The Higher Education Loans Board has partnered with the Commercial Bank of Africa to make available to students in higher education get tuition loans at special rates. The arrangement will facilitate students who miss out on the HELB loans get financial support from the bank.
CBA Managing Director Mr. Isaac Awuondo said, “We are proud to be associated with HELB on this as we strengthen our presence within the education sector. At CBA, we have positioned ourselves to become the conduit of our customers’ individual dreams and aspirations and this opportunity to help students achieve their dreams is part of our vision.”
CBA will avail a minimum loan of Kshs. 50,000 and a maximum of kshs1 million with the rate of interest pegged to the bank’s base rate and repayment is within a year. However, disbursement of the loans given will be dependant on the course to be undertaken.
Mr Shem Gichimu, HELBs’ Head of Finance, expressed gratitude for the support the bank is providing to enable students to achieve their dreams. He said the demand for HELB loans was too high and therefore needed other financial institutions to chip in financing higher education to wards the achievement of Vision 2030.
“In the last financial year, we disbursed a total of Kshs 4.8billion to over 106,000 Kenyan student’s pursuing higher education in recognized universities,” said Mr. Gichimu.
As part of their brand promise “Time for more” CBA, has set plans in motion to launch Youth account aimed at helping young members build a sound financial future.
HELB is charged with the responsibility of providing financial support to students enrolled in universities within the East African Community.