Loan Refinancing in Kenya

Your current loan might be costing you too much. Refinancing could lower the interest or extend the time. Talk to a lender and see if you can get a better deal.

Online application

KCB helps you move your existing home loan to their books, starting from KES 500,000, with repayment stretched up to 25 years depending on your income and age. You can also top up your mortgage through their Mortgage Plus plan without changing your current terms.

Advantages

You can fix your rate, which helps you plan better when the market becomes unpredictable.
The repayment period is long — up to 25 years — which makes your monthly deductions lighter.
With Mortgage Plus, you can borrow extra money on top of your current loan, no need to start afresh.
KCB has a wide branch network, so you can walk in and get face-to-face advice.
Their current lending rate of 13.85% is competitive, especially compared to smaller players.

Disadvantages

Legal and valuation fees are part of the process — sometimes they add up more than expected.
Spreading a loan over many years reduces your monthly burden, but you’ll pay more overall.
Not everyone qualifies — your salary, credit history, and age will all be checked.

I’d go for KCB’s refinancing if I wanted to ease my monthly pressure and still stay on track with my home loan — just double-check the hidden fees before signing anything.

Online application

Equity Bank lets homeowners move their existing mortgage to their system, starting from KES 2 million, with repayment stretched up to 15 years. You can refinance up to 80% of your property’s value, and rates are negotiated based on your income and repayment history.

Advantages

You get a longer repayment period, which eases pressure on your monthly budget.
The bank can finance up to 80% of your home’s value, so you don’t need a lot of cash to get started.
Equity’s internal process is quick — you don’t have to wait for external approval chains.
Interest rates are competitive, especially since recent cuts across the board.
With branches and agents across Kenya, you can get help from almost anywhere.

Disadvantages

Only mortgages from KES 2 million and above are accepted — not ideal for smaller loans.
You still need to pay for property valuation, legal fees, and documentation — and that can be pricey.
A longer loan period means you’ll pay more interest in total, even if it feels lighter each month.

If you’re dealing with a heavy home loan and need room to breathe each month, refinancing with Equity makes practical sense — just factor in the fees early so you’re not caught off guard.

Online application

Stima SACCO gives members a chance to shift their home loans into more manageable terms, with refinancing from KES 500,000 to KES 10.5 million, payable over up to 25 years. Interest rates range from 9% to 9.5% on a reducing balance, and the loan goes straight to your Prime Account once approved.

Advantages

The interest rate is among the lowest in the market for long-term loans — starts at just 9%.
With a 25-year repayment period, you get smaller monthly deductions that won’t stress your budget.
Big loan amounts are allowed, so it’s good for serious home investments like buying land or finishing construction.
Repayment is simple — deductions can happen automatically through your SACCO account.
Security is flexible — mostly needs a title deed, and other assets only if necessary.

Disadvantages

You have to be a SACCO member for at least three months before you can apply.
Fees like valuation, legal, and insurance come early — they aren’t small, so you must plan.
There’s no grace period — loan repayment kicks in immediately after disbursement.

If I were looking to restructure my home loan at a fair rate without the pressure of huge monthly repayments, I’d go with Stima SACCO without thinking twice.

Online application

Absa Bank Kenya gives you the option to move your current mortgage to their books, with financing of up to 90% of the property value and a loan term of up to 25 years. The minimum loan size is KES 2 million in Nairobi and KES 1.5 million in other towns, with a fixed interest rate of 17.5% per year on a reducing balance.

Advantages

You get a long repayment window — up to 25 years — which makes monthly payments easier to manage.
The bank can finance up to 90% of your property, and you don’t need to raise a big deposit upfront.
Fixed rate means your instalments won’t keep changing — no surprises in your monthly deductions.
Absa handles most of the paperwork involved in moving your mortgage, saving you time and hassle.
If you qualify for KMRC-linked terms, you might get a lower rate around 9.5% — especially if you’re under the affordable housing bracket.

Disadvantages

The 17.5% fixed rate is quite high compared to SACCOs or KMRC-backed loans.
You still have to pay valuation, legal, and stamp duty fees — they can add up quickly.
The product isn’t available for small mortgages, so if you owe less than KES 1.5M, this option is out.

Absa’s refinancing deal is strong for borrowers who want predictability and are ready to pay a bit more for smooth processing and structure.

Online application

Mwalimu National SACCO offers loan refinancing from KES 500,000 up to KES 8 million, and up to KES 4 million for homes in rural areas. The loan runs for up to 25 years with a fixed 9% interest rate on a reducing balance, backed under the government’s affordable housing program.

