What is Mshwari Smart Loan?

What is Mshwari Smart Loan?

Safaricom has unveiled M-Shari Smart Loan, a loaning facility that allows M-Shwari customers to purchase their preferred Smartphone or Tablet and pay in six monthly installments.

Is M-shwari still giving loans?

Is M-Shwari still giving loans? Safaricom is still giving M-Shwari loans to any client that qualifies.

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.

What is the maximum amount that Mshwari can hold?

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What is the minimum deposit amount that one needs to have in their Lock Savings to earn the Lock Savings interest? 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 50,001	6% P.A

How do I increase my loan limit on Mshwari?

HOW TO GROW M-SHWARI LOAN LIMIT

1. Increase activity on your Mshwari Account by moving money in and out of your account.
2. Increase savings on your MShwari Account.
3. Increase usage of M-PESA services.

How long does it take to get a loan after CRB clearance?

It takes 90 days for banks and 30 days for mobile lenders after which individuals are notified that they are going to be listed if they don’t make any payment on their loan.

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.

How do I qualify for KCB mpesa loan?

How do I increase my M-Shwari loan limit?

Is KCB M-Pesa related to M-Shwari?

Since then, a lot has changed. Under the money transfer platform, M-Shwari and KCB M-Pesa were introduced in 2012 and 2015 respectively. 1. M-Shwari is a product of Commercial Bank of Africa (CBA) with Safaricom while M-Pesa is operated by Safaricom and by Kenya Commercial Bank (KCB).

How do I clear my name from CRB?

To get a CRB clearance:

1. Contact any of the CRB companies listed below.
2. They will provide you with an online form to Fill.
3. You will then have to pay Ksh. 2,200.
4. Wait for your information to be processed.
5. You will receive your clearance if you do not have any loan default.

How can I get loan from M-Shwari?

From ‘M-Shwari’ menu select ‘LOAN’ THEN Select ‘Request Loan’ THEN Enter Amount Enter PIN THEN Confirm the message displayed for example “request loan Kshs 2000” THEN press OK. The well be an SMS message sent immediately on confirmation of request for loan.

What is the M-Shwari service?

But since this is a Loans Website we will focus on the loans part of the M-Shwari Service. Safaricom and CBA are the main corporations that offer M-Shwari to allow the people who use Mpesa to borrow loans and save money at very low interest rates.

What are the advantages and disadvantages of an M-Shwari loan?

M-Shwari Loans are advantageous mainly because they require absolutely no security short of having an Mpesa account. This means that if you need around Ksh 1,000-5,000 you can easily access it within minutes of making your request. The interest rates are also small in comparison to the ease of access to the money and lack of security.

What is an M-Shwari savings account?

M-Shwari savings accounts earn interest and are protected by deposit insurance. M-Shwari pays interest ranging from two percent to five percent, based on a customer’s average daily balance. These rates are well above the 1.5 percent weighted average reported by the Central Bank. M-Shwari funds are also insured up to about $1,200.