I&M Bank Increases Loan Limit to Sh10M

The unsecured credit limit of I&M Bank Kenya Limited has been increased from Sh5 million to Sh10 million.

The lender said in a statement that it raised the loan limit in response to input from salaried clients who said they needed additional financial assistance because of the rising cost of living.

I&M has also increased the length of its unsecured loans for small firms from 12 to 36 months in order to lessen the pressure on them by giving them an appropriate payback period.

The I&M Unsecured Personal Loan program also offers top-up for current clients and takeover for new bank customers as additional perks.

“In line with our iMara 2.0 strategy to innovate and launch customer-centric banking products and services, we are pleased to offer our customers the highest credit limit for unsecured personal loans in Kenya. By offering our customers more, we believe we will empower their prosperity,” said I&M Bank General Manager for Personal and Business Banking, Shameer Patel.

The lender recently ditched costs for personal account customers’ bank-to-mobile wallet transfers before raising the loan limit.