Parents can now access loans to finance their children’s education as schools are expected to open doors for the third term this and next week, Buy Now Pay Later firm Aspira has announced.
Parents or guardians of the learners in all learning institutions – from kindergarten to university – will be able to get funding of up to Ksh500,000 from the Aspira Soma Education Loan facility.
According to Aspira Kenya COO Irshad Muttur, the credit can be accessed by existing customers as well as newly onboarded clients. The Soma loan was launched in the country in a bid to empower parents to offer their children quality education.
“Kenyans place a high premium of education, and this facility is designed to solve the challenges in paying school fees for students and aims to ensure funds are available when the parents, guardians and sponsors need them,” he said.
“Getting timely access to education financing should not be a problem especially when it affects the welfare and future of your child. Soma Education Loan is bridging that gap by empowering parents in terms of convenient and affordable finance so that our children can stay in school and learn,” said Mr Muttur.
Borrowers can repay the loans within the school term at an affordable interest rate of only 2% per month.
Primary and secondary school learners are expected to resume their studies for the third term from August 29.
More than 140,000 and 300,000 students are expected next month to report to institutions of higher learning and training colleges respectively with most parents raising concern over lack of funds to pay fees due to ‘hard economic times.
Aspira Kenya was launched in 2018, giving Kenyans more choice about how to buy goods and services ranging from household goods and personal electronics to travel and insurance, on credit, with free credit assessment, competitive rates and limits of up to Ksh500,000 for individuals while SMEs can draw up to Ksh3 million to upscale their businesses.