Advantages

The interest rate is low and fixed, which makes it easier to plan for the long term.
You get up to 25 years to repay, which really reduces monthly pressure.
You can borrow a good amount — enough for a full purchase, construction, or major upgrade.
It’s part of the KMRC housing initiative, so the terms are more borrower-friendly than what many commercial banks offer.
The process is member-based, and payments go through your SACCO account — simple and direct.

Disadvantages

Only SACCO members qualify — and new members have to wait before they can apply.
You’ll need cash upfront to cover valuation, legal, and insurance costs — not ideal if you’re tight on funds.
There’s no grace period — loan repayment starts immediately after disbursement.

Mwalimu SACCO’s refinance plan is a smart deal for members who want lower interest and longer repayment, as long as they’ve budgeted for the initial costs.

Online application

NCBA gives borrowers a chance to move their home loans over with financing of up to 105% of the property’s value, with a cap of KES 6 million. You can repay over a period of up to 25 years, and the bank offers interest rates starting from 9.5% depending on your package.

Advantages

They finance beyond the value of the house, which helps cover costs like stamp duty and legal fees.
The long repayment period — 25 years — means your monthly deductions remain manageable.
Their interest rates start from 9.5%, especially if you’re under the KMRC-backed affordable housing bracket.
You can opt for a fixed rate, so your repayments stay stable even if the market shifts.
NCBA has a strong digital platform and enough branches, so access isn’t a hustle.

Disadvantages

The maximum amount you can refinance under this offer is KES 6 million, which may be limiting for higher-value properties.
There’s an income ceiling if you’re going through the KMRC route, which could lock out higher earners.
Even if fees are bundled into the loan, they still increase the total amount you’ll repay in the long run.

NCBA’s refinance package is worth it for anyone looking for predictable payments and lower monthly strain, especially for homeowners targeting affordable housing terms.

Online application

Standard Chartered lets homeowners move their mortgages to the bank with financing of up to 100% of the property value, with loan amounts starting from KES 1 million and going up to KES 100 million. You can repay the loan over a period of up to 25 years, and also choose to top up, consolidate debt, or unlock cash through equity release.

Advantages

You get full financing, so no need to hustle for a deposit or extra top-up to complete the switch.
The 25-year repayment term spreads your payments, which makes monthly costs more manageable.
The product isn’t just for refinancing—you can combine it with a top-up, construction, or even debt consolidation.
You can choose a fixed or variable interest rate depending on your risk appetite and financial goals.
With a solid digital banking platform and branches across the country, customer support is easy to reach.

Disadvantages

Interest rates average around 12.5%, which is slightly higher than what some SACCOs or KMRC-backed lenders offer.
There are fees to handle before the loan kicks in—valuation, legal, and processing costs can add pressure.
You must already have an existing mortgage—this isn’t for first-time buyers or people with plot loans.

Standard Chartered’s refinance loan gives homeowners flexibility and breathing room, though it’s worth comparing total costs if your main goal is saving on interest.

Online application

Unaitas SACCO offers mortgage refinancing for amounts starting from KES 500,000 up to KES 10.5 million, with repayment terms stretching to 15 years. The loan covers 100% of the home’s value, and the title deed acts as security.

Advantages

You can finance the full value of the house, which saves you the hustle of raising a deposit.
The 15-year repayment period helps keep monthly deductions manageable.
Suitable whether you’re building, buying, or restructuring an existing loan.
Your house is the only collateral needed—no need to pledge extra assets.
SACCOs like Unaitas are known for more personalised service compared to big banks.

Disadvantages

You must be an active member, and new members have to show a savings history before qualifying.
There are extra costs like legal fees, valuation, and insurance, which can stretch your budget early on.
The loan only applies to developed residential properties—land or commercial buildings won’t qualify.

Unaitas SACCO’s refinancing package is a solid pick for homeowners looking to ease loan pressure or finish their houses, provided they plan for the setup costs.

Online application

Faulu Microfinance Bank offers loan refinancing where legal, valuation, and transfer fees can be included in the loan amount. The application is done at the branch, and loan limits and interest are discussed based on your income, security, and repayment capacity.

