Being retired shouldn’t stop you from getting a loan. Some lenders offer special options for pensioners. You’ve earned it — now use it.
Being retired shouldn’t stop you from getting a loan. Some lenders offer special options for pensioners. You’ve earned it — now use it.
KCB Bank Kenya provides unsecured personal loans ranging from KSh 100,000 to KSh 4,000,000, with repayment terms of up to 48 months. The application process requires you to have an active KCB account for at least three months, along with your ID, KRA PIN, the last three payslips, and a letter from your employer.
KCB Bank Kenya offers a straightforward and flexible loan process, but potential borrowers should be aware of the interest rates, especially for shorter loan terms.
Equity Bank Kenya offers pensioner loans to individuals who have their pension payments deposited regularly into their bank accounts. These loans can be easily accessed via the Equity Mobile App, Equitel Line, or by using the *247# USSD code, providing quick and convenient access to funds without the need to visit the bank.
Equity Bank offers a convenient and accessible loan option for pensioners, but the repayment terms and interest rates should be carefully considered before taking out a loan.
Co-operative Bank of Kenya offers mortgage loans for pensioners, allowing them to use their pension savings as collateral, in partnership with Enwealth Financial Services. Loan repayment can be spread over a period of up to 20 years, depending on the age of the borrower at the time of application.
Co-operative Bank of Kenya offers a great opportunity for pensioners to access housing loans using their pension savings, but it’s important to consider the conditions and limits tied to the loan.
Absa Bank Kenya offers pensioner loans, allowing individuals to use their pension savings to secure the loan. The loan can be accessed via a mobile app, Equitel Line, or through the *247# USSD code, and repayment terms can extend up to 20 years depending on the borrower’s age.
Absa Bank Kenya offers pensioners a valuable way to use their pension savings for housing, though potential borrowers should be mindful of the application requirements and loan limits.
Postbank Kenya offers loans to pensioners through partnerships with financial institutions like Premier Credit Ltd and Fincredit Ltd. These loans are available to pensioners who receive their pension payments through Postbank, with terms and conditions set by the respective partners.
Postbank offers a convenient option for pensioners seeking loans, but you should carefully check the specific terms and conditions from their partners before applying.
Faulu Microfinance Bank offers pensioner loans in partnership with reliable financial institutions such as Premier Credit Ltd and Fincredit Ltd. These loans are available to pensioners receiving their pensions through Postbank, with terms and conditions tailored to meet individual needs.
Faulu Microfinance Bank provides an accessible loan option for pensioners, though applicants should carefully check the loan terms and conditions to ensure they meet their needs.
Mwalimu National SACCO offers the Senior Saver Loan to pensioners with a minimum deposit of KSh 1.5 million. The loan can be as high as KSh 15 million, with repayment terms extending up to 10 years, depending on the amount borrowed. It’s secured by the member’s deposits or other forms of collateral.
The Senior Saver Loan from Mwalimu National SACCO offers great potential for pensioners with enough savings, but the conditions can be demanding, especially for those without substantial collateral.
Harambee SACCO offers the “Wafanisi” program, allowing pensioners to continue their SACCO membership and access loans using their pension or other income sources. To participate, members are required to contribute a minimum of KSh 1,000 per month, with an additional KSh 300 towards a benevolent fund.
Harambee SACCO’s “Wafanisi” program offers pensioners a great way to keep accessing financial support, but it’s important to carefully check the terms and conditions before joining.
NCBA Bank offers pensioners personal loans up to KSh 1 million without requiring any collateral. The loans come with a competitive interest rate of 19.44% per year and can be repaid over a period of up to 25 months. Applications can be easily made via the NCBA NOW app or by using the USSD code *488#.
NCBA Bank’s personal loan is a solid option for pensioners who need quick financial assistance, but the loan amount limit and interest rates are worth considering before making a decision.
National Bank of Kenya (NBK) offers pensioners unsecured personal loans ranging from KSh 50,000 to KSh 6,000,000. The loan’s interest rate is based on the Central Bank of Kenya’s base rate (CBR), plus the bank’s margin, with repayment terms available from 6 months to 7 years.
NBK offers pensioners an easy way to access loans with flexible terms, but it’s important to consider the interest rates and the required documentation before making a decision.
Stima SACCO offers pensioners personal loans of up to KSh 5 million, which can be up to five times the amount in their Alpha savings account. The loan comes with an interest rate of 13% per year, and repayment terms can stretch as long as 96 months, depending on the loan amount.
