The Coronavirus pandemic stretches far and wide globally and our pockets are not left behind. SafaricomPLC and M-Shwari aim to make efforts to help cushion the blow on our financial statuses.
The telco has addressed the most frequently asked questions regarding Mshwari loans. The changes affect repayment dates and additional fees for delayed payments during this COVID-19 outbreak.
Previously, M-Shwari customers were expected to pay their debts in at least 30 days, failure to which you could be listed on CRB. SafaricomPLC is now giving a 100% increment on this duration.
Customers have now been given a two months extension to clear their debts. Note, the loan repayment period is 60 days. However, the due date when taking the loan will not reflect this. It will still be 30 days but they will not chase you until the stated 60 days.
Loan Lowering Limits
The telco did not stop there. They have also made amendments to the timelines for lowering loan limits. These have also extended to 90 days of non-repayment from the previous 60 days.
This simply means that if a loan is outstanding for over four months, a borrower’s limit will be reduced from whatever limit they had, to KES 0.
Currently, the minimum loan amount that can you can borrow is Ksh 100, and the maximum loan limit is unknown. To qualify for a higher loan limit; one is required to have repaid the first loaned amount on time, and also increase your saving amount in your account.
M-Shwari loans usually have a repayment duration of 30 days and attract an interest rate of 7.5%. Loan disbursement is done through Mpesa and processed in less than five minutes.CHECK OUT OUR COVID-19 COVERAGE HERE