How to Get M-Shwari Loan
M-Shwari is a mobile-based financial service by Safaricom in partnership with NCBA Bank. It allows customers to save and borrow money instantly through their M-Pesa accounts. If you need quick cash, getting an M-Shwari loan is straightforward once you meet the eligibility requirements.
Requirements for Getting an M-Shwari Loan
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You must have an active Safaricom line with M-Pesa registered.
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Your line must have been active for at least 6 months.
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Maintain regular M-Pesa transactions such as deposits, withdrawals, and bill payments.
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Have some activity in your M-Shwari savings account (optional but helpful for higher limits).
Steps to Apply for an M-Shwari Loan
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Go to your M-Pesa menu on the SIM toolkit.
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Select Loans and Savings.
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Choose M-Shwari.
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Tap Loan.
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Enter the amount you wish to borrow within your approved loan limit.
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Enter your M-Pesa PIN to confirm.
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You will receive an SMS confirming the loan has been deposited into your M-Pesa account.
Loan Limits and Repayment
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Loan amounts range from Ksh 100 to Ksh 50,000, depending on your credit history and M-Pesa usage.
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Loans attract a 7.5% facilitation fee, deducted upfront.
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Repayment is due within 30 days.
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You can repay in full or make partial payments until the loan is cleared.
Tips to Increase Your Loan Limit
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Use M-Pesa frequently for transactions such as pay bills, buy goods, and send money.
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Save regularly in your M-Shwari savings account.
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Repay loans on time or earlier than the due date.
FAQs
Q: How long does it take for the loan to reflect?
The loan is deposited instantly into your M-Pesa account.
Q: What happens if I fail to repay within 30 days?
Your loan will be overdue, your limit may be reduced, and you may be listed with CRB for non-repayment.
Q: Can I apply for another loan before clearing the first one?
No, you must fully repay your existing loan before applying for a new one.
Q: Is there an interest rate on M-Shwari loans?
Instead of interest, M-Shwari charges a 7.5% facilitation fee on the borrowed amount.
Q: What is the minimum loan I can get?
The minimum loan amount is Ksh 100.
Conclusion
Getting an M-Shwari loan is fast, secure, and convenient through the M-Pesa menu. With timely repayments and active M-Pesa usage, you can increase your loan limit and enjoy greater financial flexibility.
