If you are earning a salary of Ksh 30, 000, the loan you will get depends on the amount you have saved and where you have saved. If you have saved Ksh 5,000 monthly in a Sacco for 5 years, the total savings will be Ksh 300,000.Most Saccos give loans 3 times your savings, meaning that you will get a loan of Ksh 900,000. If you have saved Ksh 5,000 monthly for 10 years, you will get a loan of Ksh 1.8 million.
There are also other Saccos which give loans of up to 4 times your savings. For 5 years, you will get a loan of 1.2 million.
You can also get a loan from Banks and Microfinance institutions. They normally give salary in advance or salary advance loan. Salary in advance will be up to Ksh 30,000 while salary advance can be Ksh 15,000 and above.
Banks give loans too for business or other projects. With a salary of Ksh 30, 000,they will give a loan where you are deducted Ksh 10,000 monthly. The repayment period will be up to 5 years. In this case, the loan you’ll get from banks range between Ksh 400,000 and Ksh 1.2 million. The loan amount will also depend on how busy your pay slip is.The will ensure that only a third of your salary will be deducted every month. In case your pays lip has another loan, they may not give you a loan because it might be difficult for you to repay.
Another factor that will determine the amount of loan you’ll get is your type of job.If you are employed on permanent basis, your loan will be high. If you are on contract, the loan will be small.
I have managed to look at most people’s pay slips.To be honest, the maximum loan you can get from Ksh 30,000 salary is Ksh 2 million. Most people get a loan of Ksh 400,000 to Ksh 600,000.When going to apply for a loan, bear in mind that the money you will get won’t exceed Ksh 2million.
The best places to get such a loan is from Saccos or banks.Don’t dare take a loan from a microfinance institution, they will harass you in case you don’t repay in time,their interest is also high.
I would encourage you to join a Sacco, buy shares which you will use as collateral to take loans.
