How to get Izwe loans? Who can receive such a loan and what is the limit? Read this article to learn more about Izwe. It is really simple and fast loan process, but the requirements are much higher than for mobile loans.
Izwe is a financial institution that instantly disburses unsecured loans. Izwe has been authorised by the government of Kenya to offer unsecured loans to civil servants, Teachers Service Commission members in all counties, selected parastatals and private institutions.
See how you secure a loan from Izwe. The process is very fast. As long as you have the requirements listed below, you will get your Izwe loan in a day.
For how long can I borrow Izwe loans?
The repayment periods for Izwe loans are long and favourable. Izwe loans can be borrowed for:
8 months, 13 months, 20 months, 25 months, 38 months, 50 months, 60 months and 72 months which is 6 years. The Izwe loan periods are long enough for you to pay up on time.
How can I apply for Izwe loans?
Getting loans from Izwe is fast and easy. You need to follow a few steps and your Izwe loan will be disbursed to you in no time. Nevertheless, borrowers must have a set of requirements that will enable them to complete their Izwe loan application successfully. So we could say: it is easy to receive Izwe loan if you are eligible for this. But it is not that easy to be eligible.
What are the requirements for Izwe loans in Kenya?
- Izwe loan applicants must be civil servants.
- You have to be permanently employed and eligible for pension in Kenya.
- You must be a Kenyan citizen
- To prove your citizenship you must have an original and valid Kenya national ID or Kenya passport
- You should be below 60 years.
- Borrowers must show proof of original bank account details.
- You must come with your employment card.
- Attach at least three recent payslips.
- Two latest coloured passport photos are also essential.
- Should not have less than a third of his basic salary as net pay.
How can I apply for Izwe loans? Is the application for Izwe loