There are many institutions offering education loans in Kenya and most of them don’t involve collateral. Most of the loans are for colleges, universities and high school studies. We will summarize the best loans you can get quickly and repay with low interest rate.
Masomo Loan amount Ksh 100,000 to Ksh 4,000,000
Your account should be active for at least 3 months for you to get the loan.
Requirements include Valid Passport or National ID, Original Pay slip and admission letter to a training institution.
Interest on the loan range between 12% and 18% per year.
Repayment period is up to 2 years.
Education Loan of up to Ksh 10 million
Repayment period of up to 10 years
You can apply for a loan even if you will be studying abroad. Interest will range between 11% and 16% per year.
If you want a cheap loan with annual interest of 12%, join UN DT Sacco. Repayment period is up to 1 year. The loan amount is up to Ksh 3 million
You will get the loan without a collateral as long as you have savings in the Sacco.
Kenya Women Finance Trust will give a loan of up to 4 million to women in Kenya who wish to pursue further education. They require your ID Card, Passport photo and school fees structure to get the loan.
The interest on the loan is 10% to 15% per year.
Their Education loan attract interest of 12% per year. They will award you a loan 3 times your savings. For instance, if your savings are Ksh 1 million, you will get a loan of Ksh 3 million.
Repayment period is 3 years.
Helb offers loans for undergraduate and postgraduate students. They are the cheapest loans in the country. Instead of getting a loan from a bank or Sacco,it’s better to try Helb loans first.
You can get up to Ksh 500,000 for your studies. The interest rate is just 4%.
Bank of Africa offers Soma loan which attract interest of 11% to 15% per year.The loan amount is Ksh 20,000 to Ksh 500,000.
The only requirement for the loan is your pay slip.
If you are a business person, provide a bank statement of at least 12 months.
Diamond Trust Bank school fees loan amount is up to Ksh 1,000,000. The interest on loan is 10% to 14% per year. The repayment tenure is up to 10 months.
You are required to provide admission letter to your school.
Sheria Sacco is one of the best Saccos in Kenya and one of the loans they offer is Education Loan. The interest rate is 1% on reducing balance. Maximum loan amount granted is Ksh 500,000, which is enough to cater for your masters fee.
Amref Sacco Education Loan amount is up to Ksh 1 million and it comes with interest rate of 1% on reducing balance. The loan repayment period is up to 24 months which is equivalent to 2 years.
NSSF Sacco offers school fees loan of up to Ksh 200,000. The interest on loan is 1.5% on reducing balance. You need at least 6 guarantors to get the loan. The loan repayment period is 24 months.
Waumini Sacco offers a loan of up to Ksh 500,000. Repayment is within 12 months and interest is 1% on reducing balance.
The Sacco offers school fees loan of up to Ksh 50,000. Interest rate is 1.2% monthly on reducing balance.
You are required to repay the loan in 12 months.
K-NAD Sacco offers a loan of up to Ksh 1 million with interest rate being 1% per month reducing balance or 12% per year.
Loan repayment period is 12 months.
The maximum loan amount is Ksh 500,000. Interest rate is 1% per month on reducing balance. You will get a loan of up to 4 times your savings.
Documents required to get the loan
- Pay-stubs for the latest 3 months
- Letter from employer confirming employment status
- Bank statements for the latest 6 months
- Copy of Kenya ID or Kenya valid Passport
- KRA PIN Certificate
- Copy of the latest W2 Form issued by the employer
- Two passport size photographs
- Security – Copy of the title document of a property acceptable by the Sacco (Minimum lease term 35 years)
Ardhi Sacco offers a loan of up to Ksh 500,000. Repayment period is between 1 month and 24 months. No collateral is required for the loan.
The interest is 1% per month on reducing balance.
Another good Sacco which gives school fees loan of up to Ksh 240,000. Monthly interest rate is 1.5 per month on reducing balance. The repayment period is 12 months.
You will get education loan of up to Ksh 200,000 and repayment period is 12 months. The Sacco charges interest of 1% per month on reducing balance.
From the list above, it’s clear the best Education loans are offered by Saccos, banks and Helb.Avoid loans from Shylocks and Microfinance institutions.
