Faq Category: Digital Overdraft Loan

The I&M Digital Overdraft is a flexible short-term credit facility that allows you to overdraw your account up to a pre-approved limit to meet immediate cash flow needs. It is available instantly and is repaid automatically through inflows into your account.

For assistance, please contact I&M Bank customer care via email at [email protected] or call:+254 20 322 1000, 0719 088 000, 0732 100 000.

Your overdraft limit is based on how your credit assessment which includes your income, how you’ve repaid past loans, and your overall borrowing history.

Your limit may grow over time based on your repayment behaviour, credit profile, and usage of other I&M services.

You will receive a monthly overdraft statement summarizing your transactions and fees Mini statements via SMS. You can also access your overdraft transaction details on the I&M OTG app/web under the loans menu.

All inflows into your operative account will automatically repay the outstanding overdraft.

You may also initiate manual repayments from other linked accounts through the OTG and you can repay partially or fully.

Yes, a PHFC is Policy Holder Compensation Fund (PHCF) fee and a charge of 0.25% of the insurance premium is applicable for insured overdrafts.

• For overdrafts above KES 20,000, a credit life insurance fee of 0.06% per month (minimum KES 50) is charged monthly.
• No insurance charge applies for overdrafts KES 20,000 or below.

• A one-time processing fee of 4%, charged at the point of disbursement, subject to a 20% excise duty.
• Daily interest, calculated on the amount utilized.
• A penalty interest of 15% is applied on any overdraft not cleared within 30 days from the first drawdown.

• Account to M-PESA
• Buy Goods / Paybill
• Airtime and utility payments
• KRA and eCitizen payments
• Card merchant payments
• Internal transfers
• RTGS, Pesalink, and international payments

Yes. You can overdraw your account multiple times as long as your total usage does not exceed your assigned limit.

The overdraft must be cleared within 30 days from the first drawdown, after which it is considered overdue. Note that any credit into your operative account will be automatically used to offset the outstanding overdraft amount.

The amount you can utilize through the overdraft is equivalent to your assigned limit. Limits range from KES 20,000 to KES 100,000, and once your limit is active, you can utilize as little as KES 1.

You can activate the overdraft service by opting in through our digital platform (OTG) and accept the terms and conditions. Once opted in, you can check your limit and begin using the overdraft.