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Bank of Africa is one of the best banks with student loans in Kenya. It offers a loan of up to Ksh 500,00 to college and university students:

Target
Any adult individual employee or retiree of the public sector, semi-public and private.
Business people with active transactional accounts. Minimum salary Kshs. 20,000 (Net).

Eligibility Requirements
• Employed or retired with regular retired pay or have a defined stream of income
• A minimum of 3 months with the same employer (for employees)
• Provide last pay slip (for employees)
• Business people to provide statements (12 months)
• Duly filled application form
• Letters of undertaking from employer

Amount
• Minimum Loan amount of Kshs 20,000 and a Maximum of Kshs 500,000*
• Zero Processing Fee
• Insurance cover of 0.3% pa deducted upfront
• Amounts within the DSR, for loans above Kshs 500,000 & for a period of up to 12 months will also be considered
*subject to Debt Service Ratio – 60%

Terms and Duration of Payments
BOA – K will undertake to answer the customers within 48 hours
• Can be sold to any customer (Existing, Non-existing & Business owners)
• Loans will be repaid through monthly constant debits for a period of between 10 – 12 months

To apply for the loan,visit Bank of Africa website.

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February 21, 2024

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