The KASNEB Foundation Loan and Bursary Scheme is a groundbreaking initiative aimed at empowering students pursuing accounting, finance, and secretarial qualifications in Kenya. Designed to provide financial support for students in need, this scheme is an excellent opportunity for those looking to pursue a career in accounting and related fields.
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Whether you are a current student or are considering taking up a course with the Kenya Accountants and Secretaries National Examinations Board (KASNEB), this guide will walk you through everything you need to know about the scheme, its benefits, and how to apply.
Overview of the KASNEB Foundation Loan and Bursary Scheme
Launched by the Kenya Accountants and Secretaries National Examinations Board (KASNEB) Foundation, the Loan and Bursary Scheme was established to help students finance their education. The aim is to make professional courses more accessible to a wider range of students who are passionate about careers in accountancy, finance, secretarial studies, and other related fields.
The scheme supports students in the following ways:
- KASNEB Fees: Covers costs related to registration, examinations, renewals, and exemption fees for eligible students.
- KASNEB Tuition: Offers financial aid for tuition fees in KASNEB-accredited institutions across Kenya.
This scheme makes it easier for students to afford the prestigious KASNEB qualifications, offering financial solutions that minimize the burden of education costs.
Eligibility for the KASNEB Foundation Loan and Bursary Scheme
To qualify for this loan and bursary program, applicants must meet specific criteria. The scheme is designed for:
- Current KASNEB students: Individuals who are already pursuing a KASNEB qualification.
- New students: Students who are interested in enrolling in KASNEB-accredited courses are eligible for this financial support.
KASNEB Courses Funded by the Scheme
The scheme is open to students pursuing the following KASNEB qualifications:
- Certified Public Accountants (CPA)
- Certified Secretaries (CS)
- Certified Investment and Financial Analysts (CIFA)
- Certified Credit Professionals (CCP)
- Accounting Technicians Diploma (ATD)
- Certificate in Accounting and Management Skills (CAMS)
This diversity in qualifications ensures that students in various fields of accounting, finance, and secretarial studies can benefit from this scheme.
Terms and Conditions of the KASNEB Foundation Loan and Bursary Scheme
The loan comes with highly favorable terms, designed to ease the financial burden on students while providing ample time for repayment.
1. Interest Rate
The loan carries an attractive interest rate of 6% per annum. This low-interest rate is one of the standout features of the KASNEB Foundation Loan and Bursary Scheme, making it easier for students to afford their education without accruing significant debt.
2. Repayment Period
The repayment period for the loan is flexible:
- Maximum repayment period: 60 months (5 years)
- Repayment begins: 3 years after the completion of studies
This long grace period allows graduates enough time to secure employment before the repayment schedule kicks in, ensuring a smooth transition from school to career.
3. Administrative Fees
An administrative fee of Kshs. 500 is charged at the time of disbursement. This fee covers the processing and administrative tasks associated with issuing the loan.
How to Apply for the KASNEB Foundation Loan and Bursary
Applying for the KASNEB Foundation Loan and Bursary is a straightforward process. Here’s a step-by-step guide on how to submit your application:
Step 1: Access the HELB Portal
The loan application process is facilitated through the Higher Education Loans Board (HELB) platform. Applicants are required to visit the HELB website at www.helb.co.ke to begin their application.
Step 2: Create and Activate an Account
If you are a first-time applicant, you will need to register and create an account on the HELB student portal. Be sure to use your personal mobile number during registration, as this will be essential for communication purposes.
Step 3: Fill in the Loan Application Form
Once you have created your account, log in to the HELB portal and click on the “Loan Application” tab on the left-hand side of the dashboard. In the view window, you’ll see two options:
- KASNEB Foundation Loan and Bursary Application – Tuition Fees Only
- KASNEB Foundation Loan and Bursary Application – KASNEB Fees Only
Choose the option that best suits your financial needs, depending on whether you require help with tuition fees or KASNEB registration/examination fees.
Step 4: Consent to Data Processing
Read and agree to the Consent for the Collection and Processing of Personal Data. This step is essential to move forward with your application.
Step 5: Submit Your Application
Once you’ve completed the loan application form, review all the details to ensure accuracy. After reviewing, submit the application through the HELB portal. Keep an eye on your mobile number and email for further communication regarding the status of your application.
Why You Should Take Advantage of This Scheme
The KASNEB Foundation Loan and Bursary Scheme is more than just financial aid; it’s an investment in your professional growth. By removing the barriers of high education costs, the scheme ensures that students from all backgrounds have access to quality education in Kenya’s financial and secretarial sectors. Whether you are a first-time applicant or a continuing student, the benefits of this scheme can help you fast-track your career ambitions.
Some of the key advantages of this scheme include:
- Low-interest rates: At just 6% per annum, the loan is affordable compared to other educational loans in the market.
- Long repayment period: With up to 60 months to repay, you have ample time to repay the loan without financial stress.
- Career opportunities: Graduates of KASNEB qualifications are in high demand, and securing this financial aid will allow you to focus on your studies without the worry of finances holding you back.
Conclusion
The KASNEB Foundation Loan and Bursary Scheme is a transformative initiative aimed at helping students achieve their career goals in the accounting, finance, and secretarial sectors. With its low-interest rates, flexible repayment periods, and broad eligibility criteria, this scheme is a lifeline for students eager to pursue KASNEB qualifications. By applying through the HELB portal and following the simple steps, you can set yourself up for long-term success.
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Don’t let finances stand in the way of your professional dreams. Take advantage of this unique opportunity today and transform your future with the KASNEB Foundation Loan and Bursary Scheme.
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