Unsecured loan Maximum of Sh10 million at I&M Bank

I&M Bank doubled the limit for salaried customers’ access to personal loans from Sh5 million to Sh10 million without requiring collateral.

The lender declared on Wednesday that the modifications, which also extended the maximum serving time for personal unsecured loans from 60 to 90 months, would take effect on April 1.

According to I&M, the decision was made in response to a rise in the number of requests from its salaried clients who want more financial assistance to advance their investment and other financial goals.

To lessen the monthly burden of servicing the loans, the tier I lender increased the length of its unsecured loans for small businesses from 12 months to 36 months at the same time.

The collateral-free loans will be made available through the workplace banking program “I&M@Work,” according to Shammer Patel, general manager of personal and business banking at I&M Bank and are available to both public and private sector employees.

“By offering our customers more, we believe we will empower their prosperity. We have received tremendous feedback from our customers since we launched our workplace banking program earlier this year,” said Mr Patel.

I&M launched an automated unsecured lending solution in January with the goal of providing customers with faster and more effective loan application and renewal processes that enable them to request and receive loans within a day.