Emergency knocks on everyone’s door. People will need to deal with instant personal needs at some point in their lives. Chances are you must have heard about Mobi loans.
So you will find this article useful and we have highlighted all you need to know.
About Mobi Loans
Mobi loan is among the banking and finance products offered in the financial market of Kenya. It is a quick way to apply for credit.
The first step to go through in order to get this loan is by registering an account at the nearest bank. If you have an account already, all you need to do is register for Mobi banking services. Moreso, there is no paperwork involved or long processes.
The application is majorly made through mobile.
Purposes
- The loan is designed to cater for emergency and instant personal needs
- Designed also for customers of loan platforms like SACCO and others.
How to Apply or Access Mobi Loans
To access the fund, check out the loan platform you wish to apply from. Download the app and make the application through your smartphone.
How to Apply Using a short code
The first option available to use and apply is also through a short code.
First dial the loan platform’s short code and follow the prompt.
Eligibility
- Be 18years and above
- Possess a national ID
- Have a registered sim card
- Have an M-Pesa account or Mobi account
Loan Duration
Loan duration can be one to three months depending on the agreement.
Some Commercial Banks’ Mobi Loan Categories
There are different categories and they are:
- Mobi loan
- VOOMA loan
- Salary advance
- Personal loans
- Kopa bills
Credit Platforms That Offer Mobi Loans
- SACCO – 10% of members deposit or Kes. 100,000/= with 7.5% interest rate
- Family bank
- KCB loans – Ksh. 1001 to Ksh. 300,000 instantly on 6% to 8% interest rate.
How to Repay Mobi Loans
To repay this credit, follow the procedure below:
- Go to M-Pesa menu
- Choose lipa na M-Pesa
- Select paybill and enter the lender’s paybill number
- Under the account, type your ID and your National ID number
- Enter the amount to deposit
- Input your M-Pesa pin
- Have your loan repaid.
Conclusion
Mobi loans follow an easy banking and financing system. Mostly, it is available to existing customers of the platform. They fund the credit to your Mobi banking account.
If you fail to repay the loan, the platform is entitled to terminate the contract based on the agreement.
People offer to keep track of the fees in their Mobi account by:
- Requesting for bank statement or Mobi loan account mini statement
- The activity report statement in respect of your Mobi loan account from the bank.