Do you need some extra cash? Then read this guide on Kuda Bank Loan: How to apply for loan and Borrow Money From Kuda Bank App
With Kuda Bank App, you can apply for a loan in just a few simple steps.
Plus, you can also use the app to do other banking activities like buying airtime, and data, and paying bills.
There are many reasons why someone might need a loan – from paying off debts to starting a business.
Whatever your reason, we’re here to help. We’ll walk you through everything you need to know about Kuda Bank Loan: How to apply for loan and Borrow Money From Kuda Bank App
Topics To Discuss About
What is the Kuda Bank Loan?
Let’s start by explaining what a Kuda loan is.
Kuda is a digital bank in Nigeria that offers a range of financial services, including personal loans.
They provide loans to individuals based on their creditworthiness, income, and repayment history.
When you apply for a Kuda loan, you’ll receive a one-time payment into your Kuda account.
You’ll then need to repay the loan, plus interest. The interest rate is fixed and depends on how much you borrow.
You’ll agree to the interest rate before you’re granted the loan, and the interest will be paid monthly.
In case you’re wondering, a Kuda bank loan is also sometimes referred to as an “overdraft”.
Eligibility
Here are the eligibility criteria you need to meet to get a loan from the Kuda app:
- You must be a Nigerian citizen.
- You must be between the ages of 18 and 55 years old.
- You must have a valid form of identification.
- You must have a BVN (Bank Verification Number).
- You must have the Kuda app installed on your phone.
- You must be an active user of the Kuda Bank app.
If you meet all of these requirements, then you’re ready to apply for a loan through the Kuda app.
How to download the Kuda Bank Loan App
Before we dive into How to apply for loan and Borrow Money From Kuda Bank App, you’ll need to download the Kuda Bank Mobile app. Here’s how you can download the app:
- Open the Google Play Store (if you have an Android phone) or the App Store (if you have an iPhone).
- In the search bar, type “Kuda” and hit enter.
- Look for the official Kuda app developed by “Kuda Technologies Ltd.”
- Make sure it’s the correct app by checking the app icon and description.
- Tap on the app to open its download page.
- Click on the “Install” or “Get” button to start downloading the app.
- Once the download is complete, open the app and follow the on-screen instructions to sign up or log in to your Kuda account.
By following these simple steps, you’ll have the Kuda Bank Mobile app downloaded and ready to use in no time.
How to apply for loan and Borrow Money From Kuda Bank App
If you’re ready to apply for a loan through the Kuda Bank App, here are the steps you need to follow:
- Launch the Kuda app and swipe to your borrowed account.
- Click on “Borrow”
- Click on “Get your loan”
- Click on “Next”
- Enter the amount you wish to borrow, and then click “Done”
- Verify your identity by inputting your transaction ID, PIN, face ID, or fingerprint.
By following these simple steps, you’ll be on your way to borrowing money through the Kuda Bank App.
Kuda Bank Loan Interest rate
Having talked about Kuda Bank Loan: How to apply for loan and Borrow Money From Kuda Bank App, let’s talk about the Kuda Loan interest rate.
When you borrow money through Kuda, you’ll be charged an interest rate of 0.3% per day on the total amount borrowed until you’ve paid back the full amount.
To give you an idea of how this works, let’s say you borrow N30,000.
The daily interest rate would be N90. If you take out the loan for 30 days (1 month), the total interest would be N2,700.
That means you’ll need to repay a total of N32,700.
It’s important to keep this in mind when applying for a loan through Kuda.
Make sure you can comfortably afford the interest and the total amount you’ll need to repay before you borrow any money.
How to Repay
Now that you know How to apply for loan and Borrow Money From Kuda Bank App, it’s important to understand how and when to repay it.
Assuming you’ve met all the eligibility criteria and accepted the terms and conditions of the loan, paying it back should be easy.
When applying for the loan, you’ll need to add a debit card to your account.
When it’s time to repay the loan, the required amount will be automatically debited from your card.
This means you won’t have to worry about remembering to make repayments or missing any deadlines.
As long as you have enough funds in your account to cover the repayment, the process should be smooth and hassle-free.
Conclusion on Kuda Bank Loan: How to apply for loan and Borrow Money From Kuda Bank App
If you’re in need of a loan in Nigeria, the Kuda Bank App is a great option to consider.
If you meet the eligibility criteria and follow the steps outlined above in this guide on Kuda Bank Loan: How to apply for loan and Borrow Money From Kuda Bank App, you can easily apply for and borrow money through the app.
Plus, with automatic repayments and a fixed interest rate, the process is straightforward and transparent.
FAQs
What is the interest rate for Kuda Bank loans?
The interest rate is 0.3% per day on the total amount borrowed until the full repayment of the loan.
How do I download the Kuda Bank App?
You can download the app from the Google Play Store (for Android phones) or the App Store (for iPhones).
Simply search for “Kuda” and follow the steps outlined above.
What are the eligibility criteria for Kuda Bank loans?
You must be a Nigerian citizen between the ages of 18 and 55 with a valid form of identification, BVN, and an active Kuda Bank account.
How do I repay my Kuda Bank loan?
You’ll need to add a debit card to your account when applying for the loan, and the required amount will be automatically debited from your card when it’s time to repay.
How much can I borrow through the Kuda Bank App?
The amount you can borrow depends on your creditworthiness, income, and repayment history. However, the maximum loan amount is N200,000.
