Loop Loans: What's NCBA Loop Interest Rates

As an NCBA Loop customer I recently received an email concerning updated loop loan interest rates, something which I thought I should share.

This article is best for anyone who is interested in loop loans, a mobile loan and payment service by NCBA Bank.
Loop logo
Loop Logo 


What's Loop? 

Or the question should be what is NCBA Loop? This is a NCBA Bank's online and mobile account service for its customers.

With a loop account, one can take loans among other activities including bill payments and money saving.

Because we're at Loans Kenya Blog, we'll look at the 'loop loans' part of NCBA Loop . 

NCBA Loop Loans Updated New Interest Rates

There is an update to the loop loans interest rate.

According to the email I received, the rates are going high for both existing and new loop loans. 

Here is the email to help you understand what the new loop loan interest rate will be and what has changed; 

Dear MWABAYA,

Given the current macroeconomic environment, short term rates have continued to rise. In light of this, we wish to inform you that we will be adjusting our Base Lending Rate to 16.7% effective 17th November, 2023.

We wish to advise you that the change will have the following effect on your current loan facility.

  • The base interest rate on all facilities, both existing and new shall increase to 16.7%. 
  • All new loans will be subjected to risk based pricing.
  • The interest rate on all overdrafts will be subjected to risk based pricing.
  • All other terms and conditions of the facilities will remain the same.

We value you our LOOP customer and understand the importance of keeping you informed about any changes that may affect you.

If you have any questions or concerns about this change, please do not hesitate to contact us. Our customer support team is available to assist you via phone at 0709 714 444 or 0730 714 444.

Thank you for choosing LOOP for all your financial needs.

Regards,
LOOP

In conclusion, NCBA Loop loan can be a good option when it comes to online mobile money loans in Kenya. Just remember to take what you'll be able to pay back and on time to avoid defaulting and CRB blacklisting.
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