How long does it take to get loan from Mshwari?
M-SHWARI LOAN REPAYMENT DURATION The Mshwari loan is payable within 30 days.
How much interest does Mshwari earn?
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.
Does saving in Mshwari earn interest?
Safaricom does not levy charges on the M-Shwari lock savings account. The savings account earns an interest of up to 7% per annum if the money is retained in the account until maturity. The interest is earned daily but is paid out monthly into the lock savings account.
How do I lock my money away?
No, you cannot lock your savings account. However, you can place your money in an account that penalizes you for withdrawing funds before a specified “maturity” date. Some examples of accounts with early withdrawal penalties are: Certificates Of Deposit, 401Ks, and IRAs.
What happens if I don’t pay my M-Shwari loan on time?
If you have not paid your loan within 30 days, what will happen? 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.
Does the M-Shwari loan attract any interest?
The M-Shwari loan DOES NOT attract any interest. The 7.5% charged is a loan facilitation fee payable only once for each loan taken. If you have Kshs 5, 000 in your M-Shwari account, will you get a loan of the equivalent amount?
What is the appeal of M-Shwari?
A huge part of the appeal of M-Shwari is easy access to short-term credit. As soon as customers have opened an M-Shwari account, they can apply for a loan – even if they have had no previous banking history. Customers can instantly check their loan limit and, if approved, receive a loan in a matter of seconds.
How do I activate the M-Shwari service?
After accepting the terms; an SMS will be sent informing you that you are now activated on the M-Shwari service. 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.
How much is the limit of a loan in mshwari?
For example, a loan of Ksh 1000 for a duration of a month will be paid back with the interests of Ksh 75. The limit of the loan that you can get is guided by the amount of money that you save with MShwari. The loan does not require any security and there is no minimum balance for an M-Shwari account.