No collateral is required to secure the loan.
Flexible repayment terms, with options to pay over a period of up to 96 months.
Competitive interest rate that aligns with current market conditions.
Easy application process through the mobile app or USSD.
Quick access to funds once the loan is approved.
Stima SACCO offers pensioners a straightforward way to get a loan with flexible terms, but it’s important to consider the interest rates and membership requirements before applying.
Stanbic Bank Kenya offers unsecured personal loans to pensioners, with amounts ranging from KSh 100,000 to KSh 7,000,000. The interest rate is tailored to the individual’s profile, and the repayment term can go up to 96 months, providing flexibility for pensioners.
Stanbic Bank Kenya provides pensioners with a flexible and accessible loan option, but the interest rates and maximum loan cap should be considered carefully before applying.
Kenya Women Microfinance Bank (KWFT) offers personal loans to pensioners ranging from KSh 10,000 to KSh 200,000, with repayment periods between 6 to 18 months. The interest rate falls between 18–22% per year, and there’s a mandatory insurance fee as part of the loan package.
KWFT offers a straightforward option for pensioners to access loans, but the relatively high interest rates and documentation requirements should be taken into account before applying.
I&M Bank provides pensioners with unsecured personal loans ranging from KSh 100,000 to KSh 10 million, with repayment terms of up to 96 months. Interest rates are personalized based on the borrower’s profile, and the loan comes with additional benefits, including credit life insurance and options for early repayment.
I&M Bank offers a solid option for pensioners to access loans with flexible terms, but the interest rates and the maximum loan cap should be carefully considered before applying.
Unaitas SACCO provides pensioners with personal loans based on their savings and the collateral they can offer. The loan interest rate stands at 11.5% per annum on a reducing balance, with repayment terms available from 6 months to 120 months.
Unaitas SACCO offers pensioners a practical loan option with flexible terms, but the required savings and interest rates should be carefully considered before applying.
| Lender | Loan Amounts (KES) | Loan Terms | Interest Rate (% p.a.) | Key Features for Pensioners |
|---|---|---|---|---|
| KCB Bank | Up to 3,000,000 | Up to 48 months | ~13-16% | One of the most popular pensioner loans. Requires pension to be processed through KCB. |
| Equity Bank | Up to 3,000,000 | Up to 120 months (age dependent) | ~14-18% | Offers loans to pensioners receiving their payments through an Equity account. Flexible terms. |
| Co-operative Bank of Kenya | Up to 500,000 | Up to 60 months | ~14-17% | Specific “Pensioner’s Loan” product. Loan amount depends on the net monthly pension. |
| Absa Bank Kenya | Up to 1,500,000 | Up to 60 months | ~15-18% | Provides loans against pension income. Must be below 70 years old at loan maturity. |
| Postbank (Kenya Post Office Savings Bank) | Varies | Up to 36 months | Competitive | A traditional choice for government pensioners. Loan is secured by the pension payments. |
| Faulu Microfinance Bank | Up to 500,000 | Up to 36 months | ~19-21% | “Busta Loan” for pensioners. Requires pension to be channeled through Faulu. |
| Mwalimu National SACCO | Based on pension amount | Varies | ~14-15% | Offers loans to its retired members against their pension, processed through the SACCO’s FOSA. |
| Harambee SACCO | Based on pension amount | Up to 48 months | ~14% | Popular with retired civil servants. Pension serves as security for the loan. |
| NCBA Bank | Varies | Up to 48 months | ~15-17% | Offers personal loans to pensioners who process their monthly payments via an NCBA account. |
| National Bank of Kenya (NBK) | Varies | Up to 36 months | ~14-16% | Long history of serving government employees and pensioners. |
| Stima SACCO | Based on pension amount | Varies | ~14% | Provides credit facilities to its annuitant (pensioner) members. |
| Stanbic Bank | Varies | Up to 60 months | ~16-19% | Offers unsecured personal loans to pensioners with accounts at the bank. |
| Kenya Women Microfinance Bank (KWFT) | Varies | Varies | ~20-22% | May offer loan facilities to its long-term members who are now on pension. |
| I&M Bank | Varies | Up to 48 months | ~16-18% | Provides personal loans that can be accessed by pensioners with a reliable pension income. |
| Unaitas SACCO | Based on pension amount | Varies | ~15-18% | Members who are pensioners can access credit facilities against their regular payments. |
