
As a salaried employee in Kenya, unexpected expenses can disrupt your financial plans. Thankfully, KCB Bank Salary Advance offers a quick, hassle-free way to access funds for urgent needs. This guide will help you understand how to apply for the KCB Salary Advance Loan, its benefits, eligibility requirements, and more.
What Is the KCB Bank Salary Advance?
The KCB Salary Advance Loan is a short-term credit facility provided by KCB Bank Kenya to salaried account holders. It is designed to meet urgent financial needs without the delays of traditional loan processing.
- Permanent employees can access up to 1.5 times their monthly salary, capped at Ksh 100,000.
- Contract employees can borrow up to 100% of their salary, also capped at Ksh 100,000.
This product is ideal for salaried individuals seeking short-term loans in Kenya with flexible repayment terms.
What Is the Difference between Salary Advance and Salary In Advance?
A salary advance functions as a credit facility, where the amount borrowed is taxable, and the borrower must pay interest within a designated timeframe to the lending institution.
Conversely, salary in advance serves as an employee benefit, enabling them to request early disbursement of a portion of their salary from their employer. Unlike a loan, it is not subject to taxation, and no interest is incurred on the advanced sum. Moreover, repayment to the lender is not required for the amount received.
Key Benefits of the KCB Salary Advance
The KCB Salary Advance Kenya offers several advantages:
- Accessibility: Eligible borrowers can access up to 100% of their monthly salary.
- Security-Free: No collateral is required, simplifying the application process.
- Fast Processing: Approvals are instant, with SMS notifications sent within seconds.
- Regulated Option: A safer alternative to informal lenders with transparent terms.
Read Also : A Comprehensive Guide to Equity Bank’s Salary Advance
What Are the Terms and Conditions for the Kcb Salary Advance?
The terms and conditions of the kcb bank salary advance are:
- The Salary Advance loan is open to salaried KCB Bank account holders who have had an active for a minimum of 3 months.
- Applicant accounts should have no evidence of bounced cheques or overdraft, and consistent salary credits for at least 3 months.
- Applicants need to provide a valid Kenyan ID or passport and their latest original pay slips.
KCB Salary Advance Eligibility Requirements
To qualify for the KCB Salary Advance, ensure you:
- Are a salaried KCB account holder with an active account for at least three months.
- Have consistent salary deposits with no bounced cheques or overdrafts.
- Present a valid Kenyan ID or passport along with recent payslips.
How To Apply for the KCB Bank Salary Advance
To apply for the kcb bank salary advance:
1. Mobile Banking Application
- Dial KCB Salary Advance Code: *225#
- Navigate through the menu to select “Salary Advance Loan.”
- The system will assess your eligibility and notify you via SMS instantly.
2. KCB App Application
- Log in to the KCB Mobile Banking app.
- Go to the “Loans” section and choose “Salary Advance Loan.”
- Follow the instructions, and approval updates will be provided promptly.
What is the KCB Bank Salary Advance Code?
The kcb bank salary advance code is *225#. This handy USSD code grants you access to the KCB mobile banking menu.
How to Check Your KCB salary advance balance
To check your kcb bank salary advance balance, you can dial *225# on your mobile phone. You can also inbox your account details for assistance.
How to Repay Your KCB Salary Advance
The salary advance loan needs to be repaid within 6 months. To repay your kcb salary advance:
- Go to M-PESA menu
- Select Loans and Savings
- Select KCB M-PESA
- Select Pay Loan
- Select to pay from M-PESA or from your KCB M-PESA Account
- Enter amount & follow prompts to complete.
OR
- Go to M-PESA menu
- Select Lipa na M-PESA
- Select Paybill & enter 522559 as Business Number
- Select Account no. & enter “Borrower’s ID number e.g. 12345678”
- Enter amount & follow prompts to complete.
Read Also : The Top 10 Loan Apps With the Lowest Interest Rates in Kenya
How to Check Your KCB Bank Salary Advance Limit
To check your kcb bank salary advance limit, dial *225# on your phone and select “Loans” followed by “Salary Advance Loan” and then “Check Limit.”
How to Contact KCB Customer Service
For any inquiries or assistance, you can contact the kcb bank customer care through the kcb contacts at 0711087000 or 0732187000.
Important Note:
The KCB Bank Salary Advance is a credit facility, so interest will apply to the borrowed amount. It’s crucial to ensure you can comfortably repay the loan within the repayment window. Remember, RESPONSIBLE BORROWING IS KEY. Ensure you understand the terms and conditions before applying.