Thursday, July 25, 2024

How to access, apply, repay mobile loans and save with Timiza

Did you know that with Timiza, you can easily access instant mobile loans from the comfort of your home?

Timiza is an instant loan facility owned by Absa Bank Kenya PLC. It offers fast and easy loans to all mobile phone users, including the marginalized, remotely located, and unbanked.

The facility allows both Absa and non-Absa customers to access higher loan limits and enjoy the most affordable facility fee of 5% compared to the market price and interest fee of 2.96% per month.

Co-Op post

”Timiza loan attracts an interest charge of 2.47% per month with a negotiation fee of 5% charged on the cost of processing the loan. A 20% excise duty on the negotiation fee applies, this is deducted upfront from your requested loan amount upon disbursement into your Timiza wallet,’’ Absa Bank states.

Customers can access upto Sh150,000 repayable in 30 days.  The more one transacts the more they grow and improve their Timiza credit limit. In addition, one gets discounts and loan limit growth on early repayment.

To qualify for Timiza loans, one must be an active M-Pesa subscriber for at least 6 months before the date of application of the Loan.

NCBA

In addition, borrowers must have been actively using other Safaricom services such as data, voice, and M-Pesa services prior to the loan application.

Everything you need to know about Timiza, the cheapest short-term loan facility in Kenya

How to get Timiza loan

NCBA

Timiza is operated entirely from mobile phone by dialing *848# or through the Timiza mobile app, which can be downloaded from the Google Play store or IOS app store.

To open a Timiza account, you need to first register on Timiza for a transactional account. For your first-time loan application, follow the following steps.

  1. Launch the app on your phone.
  2. Enter your PIN to log in.
  3. Your loan limit will be shown on the home screen
  4. Click My loans.
  5. Select Request loan.
  6. Enter the amount of money you want to borrow.
  7. Click continue.
  8. Timiza will confirm whether or not the loan application was successful
  9. Wait for a message confirming you have qualified for the loan.

Application for a Timiza loan using USSD service

  1. Dial *848# on your mobile phone. Make sure you have registered for a Timiza account.
  2. Enter your Timiza PIN.
  3. Select option 4: Loan
  4. Select option 1: request loan.
  5. Select option 1: Get Cash.
  6. Enter the amount of money you want to borrow
  7. Confirm the amount you have applied for
  8. Timiza will send a confirmation SMS.

How to repay Timiza loan

To repay your loan, use Pay Bill number 300067 and enter your  mobile number as the account number. Here is the procedure.

  1. On your MPESA menu, Select Lipa na M-PESA.
  2. Select Paybill.
  3. Enter 300067 as the Business number.
  4. The account number is the Timiza registered phone number
  5. Enter the amount you want to repay.
  6. Enter your M-PESA PIN

Alternatively, you can dial *848# . Enter your Timiza pin, select loan option, and select pay loan.

Besides loan provisions, Timiza also allows customers to accomplish their saving goals with Timiza Goal Savings Account that earns the highest interest of 9% interest p.a.

Customers can save as little as Sh100 and still earn interest. They can save daily, weekly, monthly, or in a lump sum, and once they complete their goal, the money automatically reflects in their account within 24 hours.

Timiza savings account features

  1. No minimum balance is required on the Timiza Savings account.
  2. Interest of 9% per annum earned from amount of Ksh 100.
  3. Interest is earned daily, accrued monthly and paid quarterly to the customer’s savings account.
  4. The account pays an interest on the savings in your savings account.
  5. Withdrawing once ends the goal and all saved funds are credited to the Timiza account in 24hours.
  6. Interest rates quoted for the Timiza savings account are annual – per annum.
  7. Withholding tax (WHT) of 15% will apply on the interest paid out.
  8. The interest structure and product set up may be reviewed from time to time.

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