In This article will look at all the Absa loans one can apply for from Absa Bank. Absa Bank Kenya Plc, formerly Barclays Bank Kenya Limited, is a commercial bank in Kenya and a subsidiary of South Africa-based Absa Group Limited. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.
Here is a List of Absa Kenya Loans
Absa Personal Loans
Customers of ABSA Bank Kenya can choose between two forms of personal loans. There are two types of personal loans: Absa Kenya unsecured and Absa Kenya secured loans.
Unsecured Loan Non Check Off
Requirements
Absa accountholders
- Latest payslip (certified)
- National ID card or passport (non-Kenyan)
- KRA – PIN
Non-Absa accountholders
- Last two months payslips (certified)
- Bank statements for three months (certified)
- One passport photo
- KRA – PIN
What you Get
- Affordable credit life insurance
- Repayments deducted from your salary
- Borrow up to KES6 million*
- Competitive interest rates and fees
- Easy approval
- Quick access to your money
- Flexible repayment periods of up to 96 months
- No collateral or security needed to apply for the loan
*Terms and conditions apply
Unsecured Loan Check Off
Requirements
Absa accountholders
- Latest payslip (certified)
- National ID card or passport (non-Kenyan)
- KRA – PIN
Non-Absa accountholders
- Last two months payslips (certified)
- Bank statements for three months (certified)
- One passport photo
- KRA – PIN
How it works
- Get affordable credit life insurance
- Borrow up to KES6m
- Flexible repayment periods of up to 72 months
- Available to self-employed, employed or contract workers
- Competitive interest rates
- No collateral or security needed to apply for the loan
*Terms and conditions apply
Timiza Loan
One can also obtain ABSA bank Kenya loans without visiting the bank. To get a loan from Timiza, you have to download the app from the Google Play store, register, and then request a loan. The best part of getting an unsecured loan with Timiza is that it can be less expensive.
How do I get a loan from Timiza?
How to Apply for Timiza Loan Using USSD code *848#
- Dial and call *848# on your Safaricom line registered with Timiza.
- Enter your Timiza PIN.
- You will see your Loan Limit at the top of the onscreen together with other menus.
- Select the option Loan and press Send.
- Next, select Request Loan.
- Choose the option, Get Cash.
Absa Kenya Mortgage Loans
According to the Central Bank of Kenya, the average mortgage size is Ksh. 8.6 million, the average interest rate charged is 10.9% and the average repayment period is 11.2 years. Other top ABSA bank Kenya loans available in Kenya include mortgage loans. This lending product allows people to get a loan regardless of how they get a loan.
This loan product is quite versatile in that One may use it to purchase a constructed home or a plot of land for development. All you have to do now is determine which option best meets your needs and then go to any ABSA bank Kenya office to discuss the terms of your mortgage loan. The payback time for this loan ranges from 20 to 25 years, depending on whether you opt to build or buy.
Home Equity Loan
Another popular ABSA bank Kenya loan is the equity release loan. This loan product allows you to free up money encumbered by your home’s value.
This loan type allows you to borrow up to 80% of the property’s worth.
Other elements of this loan include:
- A 15-year payback period
- Property must be valued at 1.5 million in the upcountry and 2 million in Nairobi.
- One must pay a valuation cost of 0.25 percent of the property’s worth
- One must pay a security fee.
