I&M Bank Limited has doubled its unsecured credit limit from Sh 5 million to Sh 10 million as it steps to ensure enhanced access to credit for SMEs amid the high cost of living.
The latest move by the lender makes the Sh 10 million loan limit the highest in Kenya for unsecured personal loans. Customers will, at the same time, enjoy flexible loan repayment periods of up to 96 months.
According to the bank, customers’ entreaty induced the latest move as they sought more financial support to progress their investments amid the high cost of living.
“Feedback from salaried customers is that they are still feeling the impact of the higher cost of living in Kenya, and they are seeking more financial support to progress their investment and financial goals,” the lender stated.
The lender has also increased its unsecured loan tenures within the small businesses sector from 12 months to 36 months, giving them a suitable repayment period to achieve their full potential.
The I&M Unsecured Personal Loan product has the added benefits of top-up for existing customers and takeover for new to-bank customers. The product is offered under the ‘I&M@Work’ workplace banking program.
Eligibility for loans and the loan amounts will be dependent on a customer’s credit score, which will be determined by several unique parameters.
Speaking during the launch, I&M Bank General Manager for Personal and Business Banking, Mr. Shameer Patel, said the latest move is a great milestone towards SME expansion.
“In line with our iMara 2.0 strategy to innovate and launch customer-centric banking products and services, we are pleased to offer our customers the highest credit limit for unsecured personal loans in Kenya. By offering our customers more, we believe we will empower their prosperity,” said Patel.
Patel added that the lender received tremendous feedback from its customers since it launched its workplace banking program earlier this year and from the #NiSareKabisa initiative.
Through the #NiSareKabisa initiative, I&M bank scrapped charges for transferring cash between its platform and mobile wallets, cushioning customers from transaction fees of between Sh10 and Sh65.
The waiver made I&M the first lender in Kenya to officially offer zero fees for bank-to-M-Pesa and Airtel Money transactions.
“I wish to encourage employers in the public and private sectors to sign up to I&M@Work to take advantage of these new changes,” added Patel.