It is absolutely awesome to show you how easy it truly is to get instant unsecured mobile loans in Kenya simply by using a Loan app. Getting personal loans online in Kenya has become more rapidly and much easier than acquiring a traditional bank loan thanks to the introduction of Mobile Banking.
If you need Money urgently, this is actually the right option to suit your needs. Interest rates differ from lender to lender and rely on the loaned amount. However, the Central Bank of Kenya regulates Bank credits through the use of quantitative as well as qualitative methods.
KCB Mpesa Loan
The KCB Mpesa is actually a partnership between the Kenya Commercial Bank (KCB) with Mpesa via Safaricom. The personal loan system was founded in 2015 as a saving account and it has been active ever since. You are able to borrow without having saving as well as the loan is usually disbursed through KCB Mpesa Menu on your own phone.
The particular minimum personal loan limit is Ksh 50 as well as a maximum of up to Ksh 1,000,000. Loan interest is at a rate of 1.16% per 30 days with a one-off relief fee of 2.5%.
Conditions for Loan qualification on KCB Mpesa
Being an active registered Safaricom Mpesa client for 6 months is sufficient to be approved for a loan. Dial *844# and follow consumer prompts to be able to activate our KCB-Mpesa account.
How to enhance your Loan Limit
KCB Mpesa evaluates your personal loan repayment behavior, saving history as well as it monitors your Mpesa transactions activity to figure out the amount of loan limit for you.
This is a Mobile banking service provided through MPesa in partnership with the Commercial Bank of Africa (CBA). Mshwari was found in 2012 and it has been active since that time.
The minimum loan amount of money that can be borrowed is Ksh 100 as well as the maximum personal loan limit is not known. To be approved for a higher loan limit, you need to have repaid the very first loaned amount of money on time, as well as increase your saving amount inside your Mshwari account.
Mshwari loans normally have a repayment duration of 30 days and draw in an interest rate of 7.5%. Personal loan disbursement is performed through Mpesa and is also processed in under five minutes.
How to Qualify for a loan on Mshwari on Mpesa
A registered and active Mpesa line used for a period of 6 Months
Active Mshwari account
An updated Mpesa menu
Penalty for Late Loan Repayment
Extension of the loan period through an additional 30 days draws in a further 7.5% interest rate within the outstanding loan balance. This is certainly followed by a loan limit reduction as well as a loan denial for a period of 30 days in the event you default.