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[2008-10-15] KCB to offer university study loan Kenya Commercial Bank (KCB) has launched a loan facility for students in private and public universities to finance their education.
The ‘Masomo Loan’ is in partnership with Higher Education Loans Board (Helb) — the Government organisation that administers the university student loan scheme — will see working students taking undergraduate and postgraduate courses borrow loans to a maximum of Sh300, 000 payable in 24 months.
Peter Munyiri, the KCB deputy chief executive officer, said the rising number of those qualified for university education and pressure on resources have made it difficult to meet the increasing demand.
“Opportunities for qualified students to join universities have continued to be limited, but with the loan facility we are certain that more students will get enrolled,” said Mr Munyiri.
The bank will disburse the funds directly to the university and borrowers are required to start repaying immediately through a check-off system.
The loans will attract an interest rate of two per cent above the base rate.
It will also be possible to use this package to repay the Helb loans.
KCB has also opened Helb Collection Account to enable students repay their loans through cash, direct debits or Visa and MasterCard.
