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What are you looking for?

Find out more about our products. Visit any I&M Bank Branch, Contact us through +254 20 322 1000 or email [email protected]

Faq Category: Unsecured Loans

How do I apply for a loan?

Log in to the I&M Bank OTG mobile banking app or web services and opt in to the loan service to begin your application. Accepting the Terms and Conditions when first accessing the Unsecured Personal Loan product on the OTG app or web service. Proceed to apply for a loan
NB: Should you have any difficulty visit your nearest branch for assistance.

How do I check my loan limit?

Check your limit by logging into the I&M Bank OTG mobile banking app or web services and accessing the loan section. When you have already opted in, log into the I&M Bank OTG app or web service, click on Personal Unsecured Loan, you will see your indicative loan limit.
NB: This may change while applying as some checks are done during loan application e.g. current CRB status, recent I&M account activity etc.

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. 

Will my loan limit increase or decrease?

Yes, your loan limit will be periodically reviewed to determine whether it should be kept as is, increased or decreased based on your account turnover, account activity, repayment history on previous loans, CRB status and other product rules.

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.

What are the charges for the unsecured personal loan?

  • Processing Fee of 4% of the loan amount, charged one off.
  • 20% excise duty charged on the processing fee amount.
  • Interest rate varies per customer.
  • Credit life insurance premium of 0.035% and PHCF (Policy Holders Compensation Fund) of 0.25% of the credit life insurance premium.

NB: Subject to change due to prevailing market and regulatory conditions.

Can I prepay my loan?

Yes, you can prepay your loan by tapping the "Repay Loan" icon on I&M OTG App home screen or through our web services.

What happens if I miss a repayment?

If you miss a payment, you will incur additional fees and interest. Ensure your account is funded on the loan due date to avoid penalties.

Can I get a top-up loan?

Yes, loan top up is available for customers who have serviced their current monthly loan installments on time for 6 months and satisfy the top-up criteria.

What is the eligibility criteria for the TopUp loan?

  • You must have made timely repayments on previous loans.
  • Your existing loan(s) should not be in arrears.
  • Your existing loan should have been serviced for greater than 6 months
  • You should not have defaulted on any previous loan