Fadhili loan is one of the mobile apps developed and are downloaded freely online. Mobile loans now make it possible for citizens of Kenya to be eligible for loans, unlike traditional banks, which are more rigid. Mobile loans have become more popular for individuals seeking fast loans.
When compared with other forms of loans, Fadhili loan offer convenience and flexibility. Thanks to mobile loans apps, one can now process loans online and instantly without stress.
In this blog post, we will discuss Fadhili loans and you familiarise yourself with all you need to know before getting an instant loan from Fadhili.
About Fadhili loans
Fadhili is one of the most popular lending companies that was established in 2011, and it operates from Mombasa Kenya. It has had several other branches launched in different locations in Kenya since 2017. With Fadhili loans, borrowers can qualify for a maximum of Ksh. 100,000.
The borrower will also have to pay Ksh. 350 to activate their Fadhili mobile. Usually, Fadhili loans are disbursed via M-Pesa app and require a Safaricom Sim or M-Pesa sim. Interestingly, you can get 20000 loan in Kenya.
Maximum and minimum amount you can borrow
Fadhili provides loans ranging from ksh. 500 to ksh. 1,000, 000. The minimum and maximum repayment duration is 91days and 36 months, respectively.
Interest rate
The interest rate for Fadhili is 12%. So when you borrow, you pay back the principal amount with a 12% interest rate.
Eligibility for Fadhili loans
Borrowing a loan from Fadhili is straightforward and easy. The eligibility includes:
- Be 18years and above
- Possess a national ID
- Have a valid Safaricom line.
Requirements for Fadhili loans
The requirements for Fadhili loans are:
- National ID as a proof of your identity
- Email address
- Valid M-Pesa phone number
Registering on Fadhili Loan App
Step 1
First open the Fadhili loan app on your smartphone that you downloaded from google play store.
Step 2
Choose the “create new account” option and fill in the required information. You supply details like your surname, first name, and the middle name.
They will require you to enter your national ID number, date of birth, gender, M-Pesa phone number and your email address.
Step 3
Fadhili app also will read your device’s data and information.
Step 4
Check for the submit button after entering all details correctly. They will also require you to enter your password
How to apply for Fadhili loans
Applying for Fadhili loans is simple and easy. Just follow the steps below:
- Download Fadhili app from Play store
- Log in into the loan application
- Register on the app
- Select apply loan option and apply for your loan
- Enter the amount you want to borrow
- Choose the most suitable repayment duration
- Put down details of your referee for contact and documentation.
- When down with the application process, hit the submit option
Additional fees
Fadhili loan operates an account management fee of Ksh. 400 payable annually. They require all borrowers to pay this fee. It is paid once annually.
How to repay Fadhili loans
To repay Fadhili loans, you need to be careful to avoid any error. Follow the procedure below:
- locate your M-Pesa Toolkit
- Select the “Lipa na M-Pesa option”
- Choose the paybill option
- Type in Fadhili’s Paybill number 995321 as the business number.
- Enter your phone number as the account number
- Key in the amount you want to repay
- Enter your M-Pesa pin and
- Cross check all information and click submit
- You will receive a message to confirm a successful payment.
How to contact Fadhili loans
To contact Fadhili when you encounter any issues, you can write a direct message on the app. You can also call 0720686009 or +254 720-686-009. If you choose to email, send it to @ admin@Fadhili.co.ke. Do not forget that you can visit their website at https://fadhilimobile.co.ke and get all the information you need.
Conclusion
Fadhili platform gives you access to fast and convenient loans to your M-Pesa. Use the loans efficiently to grow your business and solve other personal needs. Mobile loans have gone a long way to liberate people in times of difficulties.
The Mobile lending service is here to stay and is accessed through mobile apps like Fadhili loan app. The Fadhili app when downloaded will check how you have been using your phone to make calls, send SMS, use data services and M-Pesa services.
Conclusively, Fadhili loans can be accessed over the weekend and on public holidays once you are eligible and have a smartphone.