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 Bank has placed digitization at the heart of its operations in a bid to deliver market-driven, innovative financial solutions for its customers and to enhance operational efficiencies. The Bank has accordingly developed this automated unsecured lending solution, that promises faster and more efficient loan application and renewal processes for fulfilling customers’ requests for unsecured loans. Eligible customers can apply for and receive loans within a day for most cases.
The platform through which the unsecured lending will be provided supports loan application and decisioning with credit scoring capabilities, that were not previously available in the traditional loan application process in the Bank. Eligibility for loans and the loan amounts will be dependent on a customer’s credit score, which will be determined within the platform using a number of unique parameters.
Customers will be able to conveniently acquire loan facilities from a minimum of Kshs 50,000 up to a maximum of Kshs 3 million, without providing any collateral or guarantor as security.
” We believe that providing access to unsecured loans and credit cards is critical for our customers. Further it provides for deepening financial inclusion. The Bank is also very focused in its digitisation agenda. This is in line with our corporate strategy which is driving the Bank’s digital transformation journey. We will continue to invest in digital technology to provide innovative financial solutions that are timely and relevant,” said Kihara Maina, CEO at I&M Bank.
“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.” Mr. Maina added
Customers will be able to enjoy flexible loan repayment periods of up to 60 months through the new platform. They will also enjoy competitive interest rates and loan processing fees with no minimum deposit balances required for personal loan requests.
The launch of the unsecured loan solution on an automated lending platform comes soon after the Bank rolled out I&M On The Go (OTG), a platform that supports customers’ access to banking services in real-time through mobile banking and internet banking. Customers will soon be able to use the I&M On The Go (OTG) platform to track their loan applications.
“We want to leverage technology to enhance our offerings and convenience for our retail, business banking and corporate customers. The Bank will continue to invest in solutions that are in line with our vision of being Eastern Africa’s Leading Financial Partner for Growth” Mr. Maina concluded.
I&M Bank will continue to prioritise customers’ needs through market driven financial solutions that are efficient and provide convenience to its customers across all the banking segments, in line with its brand promise: “We Are On Your Side”.