I&M Bank Kenya has rolled out an unsecured lending solution, which will make it more convenient and quicker for its customers to access unsecured loans through an automated platform.
Under the plan, customers will be able to conveniently acquire loan facilities from a minimum of Ksh 50,000 up to a maximum of Ksh 3 Million, without providing any collateral or guarantor as security payable in a period of up to five years.
Kihara Maina, CEO at I&M Bank said eligible customers can apply for and receive loans within a day in most cases. Eligibility for loans and the loan amounts will be dependent on a customer’s credit score, which will be determined within the platform using a number of unique parameters.
” We believe that providing access to unsecured loans and credit cards is critical for our customers. Further it provides for deepening financial inclusion. The Bank is also very focused in its digitisation agenda. This is in line with our corporate strategy which is driving the Bank’s digital transformation journey. We will continue to invest in digital technology to provide innovative financial solutions that are timely and relevant,” said Kihara Maina, CEO at I&M Bank.
The platform through which the unsecured lending will be provided supports loan application and decisions with credit-scoring capabilities, that were not previously available in the traditional loan application process in the bank.
The automated unsecured lending solution is aimed at forging faster and more efficient loan application and renewal processes for unsecured loans.
Additionally, customers will also enjoy competitive interest rates and loan processing fees with no minimum deposit balances required for personal loan requests.
Read also; I&M Bank Receives $50 Million IFC Loan to Support SMEs in Kenya.
