KCB Mobi Loan is only available to the KCB bank customers, so if you would like to get their services; the first step is to open an account at the nearest KCB branch. If you are already a customer of KCB, then all you need to do is register for KCB mobile banking service at the nearest KCB branch.
How to register for KCB Mobi loan
KCB has ensured that the KCB Mobi Loan is available through two convenient mobile banking platforms. You can access it by:
- Using USSD code *522#
- Downloading the KCB App for Apple, Windows or Android phone
KCB Mobi Loan is available to existing KCB customers or to aspiring customers who don’t have an account yet. The application procedure is different for the two groups though.
If you don’t have a KCB account
- Go to your M-PESA
- Go to Lipa na M-PESA and enter Paybill # 522522
- In the account number section, enter your ID number in the following format. ID[ID number] e.g. ID12345678
- Enter a starting amount (a small one if you mind. It will be deposited into your new account) and finish the transaction
- You will receive an SMS notification with a one-time PIN that you can use to access your new account. Remember to change it once you get into your account
- You will need the PIN to access your account using the USSD code or when configuring your KCB App for the first time
For a complete guide on how to create an account and get the loan read this post here.
If you already have a KCB account
KCB account holders must visit their nearest KCB bank branch and register for mobile banking. Since the bank already has your details, an attempt to register yourself using the above procedure will fail.
Once you have secured your KCB Mobi account, you are now eligible to the KCB Mobi loan as long as your account as long as your account is in compliance to their terms and conditions.
KCB Mobi loan rates
- Mobi Loan – Mainstream loans from Ksh100 to Ksh 100,000
- Salary Advance – Up to 1.5 times your salary with limits between Ksh300 and Ksh 100,000
- Kopa Bills – This gives you a short term loan to help you sort your bills. Ranges between Ksh300 and Ksh100,000
KCB Mobi loan terms at a glance
Agree to existing mobile banking rates
As a holder of the Mobi loan account, subject to the existing terms and conditions, you may apply for a loan using the request loan menu on your device. The transaction fee which is payable to the Mobile Network for transactions effected in respect of your account from time to time will apply to any transaction that you make regarding your Mobi loan Account using the KCB Mobi system.
KCB has the right to approve or deny your loan without an explanation
If you apply for a loan from the bank, your application shall be appraised based on the applicable loan appraisal processes of the Bank. The Bank has the sole right with discretion to approve or decline your loan application without assigning a reason.
KCB discreetly chooses your applicable loan limit
Subject to the approval of your loan request, the Bank shall disburse to you a loan of an amount that it determines in its sole discretion subject to a minimum of KSh 500 and a maximum of KSh 100,000.
Your loan money can only be credited to your Mobi banking account
The proceeds of the full loan are all credited to your Mobi banking account subject to the deductions applicable to the transaction fee and the interest charge.
You must be 18 years or older to apply
One of the requirements to open KCB Mobi loan account is that you must be above 18 years
Loan repayment periods
The loan terms are in a period of 1, 3, and six months respectively.
The Transaction fees and the Negotiation fee is subject to change at any time with sole discretion of the Bank subject to thirty days of a notice issued to you.
The Bank is entitled to terminate the Agreement and close your Mobi loan Account in accordance to the provisions of Clause 13 without prejudice of its rights if you fail to repay the loan and the Transaction fees within sixty days of disbursement of the loan.
KCB can confiscate your KCB account balance to settle outstanding Mobi loans
The Bank shall utilize funds in an account opened by you or operated by you to offset outstanding debt from you to the Bank concerning your Mobi loan account. By accepting the Terms and Conditions, you agree and confirm that the Bank is entitled in its discretion to restrict you from withdrawing either in part or in whole the funds in your Bank account as long as you have an outstanding debt with the Bank in respect to your Mobiloan without receiving any notice from the Bank and or without incurring any liability to you.
The Bank is free to vary the Terms and Conditions of the loan, and this includes the payable fee from time to time about the prevailing rules and regulations of the policies from the Bank and the Central Bank of Kenya.
How to keep track of fees in your Mobi loan account
- All other fees, taxes, and expenses, duties, impositions, and costs incurred in complying with your requests to obtain statements. You may request for an activity report in respect of your Mobi Loan account from the Bank
- The loan account statement shall provide details of the last five transactions or any other number as determined by the Bank
- You may obtain a printed Mobi loan account mini statement or a written Bank statement from the Bank’s branches. You shall be held responsible for the payment of any charges levied by Bank for the printed reports
- The Bank Statement or Mobi loan Account Mini Statements in respect of your Mobiloan Account shall be conclusive evidence of the transactions carried out on the Mobi loan Account for the period covered in the Mobi loan Account Mini Statement.
