Kuda Bank offers three types of Loans; Overdrafts, Salary Loan and Personal Loan. These Loan types have different Limits and if you want to increase your limits, you need to keep using the app for your financings. For example, to increase your Kuda's Salary Loan Limit, you, need to keep using your Kuda Account Number to receive your monthly salaries and wages.
However, with Kuda Personal Loan, you can get up to ₦150,000 effortlessly in your Kuda account and repay in convenient installments if you use the app effectively. You'll also have access to a collateral-free salary loan with a competitive interest rate to easily meet your urgent needs.
In addition to the salary loan, you can borrow up to 30% of your annual salary for up to six (6) months without collateral. All that's needed is your application later and proof of salary - then you're good to go. On the other hands, Kuda Overdrafts are short-term loans available exclusively to Kuda account holders. This service allows users to withdraw more than their available balance, up to a specified limit, with a daily interest rate of 0.3%.
If you can keep up with the repayment without default, the specified limit placed on your Overdraft will increase and you can spend more with a daily interest rate of 0.3 percent. The Kuda Overdraft Loan requires no paperwork. Eligibility is determine based on regular account usage and it has a maximum tenor of up to 90 days.
Furthermore, Kuda also provides personal loans, which are one-time payments made directly into the your Kuda account. You can receive amounts up to ₦150,000, which you must repay in fixed monthly installments over a period agreed upon during the approval process. This Kuda Loan approval and disbursement are fast and instant. However, keep in mind that the Loan have a fixed repayment terms.
Kuda Loan Limits
In a nutshell, Kuda offers various loan types with distinct limits that's tailored to meet users' wants. Kuda Overdrafts allow account holders to withdraw beyond their available balance (that's, they can use the money that's not available in the balance to purchase and transacts on credit). However, the credit limits will be determined by their account regular usage and the credit comes with a daily interest rate of 0.3%.
Kuda Personal Loans Limits can be obtained up to ₦150,000, which needs to be paid back as a fixed monthly repayments. The Kuda salary loans are available for employees without collateral. The salary loan features competitive interest rates, meanwhile the specific loan limits that'll be given to an employee depends on some factors including salary income and wages and repayment capacity that guarantees that each borrower receives an appropriate amount that'll be easy to pay back based on their financial profile.
