Types of Family Bank Loans in Kenya and how to apply and repay

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Family Bank became a fully-fledged commercial bank in May 2007. The Bank is regulated by the Central Bank of Kenya (CBK) and is also regularly inspected using CAMEL ratings which look at Capital, Assets, Management, Earnings and Liquidity. The bank is a member of the Deposit Protection Fund (DPF) meaning that customers’ deposits are protected. The following are Types of Family Bank Loans in Kenya and how to apply and repay

How do I pay my family bank wallet loan? Repay PesaPap loan

1. Open the app.
2. Login.
3. Select PesaPap wallet.
4. Select my loans.
5. Select repay the loan.
6. Choose source, loan account, amount to repay, or choose partial or full repayment.
7. Proceed.

Sometimes in life, we get stuck financially and are left wondering what to do or how to go about it. Worry not because we are going to share different types of Family Bank loans that may be of great help.

Types of Family Bank Loans

1. Check-off Loans

These loans are only given to employees whose employers have sat down and signed an MOU agreement with Family Bank in order to process loan facilities. The monthly installments are normally paid directly to the bank.

Features

1. Repayment of the loan is monthly and the period is up to 6 years (72 months).
2. Insurance cover in case one dies or incurs permanent disability.
3. There are no hidden costs and 52 years is the age limit.
4. Check-off agreements are agreed upon with the different institutions by the headquarter and branches are instructed appropriately.
5. Before the relationship takes place, an MOU needs to be signed.
6. Upon request, there will be top-ups.
7. Availability of loan buy-offs.
8. Appealing loan amounts of up to Ksh. 3 million.

Benefits

1. Competitive interest rate charges.
2. Processing and disbursement of loans are fast and systematic.
3. Payment of fees is on time.
4. Account-holders and non-account holders have an easy and fast source of money for either capital investment or personal development.

Requirements

1. Duly completed application forms.
2. Last 3 months payslips for applicants. They should be certified.
3. Applicants should present 3 certified copies of National ID and 2 recent passport size colored photos.
4. KRA PIN certificate for the applicant.
5. 3 latest original bank statements showing salary received for the past 3 months.
6. The names of the applicant should be the same in all documents presented.

2. Salary Loans

This type of loan is given to account holders who have regular salaries. It can be used for paying school fees, clearing medical bills or purchase of household items among other things.

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Features

1. Upon request, one will be issued with top-ups.
2. Repayment of the loan is monthly and the duration is up to 2 years (24 months).
3. Insurance cover in case one dies or incurs permanent disability.
4. Competitive interest rate charges.

Benefits

1. Payment of fees is always on time.
2. Your monthly income will act as security.
3. Processing and disbursement of loans are fast and systematic.

Requirement

1. Employees who have monthly salaries should their income through Family Bank.

• PERSONAL LOANS

  • Mobile Loan – Family Bank mobile loan allows both Family Bank customers and non-customers to access affordable instant mobile loans through PesaPap wallet to meet their personal and emergency needs.
  • Salary Loan – Salary loans are available to all Family Bank account holders who process a regular income from their employers. It is ideal for individuals who earn a regular salary income through their employment contracts. Salary loans can be used for paying school fees, settling medical bills, purchasing household items, among other uses.
  • Salary Advance – Salary advance is a short-term loan open to all salaried employees who have an account with Family Bank. You can receive up to 50% of your previous month’s net salary. This loan is payable upon receipt of the next month’s salary. A salary advance is now available to our customers via PesaPap mobile application and at all Family Bank ATMs.
  • 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 installments are paid directly to the bank.

• MORTGAGES

  • Brick by Brick – Your treasured dream of owning a home is now a simple straightforward task. Growing Home is our revolutionary approach to property ownership.
  • Estate Development – Estate development or project financing, is tailored for developers putting up houses for sale. The developer can get financing repayable within 24 months. The terms of financing will depend on the scale of the project and fulfillment of the outlined requirements.
  • Company Schemes – Company Schemes are available to individual members of organized groups and employed individuals. They enable employees and members of groups to access mortgages at subsidized rates.
  • Construction Loans – Do you have a piece of land that you would wish to develop? Well then, our Construction Loan is ideal for you. We will provide financing based on the value of the land and the type of development. Construction loans are available for both residential housing development as well as estate development.
  • Owner Occupier – Identify the house you want to live in and we’ll finance it for you. Owner Occupier is collateralized by the dwelling house and is best especially if you are considering acquiring your first home for you and your family to occupy. We grant a purchase loan to buy a ready-built residential house, or for the construction of a house.The repayment for an owner-occupied mortgage is capped at a maximum of 25 years (subject to retirement age or age 65)
  • Plot Loans – With our revolutionary plot loan facility, we 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.

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+254 (0) 703 095 445+254 (0) 703 095 000

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