Irrevocable authority of the bank
It is your responsibility to familiarize with the operating procedures for the services provided to by the Bank upon registration to the service. The bank is not liable for any losses incurred due to errors of omission or commission
You authorize the Bank to act on all requests they receive from you and it may at its absolute discretion cancel a transaction but have no obligation to do so
The Bank shall be entitled to accept and act upon any request even if the application is otherwise incomplete or ambiguous and it believes that it can correct the incomplete information in the request without any reference to you.
The Bank is authorized to apply an order in respect to your Mobi loan account as required by court order or agency under the applicable laws
Customer’s equipment and customer’s responsibilities
You shall at your own expense provide and maintain a safe and efficient operating order your Equipment that is necessary for accessing the System and the Services.
You shall follow all instructions, procedures, and guidelines of these Terms and Conditions and any document that is provided by the Bank concerning the use of the System and Services
The bank may send information about the Mobi loan Account through a phone call or an SMS to the provided mobile network
You acknowledge that you have no claim against the Bank for damages caused by losses, misunderstandings, mutilations or any other irregularities as a result of the transmission of communication about the Mobi loan Account.
Disclosure of information
You expressly consent and authorize the bank to disclose, utilize, receive and record your personal information about your Mobi loan account and any private details of your use of the service.
- To Mobile Network in connection with the Mobile Money Service and the services
- In business practices including but not limited to quality control, training and ensuring efficient systems operation
- In business practices including but not limited to quality control, training and providing efficient systems operation
- In the event of any conflict between any terms of any request received by the Bank from you and the Terms and Conditions, the Terms and Conditions shall prevail
You can view the complete terms and conditions document from KCB here.
The terms and conditions form have the following definitions
- “Bank” means KCB Bank Kenya Limited consolidated in Kenya as a restricted obligation organization under the Companies Act (Chapter 486 of the Laws of Kenya) and appropriately authorized as a Bank under the Banking Act (Chapter 488 of the Laws of Kenya) and incorporates backups of the Bank as may every now and then be determined by the Bank to you;
- “Credit Reference Bureau” implies a credit reference authority properly authorized under the Banking Act compliant with the Banking (Credit Reference Bureau) Regulations, 2008 to bury alia, gather and encourage the sharing of client credit data;
- “Customer” means the individual in whose name the MOBI LOAN Account with the Bank is existing;
- “Contact Centre” means the Customer Care Centre or KCB Branch or KCB Mtaani outlets as might be advised to the Customer by the Bank now and again;
- “E-Money” implies the electronic financial esteem delineated in your Mobile Money Account speaking to an equivalent measure of money;
- “Equipment” incorporates your cell phone handset, SIM Card and additionally other gear which when utilized together empowers you to get to versatile Network;
- “IPRS” means the Integrated Population Registration System set up and kept up by the Legislature of Kenya under the Ministry of State for Immigration and Registration of Persons;
- “Immediate installment” implies deliberate moment reimbursement of advance progressed before the due date.
- “Bank Account” implies the record held and worked in the Bank by a KCB client.
- “KCB MOBI” implies the cash exchange and installments benefit given by KCB through the KCB MOBI System;
- “KCB MOBI System” implies the framework worked by KCB for the arrangement of the Mobile Banking Service utilizing the Mobile Networks;
- “KCB MOBI PIN” implies your recognizable proof number being the mystery code used to get to and work the KCB MOBI System and your Mobi loan Account;
- “KCB MOBI Subscriber” implies any individual enlisted to utilize the KCB MOBI System to send or get cash or make installments;
- “KCB Mobi loan Service” implies the administration offered by the Bank to obtain and reimburse credits through cell phone;
- “Loan Auto recuperation” implies mechanized recuperation of the credit progressed from the client account on the due date.
- “MOBI LOAN Menu” implies the MOBI LOAN Menu on the KCB MOBI System;
- “MOBI LOAN Account” implies an advance record opened and worked as per the terms and conditions in this contained;
- “MOBI LOAN” means the advance office progressed by the Bank.
