First time undergraduate loan application is for students who are applying for the first time while Second & Subsequent Application is for those who are applying for a second, third, fourth time as per the program duration.
The helb loan is eligible to Students enrolled in Government sponsored programs or self-sponsored programs in local public universities or private chartered universities within East Africa and Students in Technical and Vocational Education and Training TVET institutions.
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Amounts awarded range between Kshs.40,000 minimum and Kshs.60,000 maximum based on the level of need and attracts interest of 4% p.a. until you attain the age of 18 years you cannot apply for the loan.The loan shall be due for repayment upon completion of studies. A grace period of one fiscal year is provided. A penalty of Kshs.5,000= shall be charged for each month not paid upon expiry of the grace period.
You are eligible for a loan in 2nd year and at any stage or level of your studies if you did not apply in 1st year. If you applied and was awarded a loan in 1st year. It is not automatic that you will get loan in subsequent years. You must apply and submit a loan application for every single year that you desire to be supported by HELB.
You can apply for the loan in your subsequent year if you were not successful in the previous year/1st year and be considered by writing a letter demonstrating your need for consideration for a loan.
What are the repercussions of defaulting HELB loan?
- You will be charged penalties at the rate of Kshs. 5, 000.00 for every month defaulted.
- You will additionally be listed as a defaulter with the Credit Reference Bureau (CRB). You will therefore not access loan facilities with any financial institution in Kenya. Additionally, you will not access employment opportunities in the government and major private and publicly listed companies.
- Your guarantors will be also be pursued and forced to service the HELB loan
Requirements for first time undergraduate loan application
- A copy of the Applicant’s national ID Card
- Copies of the parents national ID Cards/death certificate where the parent is deceased
- Copies of both guarantors’ national ID Card
- A copy of the applicant’s admission letter and KCSE result slip/certificate
- A copy of the applicant’s Bank ATM/Bank card (for Government sponsored students only)
- A copy of the applicant’s Smart Card from the institution
- One recent colored passport size photograph of the applicant.
First time undergraduate loan application 2020/2021 step by step
- Visit HELB Portal and create an account.
- Log into your account and select First Time Undergraduate Loan Application Link.
- Read the literature and view the videos on financial literacy and participate in the brief exercise online.
- Access and fill the loan application form.
- Print two copies of the duly filled Loan Application Form .
- Have the form properly filled, signed and stamped by the relevant Authorities.
- Read, understand and sign the loans terms and conditions.
- Present a single copy of the duly filled Loan Application Form and all the supporting documents to any of the following HUDUMA Centers nearest to you: Nairobi-GPO, Kakamega, Eldoret, Nakuru, Mombasa, Kisumu, Nyeri, Embu, Machakos, Kisii, Bungoma, Turkana, Meru, Kitui, Kericho, Nandi – Kapsabet, Thika,Garissa,Kitale,Narok,Migori,chuka and Taita Taveta for free and secure delivery. You can also Present a copy at the HELB Student service Centre on Mezzanine Floor, Anniversary Towers, University Way in Nairobi.
- Retain a copy of the loan application form.
First time undergraduate loan application Deadline for 2020/2021 academic year.
The deadline for first time undergraduate loan application and subsequent loan application for 2020/2021 academic year is 29-feb-2021.
That’s it. We hope this guide has helped you learn first-time undergraduate loan application process. You may also want to see the subsequent HELB loan application guide.