Unsecured Loans
What are the requirements of applying for an unsecured loan with SCB? - The requirements are:
- minimum salary Kshs. 20,000
- 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? - The current rate is 19.75% 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.
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 of the status of your loan application. The status could be a delay for some reasons or a final decision such as approved or declined.
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.
Why do you charge 5% on early clearance on loans? - The bank has solicited this money elsewhere and interest is payable on these funds for the whole tenor of the loan; hence the commission
Does you bank offer credit cards? - At the moment we only have debit cards but you could apply for a facility that operates just like a credit card; and that is the overdraft.
What is the tenor for an overdraft facility? - The tenor is one year and it expires after one year but you have an option of renewing it.