Bank of Africa Soma Student Loan, Features, Requirements

The Bank of Africa (BOA) Kenya Soma loan is a personal short-term loan that can help the bank’s customers and their children meet their education expenditures. This school fees loan enables students to finance all levels of education, from Kindergarten, Primary, High School, and College, including Graduate and Postgraduate fees.

This student school fees loan product is available to any adult individual, including employees, retirees from the public sector, semi-public sector, and the private sector, as well as business people with active transactional accounts at BOA Kenya.

The minimum net salary requiremered to qualify for this product is KSh 20,000.

Features of the Bank of Africa Soma Student Loan

• You can borrow between KSh. 20,000 and KSh. 500,000.
• Amounts above Ksh. 500,000 can be considered upon request, subject to a Debt Service Ratio of 60%.
• The loan has a zero processing fee.
• An Insurance cover of 0.3% pa is deducted upfront.
• The Bank of Africa student loan is available to any customer, existing, new or business owner.
• The Loan will be repaid through monthly constant debits for a period of between 10 to 12 months.

Read: Baroda Education Loan, Details, How to Apply.

Soma Student Loan Eligibility Requirements

• You should be employed or retired with regular retirement pay or have a stable stream of income.
• You should be working for at least 3 months with the same employer (for employees).
• You should provide the previous month’s pay slip (for employees).
• You should present letters of undertaking from your employer.
• Business people to provide statements for the last 12 months.
• A duly filled application form

Upon submitting the required documents and meeting all eligibility criteria, BOA will contact you within 48 hours with an update on your student loan application.

BOA Contacts

For any queries regarding the Soma student loan, you can reach the bank through the following contacts:

• Physical address: BOA House, Karuna Close, Off Waiyaki Way, Westlands, Nairobi.
• Tel: 0703058000/ 0203275000
• email: [email protected]

See also:

1. Stawika Loan App: Download, Apply & Repay Easily
2. Baroda Education Loan, Details, How to Apply
3. KCB Bank Student Loan, Details and How to Apply