KCB-M-Pesa, a mobile based account offered solely to registered and active Safaricom M-PESA customers has unveiled an offer for its customers during this difficult month of the year.
The mobile based account will provide access to loans with a low interest rate of 1.08 percent per month and a negotiation fee of 2.5 percent with 4.08 percent cost for the one-month loan which will be repaid using M-Pesa with excise duty applicable on negotiation fees.
"You can access loan limits from as low as Sh50 and up to Sh1m", reads KCB-M-Pesa statement.
Customers can access loans at an attractive low interest rates of 1.16 percent per month with a one off negotiation fee of 2.5 percent and 3.66 percent cost for the one-month loan with excise duty applicable on the borrowed loan.
To access the loan, you have to operate a Fixed Savings Account that allows you to lock a specific amount of cash for a period of 12 months as well as create a Target Savings Account allowing you to set a goal and make regular deposits towards achieving that target.
You will not be able to access KCB-M-Pesa loan if you:
· Are listed with the Credit Reference Bureau
· Already have an existing KCB M-PESA loan
· Have a low credit rating.
You can increase your loan limit by making transactions through KCB M-PESA Account by moving money in and out of your Account, growing savings on your KCB M-PESA account and increasing usage of M-PESA services.
KCB M-Pesa will charge 0% interest for clients who borrow and repay on the same day by midnight from 18th December 2018 to 17th January 2019.