July 18, 2024

How to Apply for KCB Salary Advance

How to Apply for KCB Salary Advance

As a salaried employee in Kenya, unexpected expenses can throw your budget off track. But what if there was a way to access some cash readily without the hassle of traditional loans? Look no further than the kcb salary advance facility offered by KCB Bank Kenya.

KCB Bank offers short term salary advance loan to all salaried employees who have a KCB bank account in order to meet their urgent financial needs. Imagine needing some extra cash to cover an emergency car repair or a sudden medical bill.

With the kcb salary advance, permanent employees can get up to 1.5 times their salary, or Kshs 100,000, while contract employees can get up to 100% of their salary, or Kshs 100,000. With KCB Salary Advance as a short-term loan, it allows you to address your urgent needs and repay it conveniently when your regular salary comes in.

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.

What Are the Benefits of KCB Salary Advance?

The benefits of the kcb salary advance include:

  • Accessibility: Account holders can receive an advance of up to 100% of their monthly salary, capped at Ksh 100,000.
  • Security Free: There’s no need for a security deposit, making the application process simpler.
  • Fast Processing: KCB boasts quick turnaround times with approvals happening within seconds through SMS notification.
  • Transparent Alternative: The KCB Salary Advance offers a regulated and secure option compared to informal lenders who may charge exorbitant interest rates.

What Are the Terms and Conditions for Kcb Salary Advance?

The terms and conditions of the kcb 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.

How Do I Become Eligible for a KCB Salary Advance

To be eligible for a kcb salary advance, you need to :

  • Be a salaried KCB Bank account holder with an active account for at least 3 months.
  • Maintain a positive banking history with no bounced cheques or overdrafts.
  • Have consistent salary deposits reflected in your account for a minimum of 3 months.
  • Present a valid Kenyan ID or passport and your latest original pay slips.

How Do I Apply for a KCB Salary Advance?

To apply for a kcb salary advance:

  • Mobile Banking: Dial *522# on your phone and follow the prompts within the USSD menu to select “Salary Advance Loan.” The system will assess your eligibility and notify you of the decision via SMS within seconds.
  • KCB App: Log in to your KCB App and navigate to the “Loans” section. Select “Salary Advance Loan” and follow the on-screen instructions. The app will inform you of the approval status shortly.

What is the KCB Salary Advance Code?

The kcb salary advance code is *225#. This handy USSD code grants you access to the KCB mobile banking menu.

How to Check My KCB salary advance balance

To check your kcb salary advance balance, you can dial *225# on your mobile phone. You can also inbox your account details for assistance.

How Do I Repay My KCB Salary Advance

The 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 KCB Salary Advance Limit

To check your kcb 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 customer care through the kcb contacts at 0711087000 or 0732187000.

Important Note:

KCB 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.