How much loan can I get on 50,000 salary in Kenya

If you earn Ksh50, 000 salary per month, the loan you can get from a bank ranges between Ksh 1.5 million to Ksh4 million depending on the duration on time you wish to repay. If you are paying for 5 years, you’ll get a maximum loan of Ksh 2 million and if you are going to pay for 10 years, you’ll get a loan of up to Ksh4 million. But when you are being given a loan, the bank has to look at your payslip .They will be deducting a maximum of 3/4 of the net salary. Ksh 50,000 salary implies that you earn a net salary of Ksh 40,000.If you get a loan of Ksh1.5 million, the bank will be deducting Ksh20, 000 to Ksh25, 000 per month.

You can also get a loan from your Sacco. Loans obtained from Saccos are the best.Saccos don’t frustrate you when they want you to repay. The good thing is that you can save your salary for some years and take a loan 4 times your savings. Assuming you will be saving Ksh20, 000 monthly for 3 years, the total amount saved will be Ksh720, 000.If you want to take a loan, they will give you up to Ksh 3 million. For a Sacco, Ksh 50,000 salary can get you a loan of up to Ksh7 million depending on the duration you’ve saved with them.

You should avoid taking loans from shylocks and mobile loan Apps—and also microfinance institutions.

Microfinance and shylocks are the worst places to seek a loan from. I know of one microfinance institution which gave a friend Ksh 1 million loan, he ended up paying Ksh3 million. Avoid them as much as possible.

The first thing you do when you get a job is to join a Sacco. Buy shares with the Sacco and earn dividends annually. After few years, you’ll be eligible to secure a loan. The amount of money in shares will determine the loan amount you’ll get.