Wondering Which is the best bank in Kenya for savings, loans, or asset financing? There are determinants that you should put into thought before deciding on the best bank in the country to approach for mortgages, investment, or savings. We believe that several Kenyans are aware of what loans and savings involve, so what is asset financing? Well, this comes in a loan form, some of the assets can combine trucks, insurance premium financing, cars, partnership & limited financing, heavy earth movers, plots, apartments, PSV Scheme and parliamentary vehicle scheme. Keep scrolling down the best banks in Kenya for savings, loans and asset financing.
What should you consider before approaching any bank in Kenya for a loan or financing?
- Their terms and conditions. (TOS)
- The percentage in which the loan cover. If the bank tells you 80%, then you should consider it.
- Is there time given for repaying the loan?
- Their interest rate.
Now let’s move down to business;
Best banks in Kenya for savings
1. African Banking Corporation
African Banking Corporation is currently the best bank for SME in Kenya. It grants its customers with a 3% cheap option when related to other banks in the country. Their offer fits well with small business Kenyan owners. The bank was founded three decades ago, and presently, it has a total of 10 branches established countrywide. Six of ABC branches are located in upcountry (Lamu, Nakuru, Kisumu, Mombasa, Eldoret, and Meru), the other four are in Nairobi region. What are some of the ABC bank famed services for SME lending? They include:
- Boosting stock
- Working capital
- Asset financing
- They can help you acquire tools & equipment.
- Purchasing buildings
- They can offer you expanding premises capital.
- Financing facilities for supply and overdraft.
2. Standard Chartered Bank
Standard Chartered Bank is one of the oldest banks in Kenya with more than 114 years. So far, it has 34 bank branches in total located countrywide considered one of the best banks in Kenya for savings. The bank is famous for promoting “Seeing is Believing’ drive together with Nairobi Marathon.
Their charity works alone, Stanchart Kenya is the best bank to open a savings account. They give cheap SME loans as well. All this shows that the bank has a very soft spot for Kenyan owners of small businesses. Their interest rate for loan borrowers is just16%. If you need a personal loan, visit any of the bank branches as their rate is just19.4%.
3. NIC bank
NIC Bank is famed for being the best asset finance bank in Kenya. The surprising part is that it has catapulted steadily to the top in only a decade. They give products for SME lending that are tailored to satisfy every tier as well as business establishments. NIC bank has divided its products for SME lending into three levels; Upper tier, Middle tier, and Lower tier level. Apart from that, NIC bank granted personal mortgage just at 10.95% as well as personal loans only at 16. 42%.
4. Dubai Bank
Dubai Bank began its operations in the country since 1982. So far, it has grown steadily to the extent of making on top of the best banks in Kenya for extending affordable options of SME loaning. Do you know wherever their main branch is? If no, it is found along Kenyatta Avenue, Nairobi. Dubai Bank likewise has offices that are spread in the country’s major cities.
Dubai Bank started ‘M-Sasa’ a mobile portal that points at meeting the requirements for other branches in the country’s isolated areas. It additionally has a soft spot for owners of small businesses. It presents its customers with personal loans only at 12.9% as well as business loans just at 20.66%.
Best banks for loans in Kenya
1. Equity Bank
Equity Bank is famous for being the best in the country for loans. It is best when it comes to the undertaking as well as innovations of financial market approaches. Currently, it has more than ten years of gripping MicroSME market sector. Equity Bank loans are very affordable; they go by the prevailing rates. Apart from the cheap loan rates, Equity is the best bank for a fixed deposit in Kenya.
Equity Bank has expanded countrywide to the extent of having branches in most if not all parts of Kenya. That is very exciting as well as convenient to their clients. The bank launched its Equitel service recently steering toward improving their services of mobile money in all areas. We believe that most Equity bank customers are enjoying Equitel service.
2. Paramount Universal Bank
The Paramount Universal Bank is one of the banks in Kenya with a fast growth considering that it is a retail bank. This bank initiated its operations in the country back in the year1993. It was listed by asset base at number thirty-seven bank in Kenya back in the year 2013 in the month of December; that shows how that retail bank is growing at electric rates. Right?
That aside, the bank gives very flexible SME financing as well as corporate options. Some of their super offers include leasing or hire purchase facilities, asset financing, business loans, as well as overdrafts. It additionally has a good record of giving personal loans at low rates, 9.5%. That rate is affordable making it best bank to bank within Kenya.
3. Family Bank
Family Bank is top among the banks in Kenya that offer affordable Micro SME facilities; it has a soft spot for those people who own small businesses. A few of their Micro SME amenities include cheque discounting, Wezesha loans service, Vijanaa Boost loans package that aims at targeting Kenyan youths with dreams in Kenya and LPO micro.
Family Bank runs an official website that will enable you to find the nearest branch at where you are situated. Have you heard of Pesa Pap app? That is a mobile-based service offered by the bank. Other Micro SME notable offers of this bank include personal loans just at 14.62% and Personal mortgage loans exclusively at 12.49%.
4. Jamii Bora Bank
The Jamii Bora Bank is the best investment bank in the country. The bank’s SME loans product is in three different levels; Dhahabu loan, Super Biashara Plus, and Biashara Plus categories. For you to be eligible for these, you have to have a business that has worked for at least a year in a permanent position so that you can prove your track record of credit. Jamii Bora Bank has numerous branches that are established countrywide. Some of their services include institutional banking, SME financing, mortgage banking, medium enterprise banking, as well as agri banking.
Best banks for asset financing
1. The Commercial Bank of Africa
Commercial Bank of Africa (CBA) is noted for offering a comprehensive solution to Kenyans in real need of SME lending. Some of their SME lending attractive offers include Asset financing as well as liquidity management. Did you know that CBA bank is a part & parcel of the renowned M-shwari (that is offered in conjunction with the number one mobile network in Kenya, Safaricom)? Well, this is the primary reason why CBA bank is more close to the people.
Apart from the flexible as well as cheap services, do you want a mortgage bank in Kenya? CBA bank offers personal mortgage just at 13.62. It also grants personal loans only at 15.67%.
2. Kenya Commercial Bank
KCB (Kenya Commercial Bank) is renowned for being the best commercial bank in Kenya. It gives flexible as well as affordable loans that have thirty-six months payment period; that is effective for it gives you sufficient time to gather yourself in a comfortable manner. You can, therefore, obtain a small loan for your small business without any worry. Check out their KCB Mpesa service.
How much loan can KCB allow their customers to borrow? It offers up to ksh: 50, 000 million provided that you have qualified. The major condition has a business-financing plan, and your account should be audited for at least three years.
KCB bank has grown to the extent of having branches countrywide; their agents are almost in all country’s corners. They offer SME financing, personal mortgage, corporate funding, as well as LPO financing services as well as options.
What are other best bank in Kenya that gives affordable deals? Please inform us, and we will appreciate your opinion too. The comment section is there for you to engage with us positively.