How to Borrow Money from Kuda Bank

Do you need to borrow money to pay for a new home, finance a project, or cover unexpected expenses? Kuda Bank may be the perfect solution for you. And in this article, you will be knowing everything you need to know about how to borrow money from Kuda Bank. 

From understanding Kuda loans to learning about the requirements and how to apply, you’ll have all the information you need to decide if Kuda Bank is the right lender for you, so let’s get started.

About Kuda Bank Loan 

Kuda Bank offers a convenient loan option called Kuda Overdrafts. These are short-term loans available exclusively to Kuda account holders. 

With the Overdraft Facility, customers can withdraw money exceeding their available balance, up to a predetermined limit. 

This facility is directly linked to the customer’s account and is subject to the account’s terms and conditions. 

The Overdraft Facility specifies the facility type, tenor, disbursement date, mode of disbursement, maturity date, and interest rate. 

The loan also comes with general terms and conditions, such as the advance of the Overdraft Facility, representations and warranties, Global Standing Instruction Mandate, miscellaneous variations to the Offer Letter, data privacy and disclosure of information, and governing law and jurisdiction.

With Kuda Bank, you have access to flexible and transparent loan options.

Eligibility requirements for borrowing

To borrow money from Kuda Bank, anyone with an urgent need for funds can easily access the amount they require through the Kuda app. 

Users have the flexibility to choose a monthly repayment option that suits their convenience. 

While having a guarantor can increase the likelihood of obtaining the desired loan amount, it is important to clarify whether a guarantor is necessary. Also, it would be beneficial to inquire about the need for collateral. 

The specific requirements for borrowing from the Kuda Bank app are as follows:

• Urgent money need
• Kuda app access
• Repayment plan selection
• Possibility of having a guarantor
• Clarification on the need for collateral
• Loan repayment period
• The interest rate for Kuda loans

How to apply for a loan with Kuda Bank

Follow these simple steps to apply for a loan with Kuda Bank:

• Access the Kuda app and navigate to your borrowing account.
• Tap on “borrow” and select “Get your Overdraft.”
• Enter the desired loan amount and click “done.”
• Verify your transaction PIN, face ID, or fingerprint.
• Click “okay” to complete the process. 

Once you have completed the steps above, your loan application will be reviewed by Kuda Bank. 

The approval process is incredibly very fast, and you will receive a notification within a short period of approved or not approved. 

Conclusion 

Borrowing money from Kuda Bank is a convenient and straightforward process. With their user-friendly app and flexible repayment options, you can easily access the funds you need for various financial needs. 

Just make sure to provide accurate information and borrow responsibly. However, if you follow the above steps and manage your finances wisely, you can make the most of Kuda Bank’s borrowing options and meet your financial goals effectively.