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If you repay your KCB Mpesa loan later than you are required, the consequences are that your loan limit will be lowed, you may not be able to access the KCB MPESA loan due to a previous late repayment and your name will be submitted to CRB for listing after 90 days of loan default. You will also be fined for late payment.
To check your KCB Mpesa loan limit Go to Mpesa, then Loans & Savings, KCB Mpes, Loan and Check Loan Limit and fees. If your loan limit is Ksh. 0.00 then you need to start saving to increase limit
To increase your KCB Mpesa loan limit from 0.00 then increase the number of Mpesa and KCB Mpesa transactions. KCB also encourages customers to save under KCB Mpesa fixed savings accounts to stand a higher chance of getting a limit increase
The total interest rate for KCB Mpesa loan is 8.64%. That includes 20% of excise duty. To take KCB M-Pesa loan go to Mpesa> Loans and Savings>KCB M-PESA>Loan>Request Loan
KCB Mpesa fixed savings account is an account where you can save money and earn interest of over 6%* p.a. Fixed deposit savings must start with ateast Kenya shillings 500 and saved for at least 1 to 12 months.Target savings account involves setting target of how much you want to save within a particular period and how much you will be saving each monthYou do not need a KCB bank account to use KCB Mpesa services