I&M Bank doubles its unsecured loan limit to Ksh.10 million

Lender I&M Bank has doubled its unsecured credit limit to Ksh.10 million up from Ksh.5 million, making its credit line the highest for unsecured loans locally.

I&M Bank also tripled its loan repayment period for small businesses to 36 months from 12 months in a bid to ease the burden of loan repayments on the entities.

The Unsecured Personal Loan product is offered under the ‘I&M@Work’ workplace banking program.

“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," I&M Bank General Manager for Personal and Business Banking, Shameer Patel, said during the launch event.

"I wish to encourage employers in the public and private sector to sign up to I&M@Work to take advantage of these new changes."  

The new loan product, introduced to make businesses recover from the adverse economic effects of COVID-19, also has added benefits of top-up for existing customers and takeover for new to bank customers.

"The Bank has once again responded to customer feedback just like it did with the removal of bank to mobile wallet transfer fees for personal account holders on the need for enhanced support to employed Kenyans and small business employees through the enhancement of unsecured personal loan limits and tenures," added Mr. Patel.