Barclays Bank of Kenya offers secured and non-secured loans to Kenyans who are either salaried or not salaried. The loans attract interest rates not exceeding 14.5 %, meaning that the bank charged the least interest rates in the market.
If you are a Kenyan and willing to take salary advance, home loan or any other loan from Barclay Bank, here is the procedure of getting the loan.
UNSECURED LOANS
This is an unsecured loan so you don’t have to provide any collateral as security. Your salary determines the amount you qualify for. For personal use, this is the one.
With this loan Barclays Bank sign a contract with a company to lend money to their employees, which then gets deducted off their salaries.
Requirements
What is needed is a copy of your ID and two copies of your pay slip. Then present them to any Barclays Bank Branch for unsecured loan.
Approval Time
It takes at most two days to be approved and credited into your account. If you apply for the loan on Monday, by Wednesday you will have the money in your account.
HOME LOANS
If you need a mortgage, then Barclays Bank is your financial institution to guarantee you opportunity to own a home.
Barclays Bank offers mortgage loans at competitive interest rates, which are lower than 80 % of mortgage companies in Kenya.
Whether you’re a first time buyer, buying another property, buying-to-let or wanting to build your own house; with a Barclays home loan you can have the home you want.
To get your Mortgage is pretty straightforward and the bank promises to assist you every step along the way. They also guarantee to inform you within 48 hours if your application was successful and to keep you updated throughout the whole process.
They also offer fully Shari’ah compliant mortgages.
Types of mortage options offered by Barclays Bank Kenya
- Buying a home
- Building a home
- Equity Release Loan
- Buying to let
- Re-mortgage
To get a mortgage from Barclays Bank Kenya follow these steps
Find a Property
The first step is to find the property you would want to buy. Barclays can help you find whether the property is genuine, alternatively they can provide a range of properties listed on the company website.
Investigate whether the property is genuine
Visit lands office to determine whether the property owner is legitimate. This is the most important step towards owning a property in Kenya.
Make an offer
After you have confirmed from the Land registry that the property is legitimate, make an offer with the help of a lawyer.
Get Finances from Barclays Bank
After you have agreed the amount to pay for the property, approach Barclays Bank for home loan.
What you get
Intended for anyone who wants to own a home
Repayment period of up to 25 years
Purchase the desired property anywhere in the country
Security charge over property
Maximum loan finance of 90%
Percentage of mortgage amount (approximate)
Transfer stamp duty 4% of home value / 2% for upcountry
Stamp duty on charge 0.1%
Negotiation fees 1% to 2%
Legal fees 1.2%
Fire insurance 0.125%
Home loan protection cover 0.3%
Valuation fees 0.25% of value of property
Insurance and protection costs are annual
PERSONAL LOANS
Soon it could be yours.
Whatever your heart is set on, Barclay Loan helps you to finance it fast and effectively. An unsecured loan that’s easy to manage and will help spread the cost of that new car, plot or perhaps further education.
The good news is Barclays can buy back your exiting loan with a competitor bank so speak to us today about your current financing needs and we will arrange a financing option which will help you to Prosper!
Fast, flexible finance
Barclay Loan gives you the money you need at a competitive interest rate. The amount you borrow depends on your individual circumstances. The minimum repayment period is 6 months. And all you have to do is meet certain basic requirements for the loan to be granted.
Fixed payments
With Barclay Loan you always know where you stand financially as your monthly payments remain the same throughout the lifespan of the loan.
Free Credit Protection
Barclays bears the cost of paying the Insurance on your loan which gives the opportunity to save funds. So should any calamity occur either through injury or sickness, resulting in death or permanent disability, the outstanding loan will be paid off in full.
Who can apply
If you have been with your employer for at least six (6) months and you have a current account with Barclays with at least one (1) month salary credit.
Requirements for Barclay Loan
The following would be required:
Completed application form
Most recent payslip
Valid National Identification (Voter’s ID, Drivers licence, Passport, NHIS card etc)
Five (5) months bank statement showing salaries from other bankers (New to Bank customers)
Simple to arrange
Talk to one of our Personal Bankers today or simply complete an application form online and return it to us today.
| Tenure: | Loan Amountt | DSR | Interest Rate | Income: (GHs) |
| 6mths – 60mths | Max GHS130,000 | Max 55% | 30% – 32% | Min of GHS200 |