Kenya’s Family Bank Available Loans
1. Mobile Loan
Family Bank mobile loan allows both their customers’ and non-customers to access affordable instant mobile loans through their App, PesaPap wallet to meet their personal and emergency needs.
How can you access the mobile loans?
Dial *325# or log in to PesaPap App, open a PesaPap wallet and follow instructions.
How do you know how much you qualify for?
From PesaPap menu, select My loans then select check loan limit and enter your MPIN number and submit a request. The amount you qualify for will be displayed and a text for confirmation will be sent to you.
How do you apply for a mobile loan on the PesaPap Wallet?
From PesaPap Wallet menu, Select My Loans, Select request loan, Enter amount you require and submit. Enter your MPIN number to confirm details. The details of the loan (amount, facility fees and due date) will be displayed on your screen and a confirmation text will be sent to you.
How much will you be charged for mobile loan on PesaPap?
The PesaPap Wallet mobile loan is competitively priced and currently will cost you 6.62% in facility fees that is recoverable upfront.
How do you repay your mobile loan?
PesaPap mobile loans must be repaid within 30 days. There are two options to repay your loan:
• Full Repayment – Total outstanding loan is repaid at once and in full
• Partial Repayment – Total outstanding loan can also be repaid in instalments over the 30-day loan period
When do you qualify for your next mobile loan?
You qualify for a new mobile loan once you clear your outstanding loan.
2. Check-Off Loan
Check-off loans are available to all employees whose employers have signed a memorandum of agreement (MOU) with Family Bank to process loan facilities. Monthly instalments are paid directly to the bank.
Features
a) Repayment period is up to 72 months
b) Insurance cover against death and permanent disability is catered for
c) There is no hidden charges; age limit is 52 years of age
d) The check-off arrangements are agreed within the various institutions by the head office and branches are advised appropriately
e) Top-ups are available upon request
f) Loan buy-offs are also available
g) It has attractive loan amounts of up to KES 3 million
Benefits
• Very competitive interest rates charged
• Fast and efficient loan processing and disbursement of funds
• Your salary is considered your security
• No late payment fees are charged
• An easy and fast source of funds for account holders and non-account holders for personal development and more as needed
Requirements
• Check-off loan application forms required to be completed in triplicate
• Your certified original pay slips for the last current three months
• 3 certified copies of the applicant’s new-generation ID card and 2 recent passport size colour photographs
• A certified copy of your KRA PIN certificate
• Your certified original bank statements reflecting salary received in the last 3 months
• Your names should be similar in all documents, otherwise you should obtain written confirmation from your employer that the names preferred refer to the same person
3. Salary Loan
Salary loans are available to all Family Bank customers who are account holders and who process a regular income from their employers. It is ideal for people who earn a regular salary income through their employment contracts. Salary loans can be used for various reasons such as paying schools fees, settling medical bills, purchasing household items, among other uses.
Features
• Top-ups is a service available upon request
• Monthly loan repayment with duration of up to 24 months
• Insurance cover against death and permanent disability is covered
• Highly competitive interest rates charged
Benefits
• Fast, efficient loan processing and disbursement of funds
• Your salary is the security for you getting the loan
• No late payment fees are charged
Requirements
• Available to salaried individuals whose salaries are paid through Family Bank
4. Salary Advance
Salary advance is a short-term loan open to all salaried individuals who have an account with Family Bank. You can get up to 50% of your previous month’s net salary. This loan is payable upon you receiving the next month’s salary. Salary advance is now available to Family Bank customers via their Loan App, PesaPap and at all Family Bank ATMs.
Features
• You can access up to 50% of your net salary
• Loan repayment period is up to 45 Days
• Commission charged is 10% (+ Excise Duty and 20% of Commission)
• You can top-up on existing salary advance up to maximum limit
Benefits
• Easy application process since no forms are needed
• Amount advanced to you is immediately made available in your account
• You are eligible for a new loan immediately outstanding advance is settled
• It is available on Pesa Pap mobile banking app
Requirements
• Salary payment has to be processed through an account held with Family Bank
5. Plot Loans
With the revolutionary plot loan facility, it will help you buy land for future development. Plot loans are open to both individuals and investors who would wish to purchase land for future development.
Requirements
• Copy of title deed to the property
• Copy of the national ID or KRA PIN certificate of individual or business (directors)
• Valid sale agreement or letter of offer from the seller
• Payslips for the past current 3 months
• Letter from your employer confirming your employment status
• Bank statements for the past 6 months
• One passport size photograph
6. Brick by Brick
Your dream of owning a home is now a simple straight forward task. Growing Home is a revolutionary approach to property ownership. Build your home in phases and pay in affordable stages. What’s more, you can move in to your home once the first phase is completed. At that point you can even decide to take a break from building and carry on later, or you can continue with the construction as you live rent free, comfortably and safely in your new home.
Whether you need to pay step by step, build brick by brick or expand floor after floor, they offer the most affordable terms. They will quickly get you living comfortably in your own home or growing your property portfolio.
Features
• Build your home at your own pace and pay in affordable stages
• You can choose to take a break from building and carry on later
Benefits
• Your new home will grow with you as your finances and circumstances allow
• When you are ready then you can embark on the next phase of your construction
• Organised and affordable manner
Requirements
• Copy of title deed to the property
• Copy of ID/ KRA PIN certificate for individual/business (directors)
• Valid sale agreement/letter of offer from the seller
• Pay-slips for the last 3 months
• Letter from your employer confirming your employment status
• Bank statements for the last 6 months
• One passport size photograph
7. Estate Development
Estate development or project financing, is tailored for developers putting up houses for sale. The developer can get financing repayable within 2 years. The terms of financing will depend on the scale of the project and fulfilment of the outlined requirements.
Requirements
• Approved building plans
• Approved structural drawings
• Priced bills of quantities
• Approval from National Environmental Management Authority (Project team to submit their comprehensive CVs, registration certificates and profiles of successful works done in the last 5-10 years)
• Feasibility study confirming viability of the project
• Formal contract between the developer and the contractor duly executed
