Family Bank Check-off loans

Family Bank Check-off loans Features, Benefits and Requirements

April 3, 2021

in Wealth

Reading Time: 2 mins read

Family Bank Check-off loans are available to all employees whose employers have signed a memorandum of agreement (MOU) with Family Bank to process loan facilities. Monthly installments are paid directly to the bank. Fast & efficient check-off loans

Family Bank became a fully-fledged commercial bank in May 2007. The Bank is regulated by the Central Bank of Kenya (CBK) and is also regularly inspected using CAMEL ratings which look at Capital, Assets, Management, Earnings and Liquidity. The bank is a member of the Deposit Protection Fund (DPF) meaning that customers’ deposits are protected.

Features

Repayment period of up to 72 months
Insurance cover against death and permanent disability
No hidden charges; age limit is 52 years of age
The check-off arrangements are agreed with the various institutions by the head office and branches are advised appropriately
Top-ups available upon request
Loan buy-offs are available
Attractive loan amounts of up to KES 3 million

Benefits

Competitive interest rates charged
Fast and efficient loan processing and disbursement
Your salary is the security
No late payment fees
An easy and fast source of funds for account holders and nonaccount holders for personal development

Requirements

Check-off loan application forms duly completed in triplicate
The applicant’s certified original payslips for the last three months
3 certified copies of the applicant’s new-generation ID card and 2 recent passport size color photographs
A certified copy of the applicant’s KRA PIN certificate
The applicant’s certified original bank statements reflecting salary received in the last 3 months
The applicant’s names should be similar in all documents, otherwise, he/she should obtain written confirmation from the employer that the names preferred to refer to the same person Family Bank Check-off loans