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The benefits of student loans in Kenya

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While having a lot of student loans can be burdensome, there are some upsides of graduating with a bit of debt, especially the one you acquire from the department of education. Sometimes it is absolutely necessary for a student to require some financial help so as to complete his/her education. As a student don’t be so sad about it as there are two sides to every opportunity, the bad and the good.

Interest rate reduction

One of the larger benefits of student loans is that the interest you pay on the loans is often deductible, meaning you can subtract it from your income, reducing your tax burden for the year. The loans offered by the ministry of education in Kenya is deductible once you have finished your schooling and been employed. This ensures you study without much hassle and make payments later once you are employed.

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School Fees Payment Loans In Kenya

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SOMA LOAN FROM BANK OF AFRICA

This kind of loan helps in relieving stress of paying school fees and offers you the lowest interest rate as you keep track of your bigger dreams. The personal loan offered here can finance all levels of education: primary, high school, college, university (graduate and postgraduate).

The features are a processing fee of 2% and loan tenure of up to 10 months. The minimum amount you can borrow is Kshs.20, 000 while the maximum is Kshs.500, 000. Requirements are, you have to be employed or retired with a regular pay, at least 3 months with the same employer, a valid employment contract and the last payslip.

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