Advantages

You don’t need to come up with legal and processing fees upfront—they’re bundled into the loan.
Turnaround is fast—some customers get approvals in under 24 hours.
As part of the Old Mutual family, Faulu has the backing of a trusted name in finance.
Their microfinance model gives better access to people banks often overlook.
You can walk into any branch and speak to someone—especially helpful when dealing with property matters.

Disadvantages

Interest rates and maximum amounts aren’t published—you have to go in to get the full picture.
The process isn’t fully digital—you must apply physically at the branch.
While costs are rolled into the loan, your total repayment will still be higher in the long run.

Faulu’s approach to refinancing is practical and people-friendly, but they really need to be more transparent with rates if they want to compete with mainstream lenders.

Online application

MOGO gives car owners a chance to turn their logbook into cash—up to KES 2.5 million—without selling the car. With just a 20% deposit, you can spread payments for up to five years, and the money lands in your account the same day.

Advantages

Big loan amounts – up to KES 2.5M can clear most outstanding debts in one go.
Up to 60 months repayment gives borrowers breathing room.
Fast disbursement – money hits your M-Pesa or bank within hours.
You only need 20% down, which keeps the door open even for borrowers tight on cash.
Price match promise – MOGO says they’ll beat other logbook lenders’ rates if you find better.

Disadvantages

Interest rates start from 30%, which can burn your pocket if you’re not careful.
Past trouble with the regulator (Competition Authority fined them over KES 10M) raises questions about transparency.
They no longer offer dollar-based loans, so cross-border borrowers might be left out.

If you’re under pressure and need fast refinancing, MOGO delivers speed and flexibility—just be ready to pay for it.

Online application

Police SACCO lets members restructure their outstanding loans and borrow up to five times their savings, with repayment stretched across up to 60 months. The interest stands at a friendly 12% per annum, calculated on reducing balance—making monthly repayments more bearable over time.

Advantages

High borrowing power – you can access up to 5× your deposits, which really helps if you’ve built up savings.
The interest rate is low compared to what most banks offer for personal or emergency loans.
Repayment terms are flexible – up to 5 years gives you enough room to breathe.
Loans are processed through BOSA, which many members already trust and use.
You can top up or restructure without penalty, as long as you stay within policy limits.

Disadvantages

You must be a member, and your loan amount is tied to how much you’ve saved.
Guarantors or security are required, which can be tricky if you don’t have strong SACCO ties.
Some extra costs—like valuation fees or loan insurance—can sneak in during processing.

From where I stand, this is one of the better refinancing deals in the SACCO space—affordable, steady, and tailored for disciplined members.

Online application

Customers at I&M Bank can now refinance their existing loans through a personal facility ranging between KES 50,000 and KES 3 million, payable over up to 60 months. As of March 2025, the bank lowered its personal loan interest rates by 2%, making it easier on monthly repayments, and processing is done digitally through the I&M OTG app—often within 24 hours.

Advantages

Loan size is solid – from KES 50k all the way to KES 3 million, it covers small and big obligations alike.
Loan term flexibility – pay it off in as little as a year, or stretch it over five depending on your income.
Rate cut by 2% in early 2025 means you’re paying less now than last year.
No collateral needed – that’s a big deal for employed folks without assets to pledge.
App-based application – you can apply from your phone and get a response fast.

Disadvantages

Processing charges are on the higher side – 4% of the loan, plus excise duty, plus loan insurance.
Final interest depends on your credit rating, so not everyone gets the lowest deal.
If your CRB record isn’t clean, you may not qualify at all—or you’ll face a steep rate.

This refinancing option hits the right notes for convenience and access, but it only works well if your credit history is solid and you’ve done your homework on the fees.

Online application

Ngao Credit lets you refinance your existing loans by unlocking up to KES 4 million from your car’s logbook, payable in up to 24 months. The loan comes at a flat 3.5% monthly interest, and disbursement usually happens the same day once everything checks out.

Advantages

You can borrow up to KES 4M, which is more than what many shylocks or mobile lenders can offer.
Quick turnaround – from application to payout in less than a day if your docs are in order.
No stress over CRB status – they don’t disqualify you for having a bad record.
Their team handles paperwork fast, and you’ll know exactly what the costs are upfront.
You still use your car during the loan term, which keeps your life moving.

Disadvantages

3.5% monthly may look small, but over time, it adds up to quite a heavy cost.
Repayment is capped at 24 months, so instalments can hit hard if the loan is big.
The car stays under charge until the loan is cleared—meaning you can’t sell or transfer it.

I think Ngao Credit is one of the fastest routes to refinancing in Kenya today, but borrowers need to go in with eyes open about the true cost.

