In kenya, students loans have become popular as time passes. This has led to many needy students who can’t afford the high cost of living in the university education to take loans from the loan agencies inorder to facilitate their learning.
With this, a student can have peaceful study moments throughout their university education through paying off the fees without stress.
All these agencies have a policy if paying their loans whereby most of them requires a stydent to start paying as soon as they acquire a job.
The loan agencies are categorized into two,
- Government student loans
- Private student loans
Government student loans are being given from government agencies and have lower interest rates.
In kenya we have Higher Education Loans Board (HELB) as a government agency that gives out loans to students belonging to higher institutions.
Private student loans consists of individuals, online lenders, banks and credit unions. These types of loans normally have a higher interest rate when compared to government loans.
Below is a list of best places to get student loans.
1. HIGHER EDUCATION LOANS BOARD (HELB)
This is a state owned agency that is meant to give loabs to students from higher institutions.
It has been ranked one of the best in kenya since it’s payments are flexible and long term.
It also gives bursaries worth Ksh 8,000 to fortunate students.
Here, one can be awarded a maximum amount of Ksh 50,000.
2. STUDENT FINANCE AFRICA (SFA)
It has also been ranked among the top institutions in kenya where a student can get a loan.
This body has partnered with many higher learning institutions to make applications easier.
This is where one can be able to access the university and the program of study via this platform.
The successful applicants get 70 percent of the tuition fees which is wired directly to the school account whereby one is required to look for 30 percent.
The loan is paid on a monthly basis directly to SFA account.
3. UNIPORT LOANS
This agency gives out loans to bright students only. It also offers mentorship programs through which students are given room to interact with some of the best employers jn the country. Hence, it gives them chances to get employment easily.
It has a fixed interest rate if 11 percent. The repayment period commences six months after graduation. Here, payments are done quarterly and not monthly.
4. AMREF SACCO LOANS
It is well known in savings and credit society. This gives out loans to parents who are Sacco members and have children in school.
The loan is paid directly to the school account and you are expected to pay back the loan within 12 months at an interest of 6.5 per cent on the basis of reducing balance.
5. THE EQUITY BANK LOAN
This is a bank that is well known in providing affordable products to it’s customers.
Other than giving normal loans to it’s customers, it also gives education loans to students.
6. MUSONI MICROFINANCE
It is a mucrifinance which gives school fees lians to it’s customers.
A customer can borrow up to ksh100, 000 which must be paid within 12 months.
7. BANK OF AFRICA
This bank gives loans to it’s customers and can also fund students at all levels of education.