Kenyan Bank Rolls Out Unsecured Lending Solution For Customers

I&M Bank Kenya customers have a reason to smile after it rolled out an unsecured lending solution. Customers can now access unsecured loans quickly and conveniently through an automated platform.

The automated unsecured lending solution is aimed at forging faster and more efficient loan application and renewal processes for unsecured loans.

Kihara Maina, CEO at I&M Bank said eligible customers can apply for and receive loans within a day in most cases.

”We believe that providing access to unsecured loans and credit cards is critical for our customers. We will continue to invest in digital technology to provide innovative financial solutions that are timely and relevant,” he said

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

Under the plan, customers will be able to conveniently acquire loan facilities from a minimum of $440 up to a maximum of $26,431k, without providing any collateral or guarantor as security payable in a period of up to five years.

They will also enjoy competitive interest rates and loan processing fees with no minimum deposit balances required for personal loan requests.

I&M Bank now joins other lenders in the Kenya market such as Equity Bank, KCB and ABSA Bank among others that offer unsecured loans to customers through digital platforms.