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KCB Mpesa account loans starting from 24%pa
Rank: Veteran Joined: 11/9/2009 Posts: 2,003
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Othelo wrote:Wakora muno muno muno.... Interest is charged upfront and loan amount sits with KCB until you transfer to mpesa. Very clever!!! 1m to Mpesa?
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Rank: Elder Joined: 9/23/2009 Posts: 8,083 Location: Enk are Nyirobi
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The last time I approached a bank to take a business loan, they had crazy conditions for collateral. Is it really this easy? Life is short. Live passionately.
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Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi
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sparkly wrote:The last time I approached a bank to take a business loan, they had crazy conditions for collateral. Is it really this easy? Of course not,those are just marketing stories. Actually this KCB thing might be more expensive when you consider account-mpesa charges. Formally employed people often live their employers' dream & forget about their own.
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Rank: Member Joined: 5/14/2014 Posts: 288 Location: nairobi
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bird_man wrote:sparkly wrote:The last time I approached a bank to take a business loan, they had crazy conditions for collateral. Is it really this easy? Of course not,those are just marketing stories. Actually this KCB thing might be more expensive when you consider account-mpesa charges. i dialled that 844~ thing and got a text that i can borrow upto sh 1000. factoring in withdrawal charges from kcb to mpesa of approx sh 55 and sh 27 being mpesa withrawal charges plus sh 20 being interest for a month. total payments =sh 102 102/1000*100%=10.2% basically unless thet qualify you for bigger sums then this seems expensive to me. I find satisfaction in owning great business,not trading them
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Rank: Member Joined: 5/2/2010 Posts: 305
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Swenani wrote:Impunity wrote:mlennyma wrote:growing wrote:2% per month, that's equivalent to 24% per annum safcom is leading banks to be real shylocks,2% is 24% p.a very expensive to the educated but very cheap to the lay man Consider the hussles you undergo in a normal process to prochiwa say a mere loan of Kes. 500,000? With this arrangement however you get this done on the comfort of your sofa set while watching cartoons and sipping bone soup. TIME VALUE OF MONEY! Do you even know the meaning of time value of money? 
“Once the last tree is cut and the last river poisoned,you will find you cannot eat your money" Traditional saying.
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Rank: Member Joined: 2/8/2007 Posts: 808
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I saw this and wondered where is the product because what was on offer didn't look like a product unless the two esteemed institutions presumed the audience were monkeys in a financial zoo!! You cant call a 24% loan a product when you are also suppossed to save compulsorily and earn 6%.
Financial literacy must be too low for one to buy this. pity those who have to push the product.
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Rank: Member Joined: 2/8/2007 Posts: 808
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I saw this and wondered where is the product because what was on offer didn't look like a product unless the two esteemed institutions presumed the audience were monkeys in a financial zoo!! You cant call a 24% loan a product when you are also suppossed to save compulsorily and earn 6%.
Financial literacy must be too low for one to buy this. pity those who have to push the product.
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Rank: Veteran Joined: 6/23/2011 Posts: 1,740 Location: Nairobi
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They should have said at lower than 1% per day.
See how that sounds nice.
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Rank: User Joined: 1/20/2014 Posts: 3,528
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@Kausha you dont have to save to qualify, though saving increases the loan limit you qualify for. @Radio, what i meant is ..... in mshwari once you request for the loan and its is approved, the funds are deposited directly to your mpesa account. Whereas in the KCB *844# loan system, they first create a KCB-Mpesa account where the funds are held. You must transfer manually to your mpesa account. For amounts above 50k, you will have to open a KCB account where you will still need to transfer the funds to from the KCB-Mpesa account. @streetwise .... imagine even .1% per day is still high - reapoff! @all........... for one off emergencies for small amounts of upto 20k, better than shylocks!!! Formal education will make you a living. Self-education will make you a fortune - Jim Rohn.
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Rank: Member Joined: 2/15/2010 Posts: 133 Location: Kenya
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K.C.B already has mobile banking (M-benki)on *522#, which gives "mobi loans" at the same usurious rates as m-shwari why not use that but tell customers they've lowered rates.But I guess they want to squeeze safaricom's brand name for all it's worth while still charging higher rates on the old products.Banksters!
