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
You must have an active Safaricom line with M-Pesa registered.
Your line must have been active for at least 6 months.
Maintain regular M-Pesa transactions such as deposits, withdrawals, and bill payments.
Have some activity in your M-Shwari savings account (optional but helpful for higher limits).
Steps to Apply for an M-Shwari Loan
Go to your M-Pesa menu on the SIM toolkit.
Select Loans and Savings.
Choose M-Shwari.
Tap Loan.
Enter the amount you wish to borrow within your approved loan limit.
Enter your M-Pesa PIN to confirm.
You will receive an SMS confirming the loan has been deposited into your M-Pesa account.
Loan Limits and Repayment
Loan amounts range from Ksh 100 to Ksh 50,000, depending on your credit history and M-Pesa usage.
Loans attract a 7.5% facilitation fee, deducted upfront.
Repayment is due within 30 days.
You can repay in full or make partial payments until the loan is cleared.
Tips to Increase Your Loan Limit
Use M-Pesa frequently for transactions such as pay bills, buy goods, and send money.
Save regularly in your M-Shwari savings account.
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.
