Personal Loan Product (PLP)
This loan product seeks to cushion the majority of the informal sector against economic shocks. Qualified borrowers are eligible for only one loan at a time hence multiple loan borrowing on varied networks is therefore prohibited.
Features – Easily accessible through USSD *254# on any of the following mobile operators, Safaricom, Orange Telkom or Airtel Kenya.
- Amounts: Between Kes 500 to Kes 50,000
- The interest rates is 8% and 1.5% default rate for late payment
- The tenor of the loan is 14 days and can be extended to 30 days
- 5% is deducted for savings every time someone borrows
To qualify for this product, a Kenyan must meet the following criteria;
- Must be a Kenyan citizen of 18 years of age and above
- Must have a valid national Identification Card (ID)
- Must have a registered mobile number from a recognized Mobile Network Operator in Kenya
- Reside and conduct economic activity in Kenya.
- Must Provide Sub County of residence during the onboarding process.