How to get m shwari loan
How does it work?
- Access the M-PESA menu.
- Select Loans and Savings.
- Select M-Shwari.
- Select Loan.
- Request Loan.
- Enter amount.
- Enter your M-PESA PIN.
- Loan amount will be sent to your M-PESA Account. The loan amount to be paid will be in inclusive of the facility fee.
How do I qualify for Mshwari loan?
In order to qualify for a loan you will have to be an active M-PESA user for at least 6 months, save regularly on M-Shwari account and continuously use other Safaricom services such as Voice, DATA and M-PESA.
How long does it take for one to get loan in Mshwari?
M-SHWARI LOAN REPAYMENT DURATION
The Mshwari loan is payable within 30 days. However, you can repay the Mshwari loan before the due date and borrow again.
Why is my M-shwari loan limit zero?
Your limit will be cancelled to 0 if your loan remains outstanding for more than 90 days (3 months). We will cancel your limit to 0 if your loan is still outstanding after 120 days (4 months).
What is the maximum amount Mshwari can hold?
The minimum amount is Kshs 1000. The minimum period is one (1) month. The maximum period is six (6) months.
M-Shwari Lock Savings Account.
| Customer Savings Amount | Lock Savings INTEREST RATE |
|---|---|
| KSHS 20001-50,000 | 5% P.A |
| >KSHS 50,001 | 6% P.A |
How do I qualify for KCB M-PESA loan?
In order to qualify for a KCB M-PESA Loan, you must be at least 18 years old, a registered and active M-PESA subscriber for at least six (6) months and an active KCB M-PESA Account holder. Upon opening your KCB M-PESA Account, you will receive a confirmation message bearing your credit limit.
Is M-Shwari still giving loans?
Is M-Shwari still giving loans? Safaricom is still giving M-Shwari loans to any client that qualifies.
Which is better KCB M-PESA or M-Shwari?
The KCB M-Pesa account has also upped the maximum repayment term to 6 months, compared with M-Shwari’s maximum term of one month, or two if rolled over. M-Shwari customers have reported difficulties in repaying their loans in a month, especially in emergencies when it takes them time to recover financially.
Can I pay Mshwari loan with Fuliza?
NEWS. M-Pesa users who default on their Fuliza loans will have access to their funds in M-Shwari and KCB M-Pesa accounts blocked or used to settle their outstanding balances.
How do I activate KCB M-PESA?
Activate KCB M-PESA in four easy steps
- Go to your M-PESA menu.
- Select ‘Loans & Savings’
- Select ‘KCB M-PESA’
- Click on ‘Activate’
How long does a KCB loan take to process?
KCB loans are gotten once you qualify and are done with the application. At most, expect it within 7 working days.
Can M-PESA hold 1million?
50) and a maximum amount of Kenya Shillings one million (Kshs. 1,000,000) or such other minimum or maximum amount as the Bank may from time to time in its sole discretion determine.