By Amoto Ndiewo
Aspira Kenya, a product financing firm has launched an education loan for cash-strapped parents.
The loans will be capped at Ksh 500,000 and offered at a monthly interest of 2 per cent.
Accordingly, the minimum amount which will be advanced under the facility dubbed ‘Soma Education Loan’ will be Ksh 10,000.
At 2 per cent interest per month, the interest is lower than most loans from digital lenders and banks.
Group CEO Mark Van Beuningen said getting timely access to cash should not be a problem especially when it affects the welfare and future of children.
“Aspira’s school fees financing fees loan is capped at Ksh 500,000 with an interest rate of 2 per cent to bridge gaps by empowering parents in terms of fees so that our children can stay in school and learn,” he said.
The facility will be available to its existing customers as well as on boarded clients. The loan will cover all learning needs right from kindergarten through primary, secondary to tertiary institutions and universities.
“We spoke to many parents in the county about their Christmas holiday plans and realized that while planning for holidays they’re more worried about the January school fees season. This challenged us to devise this soma education loan regime as a solution to pay their children’s school fees hassle –free,” said Van Beuningen.
