Customers shall make reference for KESONIA rates from the Central Bank of Kenya (CBK) Website. Also, the Bank will publish the applicable KESONIA rate for the month on its website and applicable media platforms.

The Bank shall only issue pricing change notices to customers where the Premium (K) has changed during the regular review of the pricing model.

Yes, a customer with two different credit facilities e.g. asset finance and working capital, can have different rates for each facility. If the facilities are approved at different times, the customer’s risk rating can be different for the two facilities based on changes in their financials, repayment behavior among others.

For new-to-bank borrowers, the effective interest rate shall be under the KESONIA model i.e. KESONIA Reference Rate plus a Customer Premium (“K”). This shall be determined by the applicable risk rating for the customer segment.

The Customer Premium (K) is a variable component of the overall effective interest rate.

No, each bank has developed its own risk rating model based on its risk appetite and risk evaluation criteria.

KESONIA is an interbank rate publicly published by Central Bank of Kenya (CBK) in their website on a daily basis. The Bank shall use KESONIA rates as the Lending Reference Rate for variable rate Kenya Shilling Denominated loans.

The Risk-Based Credit Pricing Model (RBCPM) is a differentiated credit pricing that is determined by the customer risk profile. Borrowers with lower risk rating get better interest rates, while higher risk borrowers would get higher interest rates. Therefore, two borrowers in the same customer segment can have different pricing based on their different risk profile.

We encourage all staff to enlighten customers on the need to bank their business sales proceeds and salaries through their accounts with us, and ensure prompt loan repayment, to improve their risk rating and in turn improve their customer pricing.

Kindly visit your nearest branch to confirm that your ID or Passport number is properly captured.

You will be charged a one-off fee of 8% for a term of 1 month, 10% for a loan term of 2months and 12% for a loan term of 3 months, on the loan amount + 0.034% pm insurance fee (insurance is for all loan types) + excise duty of 20%. The fees are deducted upfront (i.e., before the money is deposited in your Co-op Bank App wallet account). For example, if you request a loan of Kes 10,000:

You can choose to repay the loan in 1 month, 2 months or 3 months. The total cost of the loan will vary depending on the loan term you choose to repay your loan i.e. in 1 month, 2 months or 3 months.

Your salary can be received in any Co-op Bank account except the pure savings (Hekima) account.

You can apply for the loan after receiving at least 1 salary credit.

You can visit the nearest Co-op Bank branch, call customer service on 020 2776000 / 0736 690101 / 0703 027000 or email customerservice@co-opbank.co.ke.