Best Personal Loan Interest Rates in 2022!

We make sure that our valued customers compare the best personal loan interest rates before concluding to a decision. We list reliable and best value Personal Loan providers and products ranging between tenure of one to seven years.

Enter your loan amount details below and extract data for a large pool of providers swiftly.

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Echapaa products and services offer an amazing EIR (effective interest rate) ranging from 8.5% to 20%. EIR values vary according to the amount of personal loan you require as well as your financial needs and stats.

We provide you with the detailed breakdown of each personal loan provider and product and deliver important details like chargeable interest rates, the maximum and minimum tenure for granting personal loans, processing fee in case of personal loan services, etc.

Stats for Best Personal Loan Providers in Kenya During 2022

The Personal Loan providers and their products offer you with a large pool of services and advantages. Echapaa lets you make the right decision by comparing these service provider stats and showcasing the interest rates attached to each.

We help you understand your Personal Loan Interest Rates

Each personal loan service provider comprises of two distinct interest rates attached to them. Let’s explain how these factors differ from each other.

Advertised Interest Rate (AIR)

The annual interest rate which is prominently advertised in a bigger font is termed as Advertised Interest Rate. The AIR does not give you the complete picture of the total expenses related to the personal loan and leaves out hidden charges such as fee charged by the provider’s administration for processing loans.

Effective Interest Rate (EIR)

It is mandatory to state the Effective interest rate along with the Advertised Interest Rate in Kenya. This rate is inclusive of all the additional charges such as processing fees, repayment schedule, etc. EIR gives you a crystal-clear picture of how much your personal loan will cost you.

Interest-Free Personal Loans

Certain banks offer their valued customers with personal loans having a 0% interest rate but a higher processing fee. This is valid for short term personal loan programs only.

What to do when you fail to qualify for a personal loan?

Banks in Kenya have relaxed eligibility criteria when it comes to granting personal loans. In case you are a foreigner, it becomes relatively difficult to acquire loans. The terms and conditions are quite difficult to meet if your monthly income is less than KES 3000.

But you must not be disappointed, a licensed moneylender can still grant you a personal loans. A list of licensed moneylenders is published by the Ministry of Law so make sure that you conduct loan providers included to that list only.

The Kenyan law requires the moneylenders to explain the terms and conditions in a language client can understand. Readout all these terms thoroughly and agree to the terms only when you are comfortable with these.

The moneylenders usually charge a huge sum of money as interest rates, so must ensure a minimum amount of loan for shortest possible tenure.

How to Choose the Best Personal Loan for You

What factors must be given preference for monthly installments?

Make sure that the decided amount to be paid as monthly installments is easily payable. Elongating your tenure just to pay lesser monthly installments amount is not advisable.

How should you decide the amount of personal loan to be taken?

These terms are usually finalized by the banks and its equal to four times your salary. The amount of loan you apply for must be the minimum amount you need as the interest rate is directly proportional to the amount of interest applied for.

What should be the tenure of your loan?

The shortest possible loan tenure must be preferred as the longer it is the more interest is built up.

What are the alternatives for a personal loan?

Special bank loans are offered for scenarios such as home renovation, business setup, etc. In those cases, the bank knows exactly why you need money and hence offer less interest rate on those.

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