What is the I&M Bank Short-Term Loan?
The Short-Term Loan is a quick, unsecured personal loan designed to meet your short-term financial needs. It is disbursed instantly to your account and is repaid in either 1 month, 3 months or 6 months.
Faq Category: Short Term Loans
How do I opt in to the I&M Bank Short-Term Loan service?
You opt in by accepting the terms and conditions the first time you access the Short-Term 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?
I&M Bank Short Term Loan offers a 1-, 3- or 6-Months Loan depending on eligibility. Monthly Installments are only applicable for the 3 months & 6 months loan.
How much can I borrow?
You can access loan amounts from KES 1,000 to KES 300,000. Simply log in to Your I&M Bank OTG Mobile App and accept the terms and conditions to see your available loan limit.
Do I need a separate log-in PIN to access the loan services?
No, you can access the I&M Bank Short-Term Loan using your existing I&M Bank OTG Mobile App credentials.
What charges apply to the loan?
| Loan Type | Charges | ||
| 30-day Loan |
|
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| 3- & 6-Months Loan |
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What are the loan limits?
You can borrow any amount starting from KES 1,000 up to KES 300,000.
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 loan limit.
Can I have more than one Short Term Loan at a time?
No, you can only hold one Short Term Loan at a time. Once you repay your current loan, you can apply for a new one.
Do I repay the loan on the due date of the tenor for 3 months & 6 months?
No. You will pay a monthly installment.
What happens if I do not repay my loan by the due date?
If the loan is not repaid by the due date, an additional late repayment fee or interest will be charged.
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 “Pay Now” option under the Short-Term Loan menu on the I&M Bank OTG Mobile App.
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 Short-Term Loan if I have other loans with I&M?
Yes, you can apply for the Short-Term Loan even if you have other loans as long as you are eligible.
How can I increase my loan limit?
Your loan limit can grow based on your repayment history and use of other I&M Bank services. Regular, timely payments will help increase your limit and lower your charges.
Recently when I applied for the CRB report, I discovered that I had been adversely listed for failure to pay for a Short-Term 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 incase it was erroneous or inaccurate.
I have queries on the Short-Term Loan, who do I contact?
For an queries on the Short-Term Loan, contact the I&M Bank customer care on email [email protected] or call 0719 088 000.