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Rank: Elder Joined: 5/27/2008 Posts: 3,760
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Othelo wrote:Wakora muno muno muno.... Interest is charged upfront and loan amount sits with KCB until you transfer to mpesa. Very clever!!! I've confirmed that KCB charge ksh 5/- for their USSD (*522#) while I&M charge ksh 2/- for theirs (*458#). These are the hidden costs that mama mboga never realizes, only wondering as she limas her shamba that 'hawa watu wa safaricom wanakula pesa yangu na hata sija hora thimu' If you assume only a quarter of their customer base use USSD twice a month, that's serious non-interest income, uncouth if you asked me.
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Rank: Chief Joined: 5/9/2007 Posts: 13,095
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Gordon Gekko wrote:Othelo wrote:Wakora muno muno muno.... Interest is charged upfront and loan amount sits with KCB until you transfer to mpesa. Very clever!!! I've confirmed that KCB charge ksh 5/- for their USSD (*522#) while I&M charge ksh 2/- for theirs (*458#). These are the hidden costs that mama mboga never realizes, only wondering as she limas her shamba that 'hawa watu wa safaricom wanakula pesa yangu na hata sija hora thimu' If you assume only a quarter of their customer base use USSD twice a month, that's serious non-interest income, uncouth if you asked me. @Gordon, USSD charges are not imposed by the bank but by network provider. The last time I checked, Safcom had fixed bank codes at 5bob and other services' codes eg Music, at 10bob. By the way, for USSD, Safcom keeps all the loot, unlike Premium SMSes where they do a revenue share. I doubt your 2bob for *458#, unless you used Airtel line which in some circumstances you can negotiate for lower rates.
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Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi
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Took a test loan from KCB Mpesa,got the money in 5mins or so....but when I paid it took 2days for the loan balance to be cleared!Very poorly implemented and confusing. Formally employed people often live their employers' dream & forget about their own.
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Rank: Member Joined: 2/9/2012 Posts: 576
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Othelo wrote:[quote=mugandaHappy family thus far...  Aish Makoma has aged like that over the years  .... anyway been about 20 years since we worked together [/quote] just seen a tweet from KCB and they are referring Makome as the MD Kenya.So that means after the restructuring Joshua became the group CEO with several MDs reporting to him.Meanwhile Daktari has refused to do the same Africa belongs to Africans.
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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bird_man wrote:Took a test loan from KCB Mpesa,got the money in 5mins or so....but when I paid it took 2days for the loan balance to be cleared!Very poorly implemented and confusing. It's bogus they brought something that wasn't ready to the market...scom staff are complaining big time... possunt quia posse videntur
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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hindi ni riu wrote:Swenani wrote:Impunity wrote:mlennyma wrote:growing wrote:2% per month, that's equivalent to 24% per annum safcom is leading banks to be real shylocks,2% is 24% p.a very expensive to the educated but very cheap to the lay man Consider the hussles you undergo in a normal process to prochiwa say a mere loan of Kes. 500,000? With this arrangement however you get this done on the comfort of your sofa set while watching cartoons and sipping bone soup. TIME VALUE OF MONEY! Do you even know the meaning of time value of money? possunt quia posse videntur
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Rank: Elder Joined: 9/29/2006 Posts: 2,570
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bird_man wrote:Took a test loan from KCB Mpesa,got the money in 5mins or so....but when I paid it took 2days for the loan balance to be cleared!Very poorly implemented and confusing. What was the interest rate like? The opposite of courage is not cowardice, it's conformity.
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Rank: Veteran Joined: 8/10/2014 Posts: 976 Location: Kenya
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I still prefer mshwari coz its faster to store excess mpesa cash and to remove. KCB Mpesa needs to get space on the menu
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Rank: Veteran Joined: 11/2/2006 Posts: 1,206 Location: Nairobi
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jerry wrote:bird_man wrote:Took a test loan from KCB Mpesa,got the money in 5mins or so....but when I paid it took 2days for the loan balance to be cleared!Very poorly implemented and confusing. What was the interest rate like? It was just 100sh for test purposes.Interest was 4% for 1month. Formally employed people often live their employers' dream & forget about their own.
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Rank: Elder Joined: 9/29/2006 Posts: 2,570
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bird_man wrote:jerry wrote:bird_man wrote:Took a test loan from KCB Mpesa,got the money in 5mins or so....but when I paid it took 2days for the loan balance to be cleared!Very poorly implemented and confusing. What was the interest rate like? It was just 100sh for test purposes.Interest was 4% for 1month. Sounds good if teething problems are addressed. The opposite of courage is not cowardice, it's conformity.
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KCB Mpesa account loans starting from 24%pa
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