I&M Bank Kenya has rolled out an unsecured lending solution to ease the process of accessing unsecured loans for its customers through an automated platform. The Bank has developed this automated unsecured lending solution that promises faster and more efficient loan application and renewal processes for fulfilling customers’ requests for unsecured loans. Eligible customers can apply for and receive loans within 24 hours.
The platform will be provided supports loan application and decisioning with credit scoring capabilities that were not previously available in the traditional loan application process. Eligibility for loans and the loan amounts will be dependent on a customer’s credit score, which will be determined within the platform using various parameters.
Customers can acquire loan facilities from a minimum of Ksh. 50,000 up to a maximum of Ksh. 3 million, without providing any collateral or guarantor as security. Additionally, customers will be able to enjoy flexible loan repayment periods of up to 60 months through the new platform. They will also enjoy competitive interest rates and loan processing fees with no minimum deposit balances required for personal loan requests.
The launch of the unsecured loan solution on an automated lending platform follows the Bank’s launch of I&M On The Go (OTG), a platform that supports customers’ access to banking services in real-time. Customers will soon be able to use the I&M On The Go (OTG) platform to track their loan applications.
“We believe that providing access to unsecured loans and credit cards is critical for our customers. Further it provides for deepening financial inclusion. The Bank is also very focussed in its digitisation agenda. This is in line with our corporate strategy which is driving the Bank’s digital transformation journey. We will continue to invest in digital technology to provide innovative financial solutions that are timely and relevant,” said Kihara Maina, CEO at I&M Bank.