HELB offers a variety of loan products including undergraduate loans, TVET loans, the Jielimishe loan (for salaried students), the civil servants training revolving fund and the KRA staff training revolving fund in addition to devolved funds, partner funds and scholarships.
This article covers the application process of applying for undergraduate loans and the Technical and Vocational Education and Training (TVET) loans.
This loan facility is designed for students only pursuing Bachelor's degrees in public or Chartered Private Universities in the East African Community, who have been placed by the Kenya Universities and Colleges Central Placement Service (KUCCPS), Self-sponsored, Parallel, and Module II students.
It attracts a 4% interest rate and a Ksh1,000 ledger fee every year, with a maximum undergraduate loan amount of Ksh60,000.
Pre-university, certificate, diploma, and postgraduate students are not eligible for HELB loans.
According to the HELB, its loans come with a 4% interest rate and a Ksh1,000 ledger every year, with a maximum Undergraduate loan amount of Ksh60,000 per academic year.
The number of loans available is determined by the length of the program. For a 4-year program, for example, a loan is issued four times, and for a 5-year program, five times.
It's worth noting that a Ksh500 administrative fee is applicable on each loan issued, and this fee is taken from the disbursed loan.
Repayment of undergraduate loans begins one year after graduation or as soon as the Board decides to recall the loan, whichever comes first.
There are two types of undergraduate loan applications: First Time Application and Second & Subsequent Application.
It is mandatory that you retain a complete copy of the Loan Application Form.
Note that you will be required to pay Ksh1 from your M-PESA account to validate your telephone number.
Students that are not Safaricom subscribers are directed to the Portal and apply using the application form, after which they are required to print and submit the form to the HELB Student Service Centre on Mezzanine 1 Floor at Anniversary Towers in Nairobi.
The application deadline for first time HELB undergraduate loan applicants is December 31, 2021.
For the Second and Subsequent times loan applicants, the deadline is set at October 30, 2021.
Kenyan students pursuing Certificate, Diploma and Higher National Diploma courses in select Public Universities, select University Colleges, Public National Polytechnics, and approved TVET Colleges under the Ministry of Education are eligible for this loan and bursary.
Similarly, this loan attracts an interest rate of 4% and ledger fees of Ksh1,000 per year.
It is mandatory that you retain a complete copy of the Loan Application Form.
For first-time applicants as well as second and subsequent times applicants, the deadline to submit applications is set for December 31, 2021.
Like undergraduate loans, TVET loan repayment starts within one year of completion of studies or within such a period as the Board decides to recall the loan, whichever is earlier.
However, one can make voluntary payments before or after completing studies to reduce the loan balance.
HELB Loans are charged 4% interest per annum and are repayable up to a maximum of 48 months.
NOTE: For second and subsequent times applications, you can also use the HELB USSD Code *642#
Eric Ndubi is the Managing Editor at Money254. He holds an MSc in Media and Communications from the London School of Economics and Political Science. Prior to leading Money254's editorial team, he worked as the Editor at Kenyans.co.ke, social media manager at Citizen TV and editorial manager at Hivisasa.com. You can find him on twitter @Eric_Ndubi
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