Loan Application and Qualification
Introduction
Loan Application
A loan application is the process where a borrower formally asks a lender (like a bank, SACCO, or fintech platform) for money.
It’s basically the borrower saying, “Here’s who I am, how much I need, and why I can pay it back.”
It usually includes:
- Personal info: name, ID, income, employment details.
- Loan details: amount requested, purpose, repayment period.
- Supporting documents: payslips, bank statements, collateral info, etc.
The lender uses this to decide whether to consider the borrower and what type of loan fits them.
Loan Qualification
Loan qualification is the stage where the lender evaluates whether the applicant meets the requirements to receive the loan.
It’s the lender asking, “Can this person be trusted to repay us?”
The qualification process checks:
- Creditworthiness: based on credit score or repayment history.
- Debt-to-income ratio: can they afford the loan with their current income?
- Collateral value: if the loan is secured.
- Compliance: does the loan follow internal policies and regulations?
If the applicant passes all these checks, the lender says the borrower is qualified — and the loan can move forward for approval and disbursement.
In short:
- Loan application = borrower requests the loan.
- Loan qualification = lender verifies if the borrower deserves it.
Loan Products and Services
Regular Loans
| Code | Loan Name | Interest Rate | Max Amount (KES) | Term (Months) | Min Guarantors |
|---|---|---|---|---|---|
| NML | Normal Loan | 12.00% | 10,000,000 | 48 | 6 |
| TTL | Taratibu Loan | 13.00% | 10,000,000 | 60 | 6 |
| PTL | Platinum Loan | 15.00% | 15,000,000 | 96 | 0 |
| SPL | Super Loan | 14.00% | 10,000,000 | 96 | 6 |
Emergency and Quick Loans
| Code | Loan Name | Interest Rate | Max Amount (KES) | Term (Months) | Min Guarantors |
|---|---|---|---|---|---|
| BEL | BOSA Emergency Loan | 12.00% | 300,000 | 12 | 3 |
| FEL | FOSA Emergency Loan | 14.00% | 300,000 | 12 | 3 |
| ISL | Instant Loan | 12.00% | N/A | 12 | 0 |
| KAL | Sky Advance Loan | 10.00% | 50,000 | 3 | 3 |
| STL | Steppa Loan | 14.00% | 100,000 | 10 | 3 |
Special Purpose Loans
| Code | Loan Name | Interest Rate | Max Amount (KES) | Term (Months) | Min Guarantors |
|---|---|---|---|---|---|
| BML | Makao Loan | 12.00-15.00% | 2,000,000 | 48 | 6 |
| FML | FOSA Makao Loan | 14.00% | 2,500,000 | 60 | 4 |
| SCL | Staff Car Loan | 6.00% | 1,500,000 | 72 | 0 |
| SFL | School Fees Loan | 12.00% | 10,000,000 | 24 | 3 |
| STD | Staff Development Loan | 12.00% | 10,000,000 | 240 | 0 |
Short-Term and Advance Loans
| Code | Loan Name | Interest Rate | Max Amount (KES) | Term (Months) | Repayment Mode |
|---|---|---|---|---|---|
| DAL | Dividends Advance Loan | 10.00% | 500,000 | 1 | Dividend |
| PAL | Pension Advance | 10.00% | 100,000 | 1 | Salary |
| SAL | Salary Advance Loan | 10.00% | 100,000 | 1 | Salary |
| WNL | Mahitaji Loan | 10.00% | 10,000 | 1 | Salary |
Other Loan Products
| Code | Loan Name | Interest Rate | Max Amount (KES) | Term (Months) | Min Guarantors |
|---|---|---|---|---|---|
| AML | Almasi Loan | 9.00% | 10,000,000 | 72 | 0 |
| ICL | Insurance Chap Chap Loan | 12.00% | 5,000,000 | 8 | 0 |
| KRL | Karibu Loan | 12.00% | 100,000 | 6 | 0 |
| FOL | Fosa Okoa Loan | 14.00% | 1,000,000 | 36 | 6 |
Guarantor Loans
| Code | Loan Name | Interest Rate | Max Amount (KES) | Category |
|---|---|---|---|---|
| BGL | Bosa Guarantor Loan | 12.00% | 1,000,000 | Defaulter |
| FGL | Fosa Guarantor Loan | 12.00% | 1,000,000 | Regular |
Notes:
- All loan amounts are in Kenyan Shillings (KES)
- Interest rates are per annum
- Some loans require salary check-off or direct debit arrangements
- Terms and conditions may apply
- Rates and amounts are subject to change
- Additional guarantor requirements may apply based on loan amount