Mshwari | Loans and Savings (2024)

FAQs

Why is Mshwari not giving me a loan? ›

In order to qualify for a loan you will have to be an active M-PESA user for at least 6 months, save regularly on M-Shwari account and continuously use other Safaricom services such as Voice, DATA and M-PESA.

The minimum amount is Kshs 1000. What is the minimum time period for an M-Shwari Lock Savings Account: The minimum period is one (1) month.

The Bank will credit your regular M-Shwari Account with the Principal Amount and the Interest accrued up to the point of withdrawing funds after forty- eight (48) hours from the time in which the Customer makes a Withdraw Funds request in accordance with clause above.

In the event that you do not repay the Loan in full within thirty (30) calendar days of the date of disbursem*nt of the Loan, the Bank will automatically roll over any outstanding amount in respect of the Loan including the Facility Fee for a further period of thirty (30) calendar days.

Loans: All M-Shwari Active Subscribers who have been M-PESA subscribers for at least 6 Months, passed KYC verification, have not been blacklisted and have been assigned a credit limit are eligible to take out loans based on their assigned limit. Facility Fee: 7.5% on each loan disbursed, exclusive of 1.5% excise duty.

M-Shwari is brought to you by NCBA and Safaricom. The “M” signifies mobile-centric as this product is operated entirely from your mobile phone. It will not be accessible through any NCBA branch but your handset. All you need is your handset and to be registered on M-Pesa!

The 75/15/10 rule suggests devoting 75% of your income to living expenses, 15% to investing, and 10% to savings. This guideline can be a flexible way to prioritize your long-term financial future when deciding how to budget and allocate your income, which you can adapt based on your situation.

“Lock Period” means such minimum period of time not less than one (1) month and not exceeding six (6) months, or such other period communicated by the Bank from time to time in which the Customer requires that the Principal Amount be kept in the Lock Savings Account and during which period the Principal Amount will not ...

M-SHWARI CUSTOMER CARE CONTACT TEL : +254202600905.

How much can I save in my KCB M-PESA account? ›

You can deposit up to KES 150K into KCB M-PESA savings at a go. You can withdraw up to KES 150K into KCB M-PESA savings at a go.

If your loan is repaid after 60 days, we do not allow you to access an M-Shwari loan for 30 days. If loan is repaid after 60 days, you will be allowed to borrow a loan immediately after repayment. Your limit is reduced if your loan remains outstanding for more than 60 days (2 months).

Every M-Shwari customer will be listed with CRB as follows: • Positive Listing- This will apply to all active M-Shwari customers with no outstanding amount overdue. Negative Listing- This will apply to all active M-Shwari customers with an outstanding amount overdue. The pre-listing notice period is 30 days.

The M-Shwari Lock Savings account is ideal for customers looking for higher interest rates and those wishing to keep money away safely for one to six months.

If your income is less than the minimum income requirement set by the lender, the lender may reject your loan request. For instance, most lenders require that your net monthly income should exceed ₹25,000.

Credit score, income and debt-to-income ratio are the main factors lenders consider when reviewing applications. Paying down debts, increasing your income, applying with a co-signer or co-borrower and looking for lenders that specialize in loans within your credit band could increase your approval odds.

You have been listed with the Credit Reference Bureau. You already have an existing KCB M-PESA loan. You have a low credit rating. Late repayment of a previous loan thus you have been blacklisted.