The MCo-op Cash Business Plus Loan offers Co-op Bank customers a loan of up to Ksh 1 million, payable within a 6-month period. Available to individuals, registered partnerships, business enterprises, limited companies, and private schools with an active Co-op Bank Business account for at least six months, this loan helps businesses access the funds they need for growth and operations.
Types of MCo-op Cash Business Plus Loans
The MCo-op Cash Business Plus Loan comes in three distinct offers:
1. Business Plus Loan
The Business Plus Loan is available to both first-time borrowers and returning borrowers who have fully repaid previous loans. This option allows you to borrow up to Ksh 1 million, based on your eligibility and repayment history.
2. Business Plus Top-Up
The Business Plus Top-Up loan is designed for customers who have already taken out a 1-month loan but have not fully utilized their loan limit. For instance, if you qualify for a loan of Ksh 50,000 but borrow only Ksh 30,000, you can request a top-up of up to Ksh 20,000 within the same month. The total loan due will still be Ksh 50,000, and the repayment will be based on the original due date. Keep in mind that appraisal fees and interest are calculated based on the top-up amount.
3. Refinance
The Refinance option is available to borrowers with active loans ranging from 2 to 6 months, as long as at least one installment has been paid. For example, if you take out a Ksh 50,000 loan with a 3-month term and make the first payment, the bank may reassess your loan limit based on your turnover and repayment history. If eligible, you could borrow more, such as Ksh 100,000, and the new loan will first cover the remaining balance of your previous loan, with the additional funds deposited into your Co-op Bank account.
Application Process for the MCo-op Cash Business Plus Loan
To apply for the MCo-op Cash Business Plus Loan, you can use the following methods:
- USSD Code: Dial *667# to apply directly from your phone.
- Web Application: Apply through the Co-op Bank website.
- MCo-op Cash App: Download the app from the Google Play Store or App Store and apply conveniently.
You can apply for this loan as many times as needed, but only one MCo-op loan can be active at a time. Additionally, borrowers who have taken a loan with a term of 2 months or more can top up after repaying at least one installment. For 1-month loans, top-ups can be made within the loan’s original limit.
How to Maintain and Grow Your Loan Limit
To increase your loan limit, make sure to:
- Repay loans on schedule: Consistently repaying your loan helps improve your credit score.
- Sign up for Co-op Till: By receiving payments through Co-op Till, you enhance your score, which can lead to a higher loan limit.
How to Check Your MCo-op Cash Business Plus Loan Balance
To check your loan balance:
- Log into MCo-op Cash by dialing *667# or through the MCo-op Cash app.
- Select ‘LOANS’.
- Choose ‘LOAN ENQUIRIES’.
- Select ‘LOAN BALANCE’.
- Follow the instructions to view your balance.
How to Repay Your MCo-op Cash Business Plus Loan
To repay your loan:
- Log into MCo-op Cash by dialing *667# or through the MCo-op Cash app.
- Select ‘LOANS’.
- Choose ‘PAY LOAN’.
- Follow the instructions to repay your loan.
Conclusion
The MCo-op Cash Business Plus Loan offers a flexible and accessible way for Co-op Bank customers to borrow funds for their businesses. With three loan options—Business Plus, Top-Up, and Refinance—you can tailor your loan to your financial needs. By applying through USSD, the web, or the MCo-op Cash app, you can easily access the funds you need. Stay on top of your repayments and leverage Co-op Till to boost your loan limit and grow your business efficiently.