- The system” implies the portable cell arrange worked by different versatile systems;
- “Request” means demand or guideline got by the Bank from you or purportedly from you through the Network and the System and after that, the Bank is approved to act;
- “Late Repayment Penalty” implies punishment of 10% for each annum charged on any extraordinary advance sum after the due date;
- “Services” might incorporate any Banking administrations or items that the Bank may offer you as per this Agreement and as you may now and again buy in to and “Administration” should be understood in like manner;
- “SIM Card” implies the endorser personality module which when utilized with the proper cell phone handset empowers you to get to the Network and to utilize the KCB MOBI System;
- “SMS” means a short-modified message benefit comprising of an instant message transmitted starting with one cell phone then onto the next;
- “System” means the Bank’s electronic Banking and correspondences programming empowering the Customer to speak with the Bank for motivations behind the Services. The System and the Services will with the end goal of this Agreement obtained through the KCB MOBI System;
- “Transaction Fees” incorporates the premium expense, the punishment charge and some other charges and charges payable for the utilization of the Services as distributed by the Bank on the Bank’s site as well as day by day daily papers in Kenya or by such different means as the Bank should in its sole carefulness decide.
- “Credit Limit” implies the most extreme pre-endorsed sum that a client can obtain on this administration.
Benefits of KCB Mobi loan
When you use the KCB mobi loan to apply for a loan you get to enjoy the benefits of mobile banking which are;
Mobi loan allows you to access short-term loans without any security
Maintain visibility of your account 24/7 throughout all the days of the week meaning you can easily keep track of your loan
KCB Mobi Loan enables you to verify all your transactions
With the KCB Mobi Loan, you will get real-time notifications whenever money comes into your account or comes out of it.
KCB Mobi loan payment
The terms of paying KCB mobi loan are;
- You shall repay the loan within the period agreed on
- You shall make all due payments to the Bank concerning the Loan and Transaction fees using the Mobile Banking System and the Mobi loan Service only. Other means are used just in agreement with the Bank at its discretion
- Failure to repay the loan within the loan term after the disbursement date of the loan, the Bank will automatically start charging the late repayment penalty fee calculated on any outstanding amount in respect of the loan, and it continues to accrue until the bank receives full payment.
KCB Mobi loan interest rate
The Mobi Loan and Kopa Bill loan charges an interest rate of 6% and the salary advance charged a monthly interest rate of 8%. The KCB Mobi loan allows KCB customers with M-Pesa to access loans at an attractive low-interest rate 1.16% per month and a one-off negotiation fee of 2.5%. The one-month loan costs 3.66% of excise duty that applies to charges. If you have saved on your Mpesa for a fixed period, then you earn interest of up to 8% per annum, and you can transfer money in and out of the KCB MPESA account for free. You can find details about the interest rates here too.
How to pay KCB Mobi loan via M-Pesa
- Go to M-PESA menu
- Select Lipa Na M-PESA
- Select Pay bill and enter Pay bill number 522522
- Under account, type your ID and your National ID Number
- Enter the amount to deposit then enter your M-Pesa Pin
KCB MOBI loan transaction charges
- For Safaricom subscriber, dialing on to KCB Mobi Bank via USSD is KSh 2, your mobile subscriber determines the amount
- For balance inquiry, you incur costs of Ksh 33
- For a Mini statement, you incur expenses KSh 33
- Forex rates are a fee
- Airtime purchase for own phone and other phones is free
- M-PESA transfer from KCB account to M-Pesa is KSh 55
- Mobi Loan and Kopa Bill have an interest of 6%
- Salary Advance charges an interest rate of 8%
It is essential to take note of these charges and understand that the prices are appropriate subject to the terms and conditions as indicated by the Bank and that they are subject to change at the Bank’s sole discretion by the terms and conditions.
With access to KCB Mobi Loan services, you also have free access to the following services;
- Loan Calculator: Allows you to inquire and calculate the loan repayment rates
- Budget Tracker: Charts and graphs which you can use to visualize and analyze your spending and your account activity
- Secured Messaging: Allows direct secured messaging to KCB
- Forex Rates: This allows you to view the exchange rates for all the major currencies
- My stocks: This gives you a view of all stocks listed on the Nairobi stock exchange
- Currency Converter: A currency converter calculator
- News: You can access all the latest news on business, lifestyle, and sports
- Properties: You can view the most recent properties in the market as registered on the KCB Mortgage portal