M-Shwari is a product by Safaricom that allows subscribers to access loans conveniently. In case you don’t know how to secure it, here is a guideline.
How to register for M-Shwari
The process is simple
- Go to your M-Pesa menu.
- Click on update menu
- Go back to your M-Pesa menu
- Select loans and savings
- Select M-Shwari
- Click Activate
You are set
M-Shwari loan terms and conditions
- A one-time fee of 7.5% is usually charged on the M-Shwari loan.
- Your sim card must be at least 6 months old.
- You must be actively using other Safaricom products
- The loan limit is Ksh 50,000 but you can access amounts as low as Ksh 100
- The repayment period is usually 30 days (one month)
- The repayment of your loan is via M-Pesa or Mshwari.
How to get an M-Shwari loan
- Go to your M-Pesa menu
- Select loans and savings
- Choose M-Shwari
- Select loan
Choose check loan limit (This step is important especially if you want to get you’re a loan equivalent to your limit).
You can also opt to skip this step if you had a specific amount in your mind lower than your limit or don’t want to take a higher loan.
In case you ask for your loan limit, you should get a confirmation text from M-Shwari documenting it. You can then repeat the earlier steps up to “Select loan”.
- Request loan
- Enter the amount you wish to be loaned in the empty dialogue box
- Enter your M-Pesa PIN
- Click okay to send the request
- You will receive a message from M-Pesa confirming your M-Pesa being credited with M-Shwari loan detailing the transaction and the expected repayment date.
The process of getting an M-Shwari loan is simple and straightforward. Ensure you repay the loan within the stipulated time to avoid negative CRB listing and increase your loan limits.