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I&M Bank To Offer Customers Unsecured Loans Of Up To Ksh3 Million

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I&M Bank Kenya has rolled out an unsecured lending solution, which will make it more convenient and quicker for its customers to access unsecured loans through an automated platform.

The automated unsecured lending solution promises faster and more efficient loan application and renewal processes for fulfilling customers’ requests for unsecured loans. Eligible customers can apply for and receive loans within a day for most cases.

The platform through which the unsecured lending will be provided supports loan application and decision making with credit scoring capabilities, that were not previously available in the traditional loan application process in the Bank. 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 acquire loan facilities from a minimum of Ksh50,000 up to a maximum of Ksh3 million, without providing any collateral or guarantor as security.  

“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.”

Customers will get 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 lender said.

The launch of the unsecured loan solution on an automated lending platform comes soon after the Bank rolled out I&M On The Go (OTG), a platform that supports customers’ access to banking services in real-time through mobile banking and internet banking. Customers will soon be able to use the I&M On The Go (OTG) platform to track their loan applications.

“We want to leverage technology to enhance our offerings and convenience for our retail, business banking and corporate customers. The Bank will continue to invest in solutions that are in line with our vision of being Eastern Africa’s Leading Financial Partner for Growth” Mr Maina concluded.

Read: Four Habits That Will Improve Your Chances Of Financial Success

>>> I&M Records 25PC Increase In Profits To Ksh5.45 Billion

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FRANCIS MULIhttp://www.businesstoday.co.ke
Editor and writer, Francis Muli has a passion for human interest stories. He holds a BSc in Communication and Journalism from Moi University and has worked for various organisations including Kenya Television Service. Email:[email protected]
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