit, go to KCB M-PESA and select Loan, then Check Loan Limit.
To apply for a KCB M-Pesa loan follow the steps:
From the M-PESA menu, select Loans and Savings
Select KCB M-PESA
Next, select Loan
Choose the option, Request Loan
Then, Enter the amount you wish to borrow, equal to or less than your loan limit
Enter your M-PESA PIN and send
You will receive a message from KCB Mpesa confirming the loan transaction.
Your loan amount will be sent to your KCB M-PESA Account. To access the loan, withdraw the money to your M-Pesa at no cost.
The loan amount to be paid will be inclusive of the facility fee of 7.35%.
How to Repay KCB M-Pesa Loan
You need to repay your KCB M-Pesa loan before the loan period is over in order to increase your loan limit and avoid being listed on CRB.
However, if the loan term ends before repaying, KCB M-Pesa will roll over the loan to an additional 1 month at an extra fee of 7.35%.