The I&M Bank Buy Now Pay Later loan is an unsecured loan designed to enhance the bank’s offerings for existing individual customers. It enables them to make immediate purchases and pay for them flexibly over a predetermined period.
The loan is available to existing individual bank customers who meet the eligibility criteria.
When you decide to utilize the Buy Now Pay Later loan at any of the participating outlets, I&M Bank will make payment to the outlet on your behalf. Subsequently, a loan will be initiated under your I&M Bank account.
The Buy Now Pay Later loan enables you to buy items immediately and make flexible payments in installments over a predetermined period.
The loan can be used at participating outlets. Detailed list is available in the section below.
You opt in by accepting the Terms and Conditions during the first access to the Buy Now Pay Later Loan product on the OTG mobile banking app or web services.
Once you opt-in, you will be able to view your Buy Now Pay Later loan limit. It is important to note that this loan is exclusively available for purchases at participating outlets.
You can apply for the Buy Now Pay Later loan through our OTG mobile banking app or web services.
The Buy Now Pay Later loan application does not require any documents to be uploaded.
By logging into the OTG retail app or web and accepting the Terms and Conditions for the Buy Now Pay Later facility, the loan limit will be displayed to you.
The loan application process is instant, you will have a pre-approved limit once you opt in for the service.
You will get a message notification from the Bank on the same.
Upon loan approval, the Bank will disburse the funds to the retailer's account.
- Processing Fee of 4%,
- Interest rate of 2% per month
- Credit life insurance premium of 035% and
- Late interest fee of 15% per annum
NB: All fees are exclusive of excise duty.
All charges shall be displayed to the customer for acceptance. Customers must have enough funds in their selected repayment account to cover ALL charges.
The loan tenor varies between 1-12months depending on the loan amount requested. You can choose to repay the loan earlier than the due date.
- Minimum Amount – Kes 20,000
- Maximum Amount – Kes 350,000
The Buy Now Pay Later loan limit is determined by your account activity with I&M Bank, CRB Status and repayment history of any previous loans.
Yes, you can apply for the Buy Now Pay Later loan even if you have existing loans with the bank, provided you meet the eligibility criteria.
Yes, you can have multiple Buy Now Pay Later loans for as long as you are within your available limit.
The repayment options are;
- The instalment amount due will be automatically deducted from your I&M account on the due date.
- On the OTG mobile banking app or web services, under the Buy Now Pay Later menu select “Repay loan” tab and initiate repayment either partially or full.
No, there are no early repayment penalties for your Buy Now, Pay Later loan.
If you miss a payment, you will incur extra fees and interest. It is important to ensure your account is funded before the due date to avoid penalties.
If you have queries/concerns/disputes with your purchase in terms of warranty, return, replacement, and cancellation, please contact the retailer outlet directly.
Returns and refunds are subject to the retailer outlet’s return policy. Once a return is processed, your Buy Now Pay Later loan balance will be adjusted accordingly.
Yes, you can opt - out of the product as long you do not have any outstanding Buy Now Pay Later loans.
For BNPL loan related queries, please contact IM Bank customer care on
[email protected] or call +254203221000, 0719 088 000, 0732 100 000.
