Mobile loan subscribers were caught unawares after the Kenya Commercial Bank, KCB, increased interest charged on its mobile loan facility by almost double figures. The bank adjusted the interest rate upwards to 7.05% per month.
“Effective 02 – 08 – 2018, KCB MPesa loan interest rate has been reviewed to 7.05% per month from 4.08 per month,” said the bank on its official Twitter account. This response came after an outcry from customers. “Have you revised the interest on KCB MPESA LOANS?just got a message that my next loan will be charged at 7.5% from the previous 4.03%?,” wrote one Mr Ezeulu; in a request to KCB.
Also read;
- How to get the JumboPesa Plus Loan faster, easily and cheaply via your mobile phone
- How to get the Zidisha Loan faster, easily and cheaply via your mobile phone
- How to get the KopaKash Loan faster, easily and cheaply via your mobile phone
- How to get the Tumiwa Loan faster, easily and cheaply via your mobile phone
- How to get the Africaloan Kenya Loan faster, easily and cheaply via your mobile phone
- How to get the StashfinLoan faster, easily and cheaply via your mobile phone
- How to get the Berry Loan faster, easily and cheaply via your mobile phone
- How to get the Zenka Loan faster, easily and cheaply via your mobile phone
- How to get the Jazika Loan faster, easily and cheaply via your mobile phone
- How to get the Opesa Loan faster, easily and cheaply via your mobile phone
- How to get the Okolea Loan faster, easily and cheaply via your mobile phone
- How to get the Pesa Zote Loan faster, easily and cheaply via your mobile phone
- How to get the Okash Loan faster, easily and cheaply via your mobile phone
- How to get the Saida Loan faster, easily and cheaply via your mobile phone
- How to get the Haraka Mobile Loan faster, easily and cheaply via your mobile phone
- How to get the Timiza Online Loan faster, easily and cheaply via your mobile phone
The cost for the 1 month loan has been 4.08% with excise duty applicable on negotiation fees.
KCB now charges an interest rate on its mobile loans that is close to that payable on Mshwari loans; where a one-time fee of 7.5% is levied for each loan. While, Barclay’s Timiza effects an interest rate of 6.17. On their part, Safaricom’s Fuliza loans attract a facility fee of 1.083 percent of the value of the credit. An additional administrative fee of up to Sh30 is charged for each day that the loan remains unpaid. The overdraft facility has a term of 30 days beyond which a borrower is deemed to be in default.
Also read;
Quick, Convenient, fast, Cheap and unsecured Mobile loans in Kenya