To be eligible for a loan with us, one must meet the following conditions:
- Must be within the age of 1 Month to 40 Years.
- Must hold a valid ID, BC or Passport.
- Must fill an application form for atleast 3 months online or hard copy.
- Must hold a Savings/Transactional Bank Account with KCB Bank, Kenya.
- The Transactional account MUST be connected to mobile banking Services.
- Must be able to save at least Ksh. 500 per month in Savings Account (Build Strong Savings Culture)
- Must be willing to undergo Training/Mentorship ( Personal financial management & Enterprenuership)
- One must be willing to submit His/Her 3 months bank statement on request by MwangazaBiz Limited.
The following items shall be forwarded to MBL as support documents:
- Copy of National ID.
- Passport size photo.
- Attach the latest payslip/Bank statement.
- All Micro loans shall be directed to the Transactional Account (For sustainable and accountable financial Inclusion)
- The minimum micro Loan is Ksh. 1,000
- The maximum micro loan is Ksh. 50,000
- Minimum processing fee is Ksh. 200 or 15% monthly, whichever is lower.
- The repayment period is STRICTLY 1 Month.
- Penalty is Ksh.50 daily on late payment for the first 10 days and Ksh.100 days thereafter.