Your Step-by-Step Guide to Getting an M-Shwari Loan
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M-Shwari is a savings and loan service designed for M-PESA and NCBA customers, offering a convenient way to manage finances. Customers can start saving with as little as Kshs. 1, and the savings can earn a maximum interest rate of 6.3% per annum.
For those in need of a loan, M-Shwari provides loans starting from Kshs. 100. These loans come with a 9% interest rate, which includes a 7.5% facility fee and a 1.5% excise duty.
How to Qualify for an M-Shwari Loan
- Be an M-PESA subscriber for at least 6 months.
- Save on M-Shwari.
- Actively use other Safaricom services.
What to Expect When You Borrow With M-Shwari
- Loan limits from Kshs. 100 to Kshs. 50,000.
- One-month repayment period.
- Repayment via M-PESA or M-Shwari account.
How to Borrow From M-Shwari
- Access M-PESA menu.
- Select Loans and Savings.
- Select M-Shwari.
- Select Loan.
- Request Loan.
- Enter amount.
- Enter M-PESA PIN.
How to Pay an M-Shwari Loan
- Access the M-Shwari menu.
- Choose the “Loan” option.
- Select “Pay Loan.”
- Input the amount you wish to repay.
- Enter your PIN.
- Review and confirm the payment message (e.g., “Pay loan Kshs 1000”).
- Press “OK” to complete the payment.
How to Pay your M-Shwari Loan Using M-PESA
- Open the M-PESA menu.
- Select “Loans and Savings.”
- Choose “M-Shwari.”
- Select “Pay Loan.”
- Decide whether to pay from your M-PESA account or KCB M-PESA account.
- Enter the amount you wish to pay and follow the prompts to finish the transaction.
What Happens If You Don’t Pay an M-shwari Loan on Time?
If you do not repay the M-Shwari loan in full within thirty (30) calendar days from the disbursement date, the Bank will automatically extend the outstanding amount, including the Facility Fee, for an additional thirty (30) calendar days.
How Do I Unlock My M-shwari Loan Limit?
Consistently saving in your M-Shwari wallet shows financial discipline, and higher savings can lead to an increased loan limit. Additionally, repaying previous loans on time enhances your credibility, which M-Shwari takes into account when determining your loan limit.
What Is the Maximum Loan Limit for M-shwari?
One can access loan limits ranging from as low as Ksh. 100 to as high as Ksh. 50,000, with a repayment period of one month.
Can M-shwari List You on CRB?
All M-Shwari customers will be listed with the CRB as follows:
- Positive Listing: For active M-Shwari customers who have no overdue amounts.
- Negative Listing: For active M-Shwari customers with overdue amounts.
A pre-listing notice period of 30 days applies.
Read: The Top 10 Loan Apps With the Lowest Interest Rates in Kenya
Why is My M-shwari Loan Limit Always Zero?
Your M-shwari loan limit is usually zero when your line has not met the minimum M-Pesa usage requirement. To qualify for an M-Shwari loan, your Safaricom line must be active for at least six months. If your line has been active for less than six months, your M-Shwari loan limit will be zero.
Can One Top Up an M-shwari Loan?
You can increase your M-Shwari loan before the 20th day of your current loan, provided you haven’t reached your limit.
Can One Have Two M-shwari Accounts?
Yes, you can activate multiple M-Shwari accounts, with each one linked to a different mobile number. However, to obtain another M-Shwari loan on a different M-PESA line, you must first repay any outstanding loan on the M-PESA account from which you initially borrowed.
How To Increase M-shwari Loan Limit?
- Save More: Regular savings improve your eligibility.
- Transact Frequently: Actively use M-Pesa.
- Timely Repayments: Repay loans promptly.
- Keep Your Line Active: Maintain an active M-Pesa line for eligibility.
- Financial Discipline: Manage loans and savings wisely.
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