Mshwari loan how to apply interest rates 2022

Mshwari loan how to apply interest rates 2022 – This is the mshwari loan how to apply intrest rates 2022 and all you need to know about mshwari loan in Kenya. M-Shwari is a savings and loan service that enables M-PESA customers to;. Save as little as Kshs. 1, and access credit from Kshs. 1,000 There are many advantages of using mshwari loan compared to other mobile loans app and they include;

  • Save as little as Kshs. 1, and access credit from Kshs. 1,000.
  • Earn interest of up to 6.3% p.a. on your savings balance.
  • Save for a fixed period of time
  • Access loans instantly, credited to your M-PESA account from a minimum of Kshs. 1,000 and up to Kshs. 1million account charged at 9% Being Loan Fees of 7.5% and 1.5% Excise Duty. Excise duty is deducted from the loan amount to be sent to M-PESA

Mshwari loan how to apply interest rates 2022

The first step in acquiring Mshwari loan is to know the qualification, 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 other details include;

  • A registered Safaricom Subscriber.
  • A registered Safaricom M-PESA customer.
  • Have an active Safaricom M-PESA account/line.
  • You need to hold any of the following identification documents; Kenya National Identification Document (ID); Kenyan Passport Document ; Alien ID (resident Permit) registered by the Government of Kenya.

To activate your mshwari account;

  • Go to the Safaricom menu
  • Select  “ M-PESA”
  • Select “Activate or Wezesha”
  • The new M-PESA menu with M- Shwari menu will be sent to your line. Select the M-Shwari link.

A message will appear requesting you to read and accepted the Terms & Conditions ( English: Visit www.cbagroup.com/m-shwari www.safaricom.co.ke 

How to apply for Mshwari loan

  • From ‘M-Shwari’ menu, select ‘LOAN’
  • Select ‘Request Loan’
  • Enter Amount
  • Enter PIN
  • Confirm the message displayed for example “request loan Kshs 2000” then press OK.
  • An initial SMS message will be sent immediately on confirmation of request for loan.
  • A second SMS message is sent on successful or unsuccessful request.

Mshwari interest rates

Access loans instantly, credited to your M-PESA account from a minimum of Kshs. 1,000 and up to Kshs. 1million account charged at 9% Being Loan Fees of 7.5% and 1.5% Excise Duty. Excise duty is deducted from the loan amount to be sent to M-PESA. M-Shwari lock savings interest is earned daily but paid out monthly into the lock savings account.

Mshwari lock savings account

This is a savings account that allows M-Shwari customers to save for a defined purpose and for a specified amount of time. The funds saved on the M-Shwari Lock savings account will be kept in the account until the maturity date; this maturity date is determined by the customer upon opening the account and ranges between one and twelve months. Customers can make micro deposit into this.The M-Shwari Lock Savings account is ideal for customers looking for higher interest rates and those wishing to keep money away safely for one to six months.

How to pay mshwari loan

  • From ‘M-Shwari’ menu, select ‘LOAN’
  • Select ‘Pay Loan’
  • Enter Amount
  • Enter PIN
  • Confirm the message displayed for example “pay loan Kshs 2000” then press OK.
  • A SMS message is sent on successful or unsuccessful request.

What happens if you fail to repay mshwari loan, Your loan repayment period will be extended for an additional 30 days and you will be charged an additional 7.5% facilitation fee on your outstanding loan balance.

Mshwari contacts

Customer Care Contact Tel: +254 20 2884444Toll Number: 0800 720 444Mobile: +254 711 056444/+254 732 156444Whistleblow Line (Toll Free): 0800722626Toll Free Fax: 00800007788

List of mobile loan apps in Kenya

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