Businesses and the economy can be hard and strained. However, it is possible to restore a level of life comfort by obtaining loans. M-Shwari loans are readily available to you, in addition to its unique features.
About M-Shwari loans
M-Shwari loan is a paperless micro credit product. They allow you to borrow money and solve your personal and urgent needs. You can save on the platform for an investment or business. Borrowing from the platform and repaying early helps you build your credit. Everything concerning the credit is anchored on an M-Pesa or M-Shwari account.
How to qualify
- Be 18 years and above
- Be an M-Pesa subscriber for a period of 6 months
- Save on M-Shwari account and use other Safaricom services
How to apply for M-Shwari loans on the app
- You can access the loan through M-Pesa menu
- Select loans and savings
- Choose M-Shwari
- Select loans
- Request for loans
- Input the amount
- Enter your M-Pesa pin
- Loan amount will be sent to your M-Pesa account plus the facility fee.
Minimum and maximum credit limit for M-Shwari loans
You can access as low as Ksh.100 and up to Ksh 50,000. Various factors like your activity on the M-Pesa platform and how you use your Safaricom line influence your M-Shwari loan limit.
They charge an interest rate of 7.5%.
Loan repayment duration
The loan platform has a loan repayment duration if 30 days or one month.
Purpose of M-Shwari loans
M-Shwari loan as a paperless banking service offered through M-Pesa will:
- Enable you access to micro loan of ksh. 100
- Allow you get an instant loan on your M-Pesa account at 7.5% rate
- Provide you with the ability to move money in and out of your M-Pesa account and help you save for a fixed period.
- Enable your bank and operate on M-Shwari bank account through your mobile phone from the comfort of your home.
How to repay M-Shwari loans
You can repay the credit from your M-Pesa account or M-Shwari account.
M-Shwari loan is for everyone who believes in banking made easy. No form to fill and no M-Shwari branch to visit. Just one simple process of downloading the app and signing up on your phone. The loan obtained from the platform can be for emergencies, or financing a project or enterprise.