Student Loan Application In Kenya

There are a few different places where you can apply for a student loan in Kenya. Here are a few of the most popular options:

• Higher Education Loans Board (HELB): HELB is a government agency that offers student loans to Kenyan citizens who are enrolled in degree-level programs at public universities and TVET colleges. You can apply for a HELB loan online, through the HELB Student Portal, or at any of the HELB offices located across the country.
• Commercial banks: Some commercial banks in Kenya also offer student loans. The eligibility criteria and interest rates for student loans offered by commercial banks vary, so it is important to compare different lenders before you apply.

When choosing a lender for your student loan, it is important to consider the following factors:

• Interest rate: The interest rate is the cost of borrowing money. A lower interest rate will save you money in the long run.
• Repayment terms: The repayment terms are the length of time you have to repay the loan and the frequency of your payments. Make sure you can afford the monthly payments before you take out a loan.
• Eligibility criteria: Not all lenders have the same eligibility criteria. Make sure you meet the lender’s requirements before you apply for a loan.
• Fees: Some lenders charge fees for processing student loans. Make sure you understand all the fees involved before you apply for a loan.

Type of HELB Loan Application

There are two types of undergraduate loan applications:

1. First-Time Application -This is for applicants who are applying for the first time.
2. Second & Subsequent Application – This is for applicants who are applying for the second, third, or fourth time as per the program duration.

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HELB Loan Requirements

1. A copy of the Applicant’s national ID Card.
2. Copies of the parents’ National ID Cards/death certificate where the parent is deceased.
3. Copies of both guarantors’ National ID cards.
4. A copy of the applicant’s admission letter and KCSE result slip/certificate.
5. A copy of the applicant’s Bank ATM/Bank card (for Government sponsored students only).
6. A copy of the applicant’s Smart Card from the institution.
7. One recent colored passport-size photograph of the applicant.

How to apply on the HELB App as a second and Subsequent applicant

1. Applicants should visit the Google Play store and download the HELB Mobile Application.
2. Register your details (First name, Phone, Email Address, National ID, and KRA PIN number) on the HELB App to generate a PIN which you will use to log in and accept the license agreement. Ensure that you use the Safaricom number that you use for Mpesa transactions and it should be registered in your name.
3. Read the mandatory Financial literacy notes and undertake a brief Question & Answer to appreciate the purpose of credit. Scroll down to view results then click “proceed”.
4. Click on loans then select undergraduate loans to get the Undergraduate Subsequent Loan Application Form [LAF].
5. Follow each step to fill in the required details and submit. A pop-up message will appear to show that you have successfully applied. The loan serial number will also be displayed.

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Additional Tips for Applying for a HELB

• Start your application early. The application process can take some time, so it is important to start your application early, especially if you are applying for a loan from a government agency.
• Get help from a financial advisor. A financial advisor can help you assess your eligibility for a student loan and can also help you choose the right lender and loan terms.
• Compare lenders. There are many different lenders offering student loans in Kenya. It is important to compare lenders before you choose one so that you can get the best possible interest rate and repayment terms.
• Be prepared to provide collateral. If you are unable to provide a cosigner for your loan, you may be required to provide collateral. Collateral is an asset that you can pledge to the lender in case you default on your loan.
• Make a repayment plan. Before you take out a student loan, it is important to make a repayment plan. This will help you budget for your loan payments and ensure that you can afford to repay the loan in full.

I hope this helps!

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