CBA will start giving loans to universtity students at fair rates. The bank has signed a Memorandum of Understanding with the Higher Education Loans to that will see students who miss out on HELB loans acquire personal loans at concessionary rates.
Depending on the course to be undertaken by a given student, CBA will avail a minimum loan of Sh 50,000 and a maximum of Sh1million with the rate of interest pegged to the bank's base rate and repayment is within a year. HELB will therefore open a corporate account with the bank to enable students or guardians the opportunity to secure a loan.
Speaking at the ceremony, CBA group head of business Jeremy Ngunze said: "We are proud to be associated with HELB on this as we strengthen our presence within the education sector. At CBA, we have positioned ourselves to become the conduit of our customers' individual dreams and aspirations and this opportunity to help students achieve their dreams is part of our vision."