What is the I&M 30-Day Loan?
The I&M 30-Day Loan is a quick, unsecured loan designed to meet your short-term financial needs. It is disbursed instantly and must be repaid within 30 days.
Faq Category: 30 Day Loans
How do I opt in to the I&M 30-Day Loan service?
Opt in by accepting the terms and conditions the first time you access the I&M 30-Day Loan service on our platform. You can opt out anytime during the application process if needed.
Can I request a loan immediately after opting in?
Yes, once you opt in, you can view your loan limit and apply for the loan right away.
What is the loan duration?
The loan must be repaid within 30 days, but you can choose to repay earlier if you wish
How much can I borrow?
Log in to OTG and accept the terms and conditions to see your available loan limit. You can access loan amounts from 50,000 to 3,000,000.
Do I need a separate log-in PIN to access the loan services?
No, you can access the I&M 30-Day Loan using your existing OTG credentials.
What charges apply to the loan?
- Facility Fee of between 9.5%-12.5%
- 20% Excise duty on the facility fee.
- Late payment fee of 10.5% charged on the loan amount.
What are the loan limits?
You can borrow between KES 1,000 and KES 100,000
What determines my loan limit?
Your loan limit is based on your transaction history and loan repayment behavior across all banks.
NB: Consistent, on-time loan repayments also contribute to an increase or reduction in your charges
Can I have more than one 30-Day Loan at a time?
No, you can only hold one 30-Day Loan at a time. Once you repay your current loan, you can apply for a new one.
What happens if I do not repay my loan within 30 days?
If the loan is not repaid within 30 days, an additional late payment fee of 10.5% will be charged on the loan exclusive of excise duty.
How do I repay my loan?
The outstanding loan amount will be recovered from the operative account on the loan due date. You can also prepay your loan by selecting the “Repay Loan” option under the I&M 30-Day Loan menu on OTG.
Will I receive a refund if I repay my loan early?
Yes, if you repay the loan early a percentage of the upfront charge/fee will be refunded back to your account.
NB: Look out for the early repayment SMS prompt.
What documents are needed to apply for a short-term loan?
The short-term loan does not require any documents to be uploaded during loan processing.
Can I apply for the I&M 30-Day Loan if I have other loans with I&M?
Yes, you can apply for the 30-Day Loan even if you have other loans with us, as long as you can manage the additional repayment.
How can I increase my loan limit?
Your loan limit can grow based on your repayment history and use of other I&M services. Regular, timely payments will help increase your limit and lower your charges.
Recently when I applied for a CRB report, I discovered that I had been adversely listed for failure to pay for a 30-day instant loan which I cleared. What can I do?
Reach out to the CRB that issued the report and inform them that the information contained in the report is disputed. The bureau will reach out to us and will rectify the information in case it was erroneous or inaccurate
I have queries on the I&M 30-Day Loan, who do I contact?
For an queries on the I&M 30 Day loan, contact the I&M Bank customer care on email [email protected] or call +254203221000, 0719 088 000, 0732 100 000