At one time you may need a loan to start up a project, buy an asset or pay up for any other financial obligation that requires lump some payments. Better still, finances may be required during emergencies like medical bills payment, education and many more. The loans can be obtained from a variety of financial institutions like banks and SACCOs.
There are two types of loans that can be advanced to customers by banks; Secured and Unsecured loans. Unsecured loans do not require any collateral and are advanced to salaried employees. Secured loans, on the other hand, require a collateral.
Here is a list of the commonly required collaterals by Kenyan banks in order to give a secured loan:
- House hold items: These include such items as TV sets, cookers etc. Banks which can give you a loan by using these items as security are: KCB, KWFT, Equity and Cooperative bank.
- Motor Vehicle; If you own a motor vehicle that is duly registered under your name, then go for a secured loan from: NIC, Equity, KCB, CBA and Platinum Credit.
- Furniture; Your furniture; tables, chairs and cupboards can act as collateral to garner financing from: KWFT, KCB and Equity Bank.
- Livestock; Cows, goats and chicken can be used to get a loan from: Equity and KCB.
- Stock trade; Individuals with shares at the Nairobi stock exchange can use them to process secured loans from Equity Bank.
- Inventories can be used to acquire a loan from Equity Bank.
- Bank Accounts; Healthy bank accounts with a good financial flow can be used to process loans from: Equity, I&M and Standard Chartered Bank.
- Crops like tea plantations can enable you secure financing from Equity and Juhudi Kilimo.
In need of a secured loan? Now you know how to get one.