Online application

With Izwe Kenya, salaried Kenyans can refinance old loans and borrow fresh amounts from KES 10,000 up to KES 400,000, repayable in 3 to 60 months. The loan runs at a flat 4% per month, and approval is fairly quick—especially for those with consistent payslips.

Advantages

No collateral needed – great for employed folks who don’t own property or vehicles.
Loan term flexibility – you pick between 3 months and 5 years, depending on your salary flow.
Quick turnaround – if you’ve got your documents in order, it moves fast.
Ideal for refinancing mobile loans – it’s structured enough to clean up your M-Shwari or Fuliza mess.
Clear costs upfront – no crazy hidden charges, just the flat rate and a one-time processing fee.

Disadvantages

KES 3,600 fee for loan valuation – not huge, but still an extra cost.
That 4% monthly rate can quietly turn into a 48% annual rate, which is no joke.
If your payslip is thin, the amount you qualify for might be underwhelming.

I think Izwe’s refinancing is a lifesaver for salaried workers cleaning up expensive short-term debts, though stretching it over years could get costly.

Online application

MyCredit could allow borrowers to refinance their existing debts into a single unsecured loan ranging from KES 10,000 to KES 400,000, repayable over 3 to 60 months, with a fixed monthly interest rate of 4%, plus a one-time valuation or processing fee worth around KES 3,600.

Advantages

No asset needed, so it’s accessible for salaries and small-business owners.
Terms range from 3 months up to 5 years—flexible to match income cycles.
Single monthly installment, simplifying multiple debts into one.
Fast processing if digital docs are ready, consistent with their other products.
Predictable cost—flat interest and standard fees keep transparency.

Disadvantages

That KES 3,600 fee adds to the cost upfront.
4% monthly rate equals a steep 48% per year, so long-term debt is expensive.
Without collateral, the top-tier loan amounts may be limited by credit profile.

I see potential in MyCredit stepping into refinancing, offering convenience and clarity—but affordability over time would depend on whether they lower the rate.

Lender	Loan Amounts (KES)	Loan Terms	Interest Rate (% p.a.)	Key Features for Loan Refinancing
KCB Bank	50,000 – 10,000,000	Up to 72 months	~13-16%	Actively offers to buy off loans from other banks and financial institutions to provide better terms.
Equity Bank	Up to 4,000,000	Up to 60 months	~14-17%	Allows customers to refinance existing facilities, aiming to lower monthly payments.
Stima SACCO	Based on deposits	Up to 84 months	~14%	Specializes in loan buy-offs for members, helping them move from more expensive lenders.
Absa Bank Kenya	Up to 6,000,000	12 – 72 months	~15-18%	Provides loan takeover services to refinance existing debts into a single, more affordable loan.
Mwalimu National SACCO	Based on deposits	Up to 96 months	~14-15%	A primary service is refinancing members’ loans from other financial institutions.
NCBA Bank	50,000 – 5,000,000	Up to 60 months	~14-17%	Offers refinancing solutions to manage and reduce the cost of existing credit facilities.
Standard Chartered Bank	100,000 – 7,000,000	12 – 60 months	~16-19%	Offers personal loans that can be used to refinance other high-interest loans.
Unaitas SACCO	Based on deposits	Varies	~15-18%	Provides attractive refinancing packages to bring all of a member’s loans under one roof.
Faulu Microfinance Bank	Up to 6,000,000	Up to 96 months	~19%	Can structure a loan to refinance existing, more costly debts for individuals and SMEs.
MOGO	Up to 2,500,000	Up to 60 months	From 30% p.a.	Can be used to refinance an existing logbook loan or pay off an expensive unsecured loan.
Police SACCO	Based on deposits	Up to 72 months	~13-15%	Known for competitive loan buy-off facilities for its members in the police service.
I&M Bank	Up to 3,000,000	Up to 48 months	~16-18%	Their personal loans can be utilized by customers to refinance other existing loans.
Ngao Credit	Up to 5,000,000	Up to 24 months	From ~36% p.a.	Can provide a new secured loan to pay off and effectively refinance other debts.
Izwe Kenya	Up to 500,000	Up to 60 months	Competitive	A new check-off loan can serve as a way to refinance multiple smaller digital loans.
MyCredit Limited	Up to 3,000,000	Up to 48 months	Competitive secured rates	Offers secured loans that can be used to refinance and obtain better terms on existing credit.