June 13, 2024

All You Need To Know About the Sidian Bank Q Loan

All You Need To Know About the Sidian Bank Q Loan

The Sidian Bank Q Loan is a convenient mobile banking loan solution designed to meet your short-term financial needs. Accessible through the sidian bank ussd code (*527#) and Sidian Vibe app, the Q Loan offers a hassle-free application process and quick loan disbursement.

Key Features and Benefits of the Sidian Bank Q Loan:

  • Affordable Rates: Enjoy competitive interest rates on your Q Loan, making it a budget-friendly option for unexpected expenses.
  • Loan on the Spot: Get instant approval and receive your loan funds directly into your Sidian Bank account, all within minutes of applying.
  • Flexible Borrowing: Sidian Bank extends Q Loans to its retail customers with a limit of up to KES 50,000 per borrowing. You can even borrow multiple times within a month, provided you repay your existing loan beforehand.

Eligibility and Terms of the Sidian Bank Q Loan:

  • Repayment Tenure: Q Loans come with a 30-day repayment period, ensuring you manage your loan effectively.
  • Creditworthiness: To qualify for a Q Loan, you must not have a negative listing on the Credit Reference Bureau (CRB).
  • Age Requirement: Q Loan applicants must be between 18 and 65 years old.
  • Minimum CRB Score: A CRB score of 700 or above is required for eligibility of the Q Loan.
  • Financial Stability: Your average monthly income over the past 3 months should exceed KES 15,000.
  • Salary Advance Customers: For existing salary advance customers with Sidian Bank, you must be whitelisted on the bank’s salary advance module.
  • Positive Account History: You cannot be internally blacklisted by Sidian Bank.

Sidian Bank Q Loan Fees and Charges:

  • Loan Cost: The Q Loan incurs a cost of 4.53%, excluding applicable taxes.
  • Penalty/Rollover Fees: A penalty or rollover fee of 4.65% of the outstanding Q loan amount applies in case of late repayment.

Requirements for a Sidian Bank Q Loan:

  • You must be an individual Sidian Bank account holder to qualify for the Q loan.

Sidian Bank Q Loan Process Information:

The application process for the Sidian Bank Q Loan is entirely automated on the mobile banking platform. This allows for a quick and convenient application experience, with loan approval and disbursement happening within minutes.

Read Also : All You Need To Know About Sidian Bank Current Accounts

The Sidian Bank Q Loan offers a swift and user-friendly solution for managing your short-term financial needs. With its easy application process, competitive rates, and flexible borrowing options, the Q Loan can be a valuable tool in your financial toolbox. Remember to carefully review the eligibility criteria and terms before applying to ensure the Q Loan is the right fit for you.