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.
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.
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.