Have you heard about CBA Loop Kenya? This innovative product by CBA bank has already attracted thousands of followers just a few months after it was introduced to the market.
Many who have used the App are happy with it, and if this product performs as promised, it solves a good number of issues that bank users have previously struggled with.
So, what is CBA Loop, and how can you make the best use of this innovation? Below is a brief on the App that will answer this question and show you how to use the App to access all banking services through your mobile device.
What is CBA Loop App?
CBA Loop is a digital banking app made and managed by CBA bank. This App is designed to execute all banking transactions through the Loop.
In short, you will have the bank in your hands. You can pay your bills, send money to other banks and people, and withdraw your money digitally.
The app even allows you to borrow millions without filling any paperwork or having to endure long queues in the banking hall. Even better, CBA loop reconciles all your incoming cash and payments, so it is easy to monitor your spending.
By the touch of a button, you can see how much you have spent within a certain period and have a better grasp of your finances. You can also monitor the money coming into your account, so it is easier to reconcile your accounts.
Why you should consider using the CBA Loop APP
Well, if you hate long bank queues or simply do not have the time to do traditional banking, this app is for you. Designed for the millennials who are always on the fast lane, this app will transform your phone into a personal digital bank where you can complete all transactions at your convenience.
This app will work for you whether you are a student, a civil servant, or a business owner. It is a perfect choice if you are looking for a convenient and easy way to manage your finances.
The fact that you only need Shs 1000 to open an account and can borrow millions of shillings in loans make this app ideal for both low-, middle-, and high-income earners.
Below we look at the features that make this app a must-have for anyone looking to experience excellent banking without leaving their home.
CBA Loop Kenya App Salient Features
Loan Center
Through the Loop App, you can access up to Ksh. 3 million in loans. The minimum personal loan amount is Ksh. 50 000. The repayment period is flexible and ranges between 6 months to 3 years.
In the beginning, you will possibly just quality for a small loan of between Ksh 50,000 and Ksh 150,000, depending on the account activity and your savings. Your limit will increase as you continue using the App and pay your loans on time.
You can also get an overdraft of up to Ksh. 100, 000. The only requirement with the overdraft is you have to clear it all in one month.
You do not need a guarantor or collateral to access any of the above loan facilities. There will also be no time wasted queuing in the banking hall or filling in endless paperwork.
If your account has an overdraft, you can still access a loan unless you have reached your maximum overdraft limit.
You need to remember that just like any other bank, CBA can forward your name to CRB if you default on your loan. Only take an overdraft that you can manage and a loan you can clear within the given period.
Finance Manager
As the name suggests, this is like having an accountant in your hands. From the finance manager tab, it is easy to see where your money goes.
This feature makes the Loop App handy for anyone trying to keep an eye on their spending. The Finance Manager platform even offers an in-depth graph on areas where you spend your cash, so it is easier for you to make better financial decisions.
In addition, the App comes with a budgeting tool so you can keep a tab on your income and expenses like a pro.
Payment Assistant
Thanks to the payment assistant, you can clear your water bill, pay your tv subscription, and send money to your Mpesa and others with a simple press of a button.
Want to send money directly to others with this App? Doing so is free no matter the amount that you need to send.
It is also possible to automate regular payments through the Payment Assistant. Just create a debit order and specify the dates when you want money sent to your insurance policy, saving account, and any other regular payment you may have.
If you have any amount due, Payment Assistant will send you a reminder three days in advance so that you can make appropriate plans to honor the payment.
Loop Goals
This feature is a perfect partner if you have big dreams you want to act on. Do you dream of buying a posh car or a beautiful home by the beach?
Loop Goals is designed to turn these dreams into reality. You will get constant reminders that are sure to push you closer to your dreams.
Your savings will also be earning a competitive rate in interest, making it possible to reach your goal much faster. You can start your journey with Ksh 1000 and slowly grow your savings over time.
How to Join CBA Loop
Now that you know how much you stand to benefit from a Loop account, you most likely want to join the Loop community.
Below are the steps you follow to join CBA Loop
Download the Loop App into your phone. You will find the App in your App/play store
- Fill in the CBA Loop Online form. Details you need to fill at this point include your name, email address, phone number, ID number, and KRA Pin.
- If you cannot remember any of these details off head, keep any documentation with the information close by if you want to complete the registration process in minutes.
- Once you complete the process, you can load money into your new account. Open the App and follow the prompts to add CBA Loop Login details.
How to Load Money on Your CBA Loop Kenya Account
There are a few processes to load money into a Loop Account. These include:
Through the CBA Loop PayBill Number
The CBA Mpesa PayBill number is 714777. When sending money to Loop using the PayBill number, fill in your phone number as your account number.
If you are transferring money from Mpesa to a CBA loop account, first open your Mpesa Menu, then select Lipa Na Mpesa, and choose the Paybill option.
Through Loop to Loop
If you know a fellow looper, you can have them top up your account directly from theirs. This process will not cost a penny, and the transaction can be completed in seconds.
Transfer From Another Bank
You can do a bank transfer from another account into your Loop account. This is possible through EFT, Pesalink, or RTGS.
Through a Cash Deposit
You can deposit money in any of the NCBA Branches available countrywide. There are also deposit machines found in certain NCBA branches where it is possible to make a direct cash deposit to your Loop account.
Withdraw Money from your Loop Account
If you want to complete an online withdrawal, you can do so via Mpesa or any other mobile platform. Loop charges a flat rate of Shs 42 for any withdrawal, so you do not have to worry about huge bank charges whenever you want to withdraw a large sum of money.
Once you have activated your account and made a cash deposit, you can choose to make Loop your primary account and direct your salary or business income to the account.
To qualify for a loan, you have to keep the account active for at least three months. The amount you qualify for will be dependent on several factors, including account activity, monthly income, and overdraft status.
Loop allows you to take an overdraft on your account a month after opening your Loop account. All you need to do is ensure that the overdraft is fully paid up in a month if you do not want to incur more charges or lower your credit limit.
Final Thought
CBA Loop Kenya is an innovative product that any tech-savvy individual should take advantage of. It is not every day that you find a banking partner you can access through your mobile phone so that you never have to waste time in banking halls.
If you get a Loop account, be sure to explore all its outstanding features. Only then will you fully benefit from it and take your financial planning to the next level.
If user reviews are anything to go by, you will never want to go back to other banking options once you have installed CBA Loop on your phone.