Personal loans of up to Sh10 million are now accessible to I&M Bank salaried customers without the need for collateral. The maximum credit term for personal unsecured loans was also increased, from 60 to 90 months, as revealed by the lender on Wednesday.
According to I&M, the action is in response to an increase in demand from salaried clients who want greater financial support to achieve their investment and other financial goals.
The tier I lender increased the lengths of its unsecured loans for small enterprises from 12 to 36 months concurrently in order to reduce the monthly burden of loan service.
The collateral-free loans will be offered through the workplace banking program “I&M@Work,” which is accessible to staff members from both the public and private sectors, according to Shameer Patel, general manager for personal and business banking at I&M Bank.
“By offering our customers more, we believe we will empower their prosperity. We have received tremendous feedback from our customers since we launched our workplace banking program earlier this year,” said Mr Patel.
In order to provide customers with quicker and more effective loan application and renewal processes, I&M introduced an automated unsecured lending solution in January. This solution enables customers to apply for and receive loans in as little as one day.