Cooperative bank moots salary loans of up to Sh4M

The Cooperative Bank of Kenya has mooted salary loans of up to Sh4 million.

Through the Co-op Bank salary account, one can secure personal loans, one-year salary advance and mobile loans.

The unsecured personal loans goes up to Sh4 million while the one-year salary advance goes up to 4 times net monthly salary and the mobile loans goes up to Sh500,000.

Additionally, while applying for the loan, there is zero minimum operating balance, zero account maintenance charges, flexible salary processing fee and prompt salary processing.

To access this service, one has to sign up for a Co-operative salary account by visiting any of their branches.

For cash advances and personal loans, it’s a transactional account designed to facilitate salary processing.

It is targeted at employees and it has the following features;

• Minimum opening balance – Nil
• Minimum operating balance – Nil
• No Monthly Maintenance fee
• Salary processing fee applicable
• Access to Loan products such as Personal Loans and Cash Advances.
• Debit card
• Access to a credit card

Requirements of opening Co-op account are;

• Identity card/ Passport- original and copy
• Passport Photo (To be taken at the branch)
• Letter of introduction from Employer/ Employment Letter
• Shs.600/= for the Debit Card (inclusive of Excise Duty of 20 per cent)
• Copy of KRA Pin