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Kuda Bank Loan: Step-by-Step Guide on How to BORROW MONEY from Kuda Bank

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Are you part of those searching for Kuda Bank loan?, Kuda Bank loan interest rate? Or How to borrow money from Kuda Bank?. Answers to most ask questions about Kuda Bank is right here. Read On.

Kuda Bank is one of the newest and most popular bank apps in Nigeria right now. Being an exclusively online bank has made it quite distinctive and appealing to the bulk of Nigerian youths.

Other intriguing characteristics that the Kuda Bank offers make it a viable alternative to Nigeria’s traditional banking system.

It is without a doubt among Nigeria’s best fintech businesses. The Kuda app is a bank that doesn’t require its users to visit any physical banks to perform transactions or handle any problems that may emerge thanks to its online-only feature.

People experience tension when they visit physical banks, which is why. Long lines could contribute to this stress by wasting time and preventing people from completing their initial objectives of visiting to the bank.

This essay will cover every aspect of Kuda Bank, including its distinctive qualities that make it dependable and a great alternative to traditional banking.

How to open Kuda Bank Account?

Here are the steps to take to register a new kuda Account.

  • Download Kuda on Google Play or the App Store.
  • Open the app and follow the prompts on your screen to open an account.
  • Add money to your account and start your new life of freedom from fees.

How to borrow money from Kuda Bank?

Overdraft Faq: You have requested Kuda Microfinance Bank Limited (“Kuda”) to provide you with an overdraft facility (the “Overdraft Facility”) on your Kuda account (“Account”). This Overdraft Facility is linked to your Account and will allow you withdraw money in excess of your available balance, up to a stipulated limit.

This offer letter, therefore, sets out the key information regarding your request for the Overdraft Facility and the terms and conditions on which we grant you the Overdraft Facility (the “Offer Letter”).

This Offer Letter and its terms and conditions will apply, in addition to your Account’s terms and conditions, when you accept this Overdraft Facility.

We ask that you please read and consider this document in its entirety before deciding whether to accept the offer to provide you with this Overdraft Facility.

How to get a loan from Kuda Bank

  • Open the Kuda app and swipe to your borrowed account.
  • Click on borrow.
  • Click on Get your Overdraft.
  • Touch next.
  • Input the amount you want to borrow and then click on done.
  • Verify your transaction PIN, face ID, or fingerprint.
  • Click okay and you’re free to spend from your account.

Kuda Bank Loan Repayment

You are required to repay the Overdraft Facility and the Interest on or before the Maturity Date and Kuda is hereby authorised to automatically debit your account on the Maturity Date to settle the Overdraft Facility and any accrued interests (“Outstanding Balance”).

Where the Outstanding Balance is not paid in full by the Maturity Date, the Overdraft Facility shall be treated as being in arrears and any credit in your Account shall automatically be applied by Kuda towards the settlement of the Outstanding Balance.

You may fully prepay the Overdraft Facility prior to the scheduled Maturity Date by paying to Kuda, the Outstanding Balance, together with other monies due under this Offer Letter up to the date of such prepayment.

Notwithstanding the forgoing provisions, Kuda may require you to repay the Outstanding Balance in full or any part thereof on demand by issuing a repayment notice of at least 7 (seven) business days.

Kuda Bank Loan Interest

Kuda will charge you interest on a daily basis at the rate of 0.3% of the Overdraft Facility during the Tenor.

This interest will, however, only be applicable and begin to accrue if you do not pay back the Overdraft Facility to Kuda by midnight on the Disbursement Date.

Interest will be paid by you, together with the Overdraft Facility as stated in clause 2.1 above during the Tenor until full repayment of the Outstanding Balance.


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