How to get a Loan from M-shwari
M-Shwari mobile loan offers loan limits ranging from Ksh 100 to Ksh 50,000 with a repayment period of 30 days. Loans are approved almost instantly with an interest rate of 7.5%. To check your limit and get approved, you need to have an M-Pesa account. M-Shwari loans are unsecured.
Disbursement Details: How to Access/Register for the Loan
Mpesa App in Play Store screenshot
How to Access Mshwari Loan
- USSD: Dial *234# and select M-Shwari.
- App: Download the M-Pesa app from the Google Play Store or Apple Store.
- Follow the registration prompts and agree to the terms and conditions.
Steps to Apply for M-Shwari Loan:
- Open the M-Pesa app.
- Select “Loans and Savings.”
- Choose “M-Shwari” and click “Request Loan.”
- Enter the amount and confirm the transaction.
Curious about your M-Shwari loan limit? Follow these simple steps:
- *Dial 234#: Access your M-Pesa menu.
- Select ‘Loans and Savings’: Navigate to M-Shwari.
- Choose ‘Check Loan Limit’: Receive an SMS with your current limit.
- Review Your Eligibility: Understand where you stand.
Total Cost Breakdown (Loan Fees)
- Interest Fee: 7.5% of the loan amount
- Taxes: Included in the processing fee
- Insurance: None
- Withdrawal Fee: As per M-Pesa charges
- Late Payment Penalty: 7.5% of the outstanding loan amount
Repayment Details
M-Shwari loans need to be repaid within 30 days. Early repayment is allowed and can improve your credit limit. Repayment methods include:
- M-Pesa Menu: Go to “Loans and Savings,” select “M-Shwari,” and click “Pay Loan.”
- USSD: Dial *234#, choose M-Shwari, and follow the prompts.
Eligibility Requirements
To qualify for an M-Shwari loan, you need:
- An active M-Pesa account
- A valid Kenyan ID
- A history of M-Pesa transactions
- No outstanding M-Shwari loans
How to increase your M-Shwari Loan Limit
Ready to unlock a higher M-Shwari loan limit? Implement these strategies:
- Save More: Regular savings lead to increased eligibility. Aim for consistent deposits.
- Transact Frequently: Use M-Pesa actively. Send money, pay bills, and buy airtime.
- Timely Repayments: Repay loans promptly. It builds trust and improves your limit.
- Keep Your Line Active: An active M-Pesa line is crucial for eligibility.
- Financial Discipline: Balance loans and savings wisely. Responsible behavior matters.
Representative Example of Loan Costs
Here is a breakdown of potential loan costs when using the M-Shwari.
| Loan Amount | Loan Fee (7.5%) | Total Repayable |
|---|---|---|
| Ksh 1,000 | Ksh 75 | Ksh 1,075 |
| Ksh 5,000 | Ksh 375 | Ksh 5,375 |
| Ksh 10,000 | Ksh 750 | Ksh 10,750 |
Alternative Lenders to Consider
| Alternative Mobile Loans Apps | Loan Name | Read more about loan |
|---|---|---|
  | Zenka Loan App | Read more |
  | Tala Loan App | Read more |
  | Okolea Loan App | Read more |
  | Timiza Loan App | Read more |
M-Shwari mobile loan provides a quick, convenient, and affordable way to access funds, making it an excellent option for anyone in need of financial assistance.