I&M unveils unsecured lending solution

A file photo of the I&M Bank logo.

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.

The automated unsecured lending solution is aimed at forging faster and more efficient loan application and renewal processes for unsecured loans.

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. Eligible customers can apply for and receive loans within a day in most cases.

” We believe that providing access to unsecured loans and credit cards is critical for our customers. We will continue to invest in digital technology to provide innovative financial solutions that are timely and relevant,” Kihara Maina, CEO at I&M Bank said.

“In addition, the launch of the unsecured lending solution also aligns with the Bank’s business growth agenda, which looks to further penetrate the MSME banking target segment through providing digital access to working capital for businesses.”

Customers will also be able to conveniently acquire loan facilities from a minimum of Sh50,000 up to a maximum of Sh3million, without providing any collateral or guarantor as security payable in a period of up to five years.

They will also enjoy competitive interest rates and loan processing fees with no minimum deposit balances required for personal loan requests.

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