Commercial Bank of Africa (CBA) and Safaricom have introduced Smart Loan, a loan facility for M-Shwari customers that will enable them buy smartphones and tablets. The customers will pay for 30% of the cost of the device and then pay for the difference in installments of up to six months. The service is available for all smartphones and tablets available in Safaricom shops.
How it works
1. Applying for the loan
You will need to be a registered Mshwari customer. You should then dial *234*6# on your phone and then select the Smart Loan option and then Check Loan Limit from the menu that appears. If you qualify for the Smart Loan you will be advised on the Smart Loan limit and device options you qualify for.
2. Choosing the phone or tablet
The Smart Loan limit will determine the phone or tablet you decide to buy. You will need to visit a Safaricom shop to choose the phone or tablet. Below are some of the available devices plus the monthly loan repayment installments (For more devices, check out safaricom.co.ke/smartloan).
3. The Loan
You will need to pay 30% of the value of the phone and then pay the rest in installments for a period not exceeding six months. The minimum loan amount will be Ksh. 1,000 and the maximum Kshs.50,000
Kindly note that the loan you receive will be subject to a facility fee of 15.6%.
4. Repayment
The loan repayment can be done by dialing *234*6# then navigating to Smart Loan and then Pay Loan on the menu that appears. The repayments can be done before the due date.
Kindly note that you will be required to make the repayment even when the phone or tablet that is bought with the loan gets damaged or stolen.