Best Banks in Kenya for Loans 2020

Have you ever wondered which banks in Kenya are best for getting a loan?

In this article, we will rank the best banks in Kenya for loans based on their annual percentage rate.

Most Kenyans, use the interest rate on loan charged by the bank as the sole bases of determining how cheap or expensive a loan is.

However, there is a lot that goes into determining the total cost of a loan. It is as a result of this that we will rank the best banks for loans in Kenya based on the total cost of credit rather than just the interest rate charged.

The Total Cost of Credit is calculated by adding the following – Interest rate component charged + Bank charges and Fees + 3rd Party cost.

This total cost of credit is, therefore, that becomes the annual percentage rate charged on a loan.

Basis of Ranking the best banks in Kenya for Loans

Our rankings will be based on ranking the annual percentage rate charged on a 5-year secured personal loan of Ksh. 1,000,000 paid within 5 years (60 months) Monthly as of today 19th March 2020.

Please note that this ranking is based on data from which is a service provided by Kenya Bankers Association. However, individual banks reserve the right to alter the annual percentage rate.

  1. Standard Chartered Bank (12.5%)

The Standard Chartered Bank ranks number one on this list as the best bank in Kenya for loans.

With this secured personal loan from Standard Chartered bank one is able to reach their full potential without having to worry about how to finance their dreams.

Stanchart Bank is well known for its innovative products and services to clients. Try them out today and you will not regret it.

Standard Chartered Bank Contacts
Phone number – +254 20 329 3900, +254 703 093 900
Website –

standard chartered bank

2. Transnational Bank (12.78%)

Transnational Bank Kenya ranks number 2 on the best banks in Kenya for loans. This bank has various products under personal borrowing such as asset financing, school fees, salary advance among others.

Transnational Bank Contacts
Phone number – 2252188/91, 0780022224, 0720081772
Website –

3. Kenya Commercial Bank (12.99%)

Kenya Commercial Bank (KCB) is one bank that has the interests of its customers at heart. This bank has over 340+ branches in Kenya.

It is very fast in responding to customer queries. KCB does not discriminate whether one is employed or not when offering personal secured loans as long as one has security. Talk to this bank using the following contacts

Phone number – +254 711 087087
Website –

KCB Bank

3. Spire Bank (12.99%)

Spire bank is not yet famously known. However, it offers its clients comprehensive products to suit their needs.

One interesting fact is the interest loan rate charged to a customer who decides to pay their loan for two years is similar to the one who pays it over a period of 5years.

Spire Bank Contacts
Phone number – 0703 047777
Website –

4. Habib Bank A.G Zurich (13.53%

Habib Bank A.G Zurich is a Swiss Multinational bank that started out in Zurich the international banking City.

In Kenya, this bank is not quite famous as the rest but it offers the best services to its customers. At the moment this bank charges annual interest charge at 13.53%

5. SMB Bank  (13.88%)

SMB Bank Kenya is fully known as Standard Mauritius Bank which is based in Mauritius. In Kenya, this bank offers unprecedented financial advice and services to its clients.

It ranks number 5 in the list of best banks for loans in Kenya today.

6. ABC Bank (14.08%)

ABC Bank is fully known as the African Banking Corporation. This bank was established at least some 35 years ago. This bank is well known for offering the best loans to small and medium enterprises businesses. Moreover, this bank is proudly Kenyan.

ABC Bank Contact
Phone Number – +254 (20) 4263000 / +254 (0)719 015,
Website –

7. Stanbic Bank (14.36%

Stanbic Bank is your go-to bank for all your financial needs especially if you engage in international travel and trade. Loans offered by this bank are quite flexible. in addition to them being flexible, it ranks among the top ten banks in Kenya where one can borrow from.

Stanbic Bank Contacts
Phone Number – 0800 720 044
Website –

Stanbic Bank

8. Mayfair Bank (14.64%)

Mayfair bank might be a  bank for the rich and wealthy in Kenya. For the personal accounts, one has to have a minimum of at least 100,000 in their account as a balance.

However, despite it being for the high and might it also charges a minimal amount of interest for its loans.

9. M Oriental Bank (14.78%)

Number nine on the best banks in Kenya for loans is M Oriental bank. Through this loan, one is even able to finance asset purchases.

At an annual percentage rate of only 14.78%, this is your best go-to bank for your loan.

M Oriental Bank
Phone number – 0733 333291, 0722 209585
Website –

10. National Bank (14.81%)

The National Bank of Kenya was recently acquired by Kenya Commercial Bank Kenya. If you are a public servant this might have been or still is your best bank.

In our list of best banks for loans in Kenya, it ranks number 10 issuing loans at an annual percentage rate of 14.81%.

Nationa Bank Contacts
Phone number – 020 282 8900, 0703 088 900, 0732 118 900
Website –

National Bank

11. Victoria Commercial Bank (14.87%)

Victoria commercial Bank inspires you to become what you want by providing you with an affordable secured personal loan.

This bank offers its customers private banking whereby an individual has their personal banker. Through this avenue, one is able to invest and even borrow better.

Victoria Commercial Bank
Phone number – 254 709 876 200, 254 709 876 300
Website –

Conclusion on Best Banks in Kenya for Loans

Now that we know that the cost of a loan is not solely based on the interest rate charged by the bank let purpose to research intentionally before getting a loan from any financial institution.

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Mary is one of the leading writers on Urban Kenyans. She is knowledgable on matters Kenya and has been able to educate many Kenyans on this platform.

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