Unsecured Loans
What are the requirements of applying for an unsecured loan with SCB? - The requirements are:
- Minimum salary Kshs. 15,000*
- If not banking with SCB, six months salary a/c statements and employers introduction letter
- Latest pay slip
What is your current interest rate for the unsecured loans? - Our rates are competitive with our maximum rate at 16.25%, but again this is a variable rate and is dependent on the market rate.
Do you do balance transfers for unsecured loans? - Yes we do balance transfers meaning that we pay off a loan that you have with another bank or Sacco. We do not charge for balance transfers.
How long does it take for a loan to be approved? - Once your loan application is received at the loan centre we will acknowledge receipt of your application through short message service (SMS) it takes 24 hours for us to advise you on the status of your loan application.
Do I have to have an account with you to apply for a credit facility? - No, you don’t have to have an account with us to apply for a loan. You can pay off the loan though the deduction at source arrangement where your employer pays the bank directly once the deduction is done from your pay slip*.
What are the charges for early clearance on loans? - The charge for early loan repayment is 5% of the outstanding principal balance.
