Co-op Bank is making it easier for salaried individuals to access financing through its Co-op Salary Account, offering up to Ksh 9 million in unsecured personal loans with a repayment period of up to 120 months. With just a payslip, individuals can qualify for financing to meet various financial needs, including education, medical expenses, asset purchases, and investment opportunities.
Why Choose the Co-op Salary Account?
The Co-op Salary Account is a three-in-one financial solution that combines a salary account, personal loans, and mobile loans. This makes it an ideal option for individuals looking for convenience and flexibility in managing their finances.
Additionally, newly recruited employees in government parastatals can benefit from personal accident insurance cover as part of the package.
Personal Loan Details
Co-op Bank’s personal loans come with attractive features designed to accommodate different financial needs.
Loan Features:
- Minimum loan amount: Ksh 50,000
- Maximum loan amount: Ksh 9 million
- Loan tenure: Up to 120 months
- Eligible purposes:
- Education
- Medical expenses
- Furniture and household items
- Consumer durables
- Motor vehicle purchases
- Plot purchases
- Holidays and leisure
- Shares investment
- Fast approval: Applications are appraised within 48 hours
- Credit scoring: Used to determine loan eligibility
Loan Requirements:
- Must be employed or have a regular income (including pensioners)
- Original and copy of National ID
- Copy of KRA PIN
- No specific minimum net salary required
- Three most recent payslips
- Filled-in loan application form
MCo-opCash: Quick Short-Term Loans on Mobile
For those in need of short-term financing, Co-op Bank offers MCo-opCash, a mobile banking service that provides quick loans ranging from Ksh 1,000 to Ksh 500,000.
Features of MCo-opCash Loans:
- Borrow between Ksh 1,000 and Ksh 500,000
- Loan repayment period: 1 to 3 months
- Access funds instantly via mobile banking
- Apply easily by dialing *667#
Requirements for MCo-opCash Loans:
- Must have a Co-op Bank salary account
- Be registered on MCo-opCash mobile banking
- Copy of KRA PIN
Co-op Salary Account: A Hassle-Free Banking Solution
To access these loans, you need to open a Co-op Salary Account, which comes with various benefits tailored to meet financial needs conveniently.
Account Features:
- No minimum opening balance
- No minimum operating balance
- No monthly maintenance fee
- Salary processing fee applies
- Access to other financial products such as:
- Unsecured personal loans
- Asset finance
- Mortgage
- Cash advances
- Comes with a debit card and access to a credit card
Account Opening Requirements:
- Original and copy of National ID or Passport
- Passport photo (taken at the branch)
- Ksh 600 for the debit card (inclusive of 20% excise duty)
- Copy of KRA PIN
- No employer introduction letter required
Why This Offer Matters
Many Kenyans struggle to secure loans due to stringent requirements and long processing times. Co-op Bank’s salary-based loan solutions provide a fast and easy way to access funding without needing collateral. With appraisal within 48 hours, employees can quickly access financing to meet urgent needs.
Whether you are looking to invest, buy a car, finance your child’s education, or even go on a vacation, the Co-op Salary Account provides a convenient and flexible financing solution.
For more information, visit any Co-op Bank branch or dial *667# to get started on MCo-opCash today!
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