Student Loans in Kenya and Where to get them
It is becoming increasingly complex worldwide to secure employment opportunities without a diploma or a university degree. At most times, it is even more challenging for a student to complete their education due to the high cost of education involved. As a result of this issue, every parent, guardian, and student needs to understand there are places where they can get help.
This article, therefore, will unearth the various options available to ensure that our dreams are achieved.
Where to get Student Loans in Kenya
One can turn to several places when they need financial aid to complete their studies. Here is a list of the best places to secure a student loan from:
- Student Finance Africa (SFA)
Student Finance Africa is popularly known as SFA. This institution is one of Kenya’s best places to get student loans. This platform is accessible and reliable and ensures that it fits your plans.
SFA has partnered with various universities and learning institutions to make it easy for the applicants. As a result, you can access the university and the program of study through the SFA platform during the application process.
If and when you succeed, SFA finances up to 70% of your tuition fees, reimbursed directly to your school. The loan repayment is also straightforward as it’s paid in monthly installments straight to SFA. As a result, whether you are a guardian or parent, you can have peace of mind as all you have to look for is 30% of your term’s school fees.
- Higher Education Loans Board (HELB)
The higher education loans board is a state-owned corporation offering loans to needy bright students in Kenya. This is one of the best student loans in Kenya at all times, as its payments are flexible and long-term. Moreover, with HELB Loans, if you are lucky enough, you can get a bursary of around KES 8,000. The maximum amount that one can be given is up to KES 50,000.
Moreover, unlike the SFA loan, repayment schedules differ depending on which credit was extended to you. If it is the typical primary loan, repayment is made one year after completing your studies. For more details, check out the HELB website for more comprehensive information.
- Uniport Loans
Uniport is another top institution offering student loans in Kenya. However, there is a twist in how it provides its loans. All loans are provided on merit. Therefore a student has to be very bright. What’s more, Uniport also runs a mentorship program whereby students interact with some of the best employers in the country even before they clear their studies.
As a result, therefore, their chances of securing employment more quickly than their peers are pretty high. All loans are charged at a fixed interest rate of 11%, which is cheaper than banks currently offer. The repayment period begins after six months of completing one’s studies. The good news is that repayments are made quarterly and not monthly.
Uniport loans are revolutionizing access to student loans in Kenya for bright and needy students.
- AMREF SACCO – School Fees Loan
Amref Sacco is notable savings and credit society operating in Kenya. It offers student loans for parents who have children in schools and are members of the Sacco. You can access only one loan in this category each time. However, the interest rate charged at 6.5% per annum on reducing balance is way low. If successful, the loan is paid directly to the school or university. You should make the repayment within 12 months, and that’s the catch.
- Equity Bank
Equity Bank Kenya is a leading bank in Kenya that offers affordable and innovative products to customers. Moreover, apart from Equity Bank offering various other loans to its customers, it still provides education loans for students. Their education loan is affordable and takes a short period. Drop at any Equity bank branches in Kenya to learn more about this loan.
- Musoni Microfinance
Musoni Microfinance is a microfinance institution operating in Kenya. It also offers school fees loans for students to its customers. One can access up to KES 100,000 to be repaid within 3- 12 months. A borrower must also pay an upfront fee of 3% to access the loan. The interest rate charged is also not as high as what would be charged by a bank.
- Bank of Africa – Soma Loan
Bank of Africa is one of the banks operating in Kenya, offering student loans in Kenya. This loan is available for all Bank of Africa and Kenya and can be used to finance students at all levels of education.