M-Shwari loan is a paperless loan platform that is available to registered Safaricom subscribers with active M-pesa lines. These subscribers can use this line to save and borrow funds.
The loan platform came to be because of the collaboration between Safaricom and NCBA Bank. Safaricom provides the platform while NCBA Bank provides the money.
So, before discussing the M-shwari loan limit, you must know that one has to activate the service and save regularly on the Mshwari wallet to qualify for the loan.
M-shwari Loan Limit
M-shwari loan limit is the highest loan amount you can get from the platform. You can access as low as Ksh. 100 and up to Ksh 50,000.
The money is disbursed into your M-Pesa account after approval. Not every borrower qualifies for M-Shwari loan, meaning they cannot take loans at the moment but those who qualify, have different loan limits depending on how they use their line.
Those who have used their line for up to six months, who transact on the M-pesa platform regularly, who save on the platform, who use other Safaricom services regularly, who make early payments and are not blacklisted by the CRB usually have higher loan amounts.
How to Check Your M-shwari Loan Limit
To check your M-shwari loan limit, follow the steps below:
- Locate your “M-Pesa” menu.
- Choose “Loans and Savings”
- Select “M-Shwari”
- Choose “Loans”
- Then, click on where you have “Check limit” and the platform will display your loan limit immediately.
How Can I Increase My Loan Limit in Mshwari?
There are many reasons why your M-shwari loan limit is zero. It is zero because, you haven’t used your Safaricom line for up to six months, you haven’t transacted on M-pesa platform for days, you haven’t deposited or saved on the platform, you haven’t used other Safaricom services for days, or your name may have been blacklisted on the CRB platform.
On the other hand, if you wish to increase your M-shwari loan limit, follow the guidelines below:
- Ensure you have used your line for up to six months
- Deposit and save more on M-shwari platform
- Transact more on M-pesa as much as you can to keep it running and active.
- Use other M-shwari services to keep your line active by topping up data and airtime via Mpesa.
- To build a higher loan limit, transact large amounts on your Mpesa regularly
- Ensure you don’t have an outstanding loan. If you do, pay off all outstanding loans on M-shwari platform.
- Make sure your name is not blacklisted.
M-shwari loan limit for each user differs and the differences are caused by many factors. Factors like early repayment, and constant usage of Safaricom services impact loan limit.
As an M-Pesa service user, frequent use of your line, saving on the platform and prompt payment of your loans will determine your loan limit on the M-shwari platform.