How long does it take for the bank to disburse a personal loan?

All personal loan requests are processed within 48 hours subject to employer confirmation

Do I need to transfer my salary to the bank in order to get a personal loan?

Yes, it is mandatory to transfer salary to Co-op bank.

How long should I have an active account with the bank to qualify to apply for a loan?

One needs to maintain an active salary account for a minimum of six months for non-check off customers .Customers under schemes/ check offs can open accounts and fill change of paypoint to Co-opbank and immediately access credit facilities.

Can one get a personal loan in other currencies other than Kshs?

Personal loan is currently available in two currencies i.e. KES and USD

What is the personal loan interest rate ?

Currently, the interest rate applicable is 13% per annum (BBR of 9% + margin of 4%)

Is there a loan protection insurance in case one is retrenched, dies or is involved in an accident?

Yes, Loan is insured against death and permanent disability. It does not cover retrenchment.

Does the bank offer unsecured loans?

Yes, we offer unsecured personal loans of up to 8M depending with the employer and scheme.

Can the bank consolidate other bank loans so that one only pays to Coopbank?

Yes, we are able to buy off/refinance other bank and Sacco loans for customer to have one repayment.

Unsecured Personal Loans in Kenya | Co-operative Bank of Kenya

Personal Loan

Meet your financial situations with a brave face.

Imagine the possibilities with a Co-opBank Personal Loan. Go ahead and dream big!

Whether you want to make a major purchase, finance a wedding or pay school fees, a Co-opBank Personal Loan is a simple and convenient borrowing solution to help you reach your goals.

Features

Minimum loan amount of Ksh 50,000
Maximum loan amount of Ksh 8,000,000
Maximum term of up to 96 months
Purposes to be covered include education, medical, furniture, consumer durables, motor vehicles, plot purchase, holidays and shares
Applications to be appraised using credit scoring
Applications appraised within 48 hours

Requirements

Employed individuals or individuals with a regular income
Original National Identity Card and a copy
No specific minimum net salary is required
Salary pay slips for the last 3 months
Filled in loan application form
Copy of KRA PIN

More Information

: All personal loan requests are processed within 48 hours subject to employer confirmation

: Yes, it is mandatory to transfer salary to Co-op bank.

: One needs to maintain an active salary account for a minimum of six months for non-check off customers .Customers under schemes/ check offs can open accounts and fill change of paypoint to Co-opbank and immediately access credit facilities.