Soma Loan

SOMA LOAN

The School fees loan is a personal short term loan to finance expenditures related to schooling of our customers and their children. The personal loan can be used to finance all levels of education, i.e. Kindergarten, Primary, High School and College (Graduate & Postgraduate) fees.

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