Kuda is a digital-only bank that operates in Nigeria. Kuda offers financial services such as savings and checking accounts, bill payments, and loans through its mobile app.
Kuda loan is a type of loan that users can access through the Kuda mobile app. The loan is designed to provide quick and easy access to funds for personal or business needs.
To access a Kuda loan, users need to download the Kuda app, create an account, and apply for the loan through the app.
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The loan application process is fast and straightforward, and users can receive funds within minutes of approval. Kuda loan offers competitive interest rates and flexible repayment terms, making it a popular choice for people who need quick access to funds.

Types of Kuda loan
Kuda offers two types of loans:
Kuda Personal Loan: This is a type of loan that is designed to meet the financial needs of individuals. It is an unsecured loan, which means that users do not need to provide any collateral to access the loan. The loan amount ranges from ₦1,000 to ₦200,000, and the repayment period is between one to twelve months. The interest rate on the Kuda personal loan is competitive, and users can access the loan within a few minutes of applying.
Kuda Business Loan: This is a type of loan that is designed for small and medium-sized businesses in Nigeria.
The loan amount ranges from ₦50,000 to ₦2,000,000, and the repayment period is between one to twelve months.
The interest rate on the Kuda business loan is also competitive, and users can access the loan within a few minutes of applying. To apply for the Kuda business loan, users need to have a registered business in Nigeria and provide business-related documents such as tax identification number and bank statements.
Eligibilty For The Kuda Loan
Kuda is a digital bank that offers loans to its customers. To be eligible for a Kuda loan, you must meet the following requirements:
You must be at least 18 years old.
You must have a Kuda account.
You must have a verifiable source of income.
You must have a good credit history.
You must have a valid BVN (Bank Verification Number) issued by the Central Bank of Nigeria.
If you meet these requirements, you can apply for a Kuda loan through the Kuda app. The app will guide you through the application process, and you will receive a decision within a short period of time. Keep in mind that loan approval is not guaranteed and is subject to Kuda’s lending criteria.

How To Apply for Kuda Loan
To apply for a Kuda loan, you need to follow these steps:
Download the Kuda app: The Kuda app is available on the Google Play Store and the Apple App Store. Download and install the app on your smartphone.
Register and verify your account: Sign up for a Kuda account and follow the instructions to verify your identity. You will need to provide your name, phone number, email address, and BVN.
Click on “Loans”: On the app dashboard, click on the “Loans” tab. You will be able to view the available loan options.
Choose a loan: Select the loan that suits your needs and click on “Apply”. The app will display the loan amount, interest rate, and repayment period.
Enter your loan details: Input your desired loan amount and repayment period. The app will display the interest rate and the total amount you will repay.
Upload required documents: Kuda may require you to upload some documents such as your ID card, payslips, or bank statements. Make sure you have these documents ready.
Submit your application: Review your loan application details and make sure everything is correct. Submit your application, and wait for Kuda to review it.
Await loan decision: Kuda will review your application and let you know if you are approved or not. If you are approved, the loan amount will be disbursed to your Kuda account.
If you have any questions or need help with your application, you can contact Kuda customer support through the app or their website..

Selection Criteria For Kuda Loan
Kuda loan is a digital lending platform that provides quick and easy access to loans without collateral or paperwork. The platform uses a variety of selection criteria to determine whether an applicant is eligible for a loan. Some of the key selection criteria for Kuda loan include:
Credit history: Kuda loan assesses an applicant’s credit history to determine their creditworthiness. A good credit score and a history of timely loan repayments increase the chances of getting a loan.
Income level: Kuda loan considers an applicant’s income level to determine their ability to repay the loan. Applicants with a steady income are more likely to be approved for a loan.
Employment status: Kuda loan requires applicants to have a steady source of income. This includes employed individuals, entrepreneurs, and freelancers.
Bank account history: Kuda loan assesses an applicant’s bank account history to determine their financial behavior. A history of consistent savings and responsible spending increases the chances of getting a loan.
KYC compliance: Kuda loan requires applicants to comply with Know Your Customer (KYC) regulations. This includes providing valid identification documents such as a national ID card or driver’s license.
Loan amount: Kuda loan offers different loan amounts based on an applicant’s eligibility. The loan amount is determined based on the applicant’s income level, credit history, and bank account history.
Kuda loan aims to provide loans to individuals who have a high likelihood of repayment. The platform’s selection criteria are designed to ensure that applicants meet the minimum eligibility requirements and can repay the loan on time.

Loan Duration for Kuda Loan
Kuda loan offers short-term loans with durations ranging from 1 to 6 months. The loan duration is determined by the loan amount and the applicant’s creditworthiness. The platform offers loans ranging from ₦1,000 to ₦200,000, and the loan duration varies depending on the loan amount.
For example, a loan of ₦1,000 to ₦20,000 has a loan duration of 1 month, while a loan of ₦20,001 to ₦50,000 has a loan duration of 2 months. Loans of ₦50,001 to ₦100,000 have a loan duration of 3 months, and loans of ₦100,001 to ₦200,000 have a loan duration of 6 months.
It’s important to note that the loan duration may also be affected by factors such as the applicant’s repayment history and creditworthiness. If an applicant has a good credit score and a history of timely loan repayments, they may be offered a longer loan duration.
Overall, Kuda loan’s short-term loan durations are designed to provide quick and easy access to funds for individuals in need of financial assistance. The loan durations are flexible and can be tailored to meet the specific needs of the borrower.
