I&M Bank rolls out unsecured loans of up to KES 3 Million

I&M Bank has announced the roll out of its unsecured lending solution. The automated platform seeks to make it easier, quicker and convenient for its customers.

The bank says it has placed digitisation at the heart of its operations in a bid to deliver market-driven, innovative financial solutions for its customers.

Eligible customers can apply for and receive loans within a day for most cases.  

Eligibility for loans and the loan amounts will be dependent on a customer’s credit score, which will be determined within the platform using a number of unique parameters. 

Customers will be able to conveniently acquire loan facilities from a minimum of KES 50,000 up to a maximum of KES 3 million, without providing any collateral or guarantor as security.  

Customers will be able to enjoy flexible loan repayment periods of up to 60 months through the new platform. They will also enjoy competitive interest rates and loan processing fees with no minimum deposit balances required for personal loan requests. 

The platform through which the unsecured lending will be provided supports loan application and decisioning with credit scoring capabilities, that were not previously available in the traditional loan application process in the Bank.

” We believe that providing access to unsecured loans and credit cards is critical for our customers. Further it provides for deepening financial inclusion. The Bank is also very focused in its digitisation agenda. This is in line with our corporate strategy which is driving the Bank’s digital transformation journey. We will continue to invest in digital technology to provide innovative financial solutions that are timely and relevant,” said Kihara Maina, CEO at I&M Bank.  

“In addition, the launch of the unsecured lending solution also aligns with the Bank’s business growth agenda, which looks to further penetrate the MSME banking target segment through providing digital access to working capital for businesses.” Mr. Maina added