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Stawi Loan App Download, Register, Get Sh. 250,000 loan!

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Stawi Loan App Download: Five Kenyan banks have unveiled a mobile loan facility that is aimed at helping small and medium businesses.

The loan facility app has been backed by the Central Bank of Kenya (CBK).

The five commercial banks behind the app include Commercial Bank of Africa (CBA), Co-operative Bank of Kenya, Diamond Trust Bank Kenya (DTB), KCB Bank Kenya and NIC Group.

From the app, micro, small and medium enterprises will be able to get unsecured loans from Sh. 30,000 to Sh. 250,000.

Stawi Loan App: How to apply

For one to apply and get Stawi Loan, you have to download the Stawi Loan app. You can download the app HERE.

Once you download the app, you will need to register with an agent from any of the five commercial banks and create your wallet. This is the wallet where your loan will be issued upon successful completion. The mobile loan will be piloted with 3,500 traders.

Tala App Download, Registration and Loan Application (Updated 2019)

Stawi Loan App Download: Interest rates

When you apply for this loan facility, you will be charged an interest rate of 9 per cent per year, with a repayment period of between one and 12 months. The other charges to be collected upon disbursement are facility fees of four per cent, insurance cost of 0.7 per cent and excise duty at 20 per cent of the facility fee.

Stawi Loan App Download: Borrowing limit

The maximum amount you can borrow has been set aty Sh. 250,000. However, small business owners will be able to borrow from as low as Sh. 30,000. The limit will be increased or limited based on the borrower’s timely repayments. Also, the scheme will see good borrowers rewarded with cash based on their borrowing profiles. This is one of the CBK’s latest efforts to unlock the credit squeeze in the country.

Stawi Loan App Download: Takeaway features

  • The facility allows full or partial repayments stretched over the repayment period (maxes out at 12 months)
  • Those who default repayment will be reported to the CRB.
  • Stawi will have a mobile wallet. We are not sure if it will be equipped with additional services such as payments as so forth.
  • Money in the wallet can be sent to other wallets such as M-PESA.
  • The app has all the bells and whistles of a loan app such as checking the amount that can be borrowed, charges, repayment plans and so forth.
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