How can I upgrade my Kuda Bank account? In this post, we are going to talk about How to upgrade your Kuda account online.
Download Kuda on Google Play or the App Store. Open the app and follow the prompts on your screen to open an account. With Kuda, you can make free transfers, enjoy cashless payment options, and even earn interest on your savings. There’s no limit on receiving money if your account has a BVN and a valid ID.
Here are step-by-step on how to Upgrade your Kuda Bank Account: As a new Kuda Bank user you can upgrade your bank account by opening a Kuda Bank mobile app on your phone from Google Play Store or App Play Store.
- Download and click on “Upgrade Account” on the home screen of the app.
- Enter your personal information such as name, email address, date of birth, and a valid form of identification such as your National ID card, Driver’s License, or International Passport.
- Kuda will require you to take a picture of yourself for identity verification purposes.
- Provide your Bank Verification Number (BVN).
Once you have provided all the necessary information, Kuda will verify your identity and account details. This process usually takes a few minutes to complete.
If your account upgrade is successful, you will receive a notification from Kuda informing you that your account has been upgraded. You will now have access to all the premium features that come with an upgraded account.
If you want to upgrade from Tier 0 to Tier 1, you will need to provide your bank verification number. If you want to upgrade from Tier 1 to Tier 3, you will need to provide a valid ID card (a driver’s license, voter’s card, international passport, national ID card or NIN slip).
Upgrade Kuda Bank
There are 3 methods to upgrade your Kuda Bank: 0 tier, 1 tier, and 3 tier.
- 0 tier
0 tier account has a daily transaction limit of 50,000 naira and has a maximum balance of 300,000 naira.
- 1 tier
Tier 1 has daily transactions of N200,000 (that’s both inflow and outflow) and the account can hold a total of N500,000.
- 3 tier
Tier 3 has daily transactions of 1 Million naira and has an unlimited account balance i.e. there is no limit to how much you can have in your account.
Kuda Bank has a set maximum transfer limit of 50,000 naira per transfer. It also sets a deposit limit of 50,000 naira per deposit. Your entire account has a maximum balance limit of 300,000 naira.
Also, see: How To Upgrade Opay Account
How To Upgrade Kuda Account
To upgrade your account, Sign in to your Kuda app, then click on More.
- Tap “Increase Your Limit“
- Tap “Verify Me“
- Tap the ID selection dropdown menu
- Tap the ID you have
- Click “Next“
- Tap “Next” again
- Type in your ID number
- Tap “Done“
- Click Okay to return to your Kuda dashboard
How to get a quick loan from Kuda Bank?
Kuda Bank offers a loan called “Kuda overdraft“. It is a short-term loan offered to people to help them meet emergencies and needs. With Kuda overdraft, users can withdraw more than their account balances and repay when due.
This Overdraft is linked to your Account and will allow you to withdraw money in excess of your available balance, up to a stipulated limit.
How to Apply for Kuda Bank Overdraft
- Visit www.kuda.com or Launch your Kuda app.
- Tap on your Borrow account.
- Click “Borrow“.
- Click “Get Your Overdraft“
- Click Next.
- Enter the loan amount, then click “Done“. You can verify using your transaction PIN, fingerprint, or Face ID.
How To Borrow Money From Kuda Bank
After upgrading, you can now borrow money from Kuda Bank; here are the procedures for borrowing Money from Kuda Bank.
- Kuda app access
- Repayment plan selection
- Possibility of having a guarantor
- Loan repayment period
- Kuda loans interest rate
How To Borrow Money From Kuda Bank App
You can borrow money from the Kuda app or from a Kuda account, follow the steps below;
- Open your Kuda app and tap “Borrow“
- Click on “Get Your Overdraft“.
- Then “Next“.
- You will be allowed to enter the amount of money you want. After that, click on “Done“. Confirm your application with your transaction PIN, fingerprint, or face ID.
Kuda App Loan Interest Rate
Interest rate of Kuda overdraft is 0.3% daily of the amount borrowed until the full payment is made. For instance, a loan of N20,000 has N60 daily interest.
If the loan tenure is 30 days, a total interest rate of N1,800 would be made. That is, N21,800 is to be repaid to Kuda.
Kuda Bank Loan Tenor
The duration of the Kuda overdraft is 90 days which is roughly three months, while the maturity date is 30 days after loan disbursement.
How To Contact Kuda Bank
For more clarifications, you can contact the Kuda bank by the following;
151 Herbert Macaulay Way Yaba, 101245, Lagos State.
Customer Care Line:
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