How to apply for a student loan online in Kenya.
Are you a Kenyan student that would be in need of the funds to finance your university or college studies? The best news is that; there has never been an easier way to apply for a student loan in Kenya. Now, with the assistance of the Higher Education Loans Board (H.E.L.B.) and other education funding sources of your own, you can complete the application of your student loan at the comfort of your phone or your computer.
Here is a step-by-step procedure of applying for a student loan in Kenya online and tips that will help you get it.
What Is a student loan in Kenya?
A student loan is the monetary support given to students who obtain higher learning. It assists in the payment of school fee, accommodation, books and other costs. In Kenya, the principal government agency is the provider of education loans to learners in government and private universities, Technical and Vocational Training institutions and colleges is the Higher Education Loans Board (HELB).
In addition, there are also a number of private student loan providers and digital loan providers which provide education financing options with flexible repayment options.
Application for HELB, Student Loan Online.
The following is a step by step procedure of applying a student loan in Kenya through the HELB online application:
Step 1: Visit the HELB Portal
Visit the HELB website and find the Student Portal. In case you are a new user, you need to create an account with your National ID number and email.
Step 2: Complete and fill the Application Form.
After logging in, select one of the options, which is either Undergraduate Loan Application or the type of loan (TVET, Postgraduate, etc.). Complete all the necessary information properly – personal, academic and family.
Step 3: Uploading Necessary Documents.
You will have to upload transparent scanned copies of documents like:
- National ID (both sides).
- Letter of admission of your institution.
- KCSE certificate.
- The ID copy of parents or guardians.
- Bank account details.
- KRA PIN certificate.
Step 4: Submit and print the HELB Loan Form.
Upon filling the application online, print two copies, then submit and print two copies of the HELB loan form. Your Dean of Students should sign and stamp one of these copies and keep the other copy with him/her so as to have it in your records.
Step 5: Monitor Your Application Process.
After the application has been received, the loan status can be tracked using the HELB mobile app or portal. Communication is made when a loan is given out and received.
In Kenya, there are other providers of student loans.
In case you are not eligible to HELB or require more money, these are some other providers of education loans in Kenya, which are private:
- Equity Bank Education Loan – Provides students of universities and colleges with flexible repayment possibilities.
- KCB Education Loan – Best suited to parents and guardians with students in the higher education.
- NCBA Education Loan – Financing of local and international studies.
- Co-operative Bank HELB Partner Loan – The loan is meant to supplement HELB funds.
- Digital Loan Apps – Useful due to a short-term education cost – M-Shwari, Branch, and Tala.
These are the best choices to choose when students are in need of quick online education loans in Kenya with good interest rates.
Here are strategies to improve the probability of getting a loan:
- Apply early: Do not wait till deadlines. The first applicants enjoy first-come-first-served treatment.
- Include the correct information: Forms that are not complete or filled with wrong information are rejected.
- Have your KRA PIN: This is compulsory to all applicants of HELB.
- Have a good credit history: Alternatively, some of the private lenders will be checking your CRB status.
The following are the deadlines for HELB loan applications.
The Application deadline of HELB is different every year; however, as a rule, first-time applicants submit their applications in the period between June and September. Always check on official announcement on the official HELB site or social media page.
Why you should apply for a Student Loan Online in Kenya.
Applying online saves you time, eliminates the aspect of paper work and the processing is done at a faster rate. Online systems also enable you to update your details, check disbursement status as well as manage repayment easily when you graduate.
In Kenya, the difference between dropping out and realizing the academic dream could be a student loan. You may be searching for a HELB loan online or researching the best means of financing your education privately but either way, you need to take time to know how it works, requirements and repayment.
In Kenya, it is now easier, faster and more secure to receive an online student loan due to the emergence of the digital loan platforms and thousands of Kenyan students can now pursue their education objectives confidently.