I&M Bank offers customers unsecured personal loans of up to Ksh10 million

I&M Bank Kenya is offering Kenyans the opportunity to obtain the country's largest unsecured personal loan, with a maximum limit of Kes 10 million.

The bank has introduced this lucrative loan option to cater to the financial needs of salaried employees, including civil servants, corporate workers, and employees of micro, small, and medium-sized enterprises (MSMEs). With the current inflation rate at 8.59%, many individuals are looking for greater financial support to achieve their investment and financial goals.

Responding to customer feedback, I&M Bank has enhanced its unsecured personal loan offering by extending the loan limit to Kes 10 million and the repayment tenure to 96 months. This initiative aims to assist employed Kenyans in their pursuit of financial stability.

The loan provides a range of options, starting from a minimum amount of Kes 50,000 and a minimum tenure of 12 months. Additionally, I&M Bank offers a grace period of one month before loan repayments commence, providing borrowers with some flexibility.

To benefit from the unsecured personal loan, employers are required to enroll in the I&M @Work scheme. This entails moving the salary accounts of their employees to I&M Bank. Once this is done, employees of participating organizations become eligible to apply for the loan.

If approved and disbursed, the repayment process is carried out through a check-off system. In practice, the employer deducts the loan amount from the employee's salary and remits it to I&M Bank before paying the employee.

Moreover, I&M Bank has expanded its unsecured personal loan tenure for MSME employees from 12 months to 36 months. This change is intended to ease the financial burden on individuals working in the MSME sector by providing them with a suitable repayment period.

 The extended tenure allows MSME employees to unlock their full potential without the pressure of immediate loan repayment obligations. Importantly, there are no minimum salary requirements for MSME employees to access this extended loan tenure.

The I&M Unsecured Personal Loan product also offers additional benefits to customers. Existing customers can top-up their loans, while new customers can take advantage of the loan takeover option. In the case of a takeover, the tenure for the new loan will be recalculated from zero, enabling customers to access higher loan limits or extended repayment periods.

With the motto "I&M Tunakujali" (I&M cares), the bank remains committed to supporting Kenyan employees by offering attractive loan options. Individuals interested in obtaining Kenya's largest unsecured personal loan of up to Kes 10 million can contact I&M Bank at 0719 088 000 to learn more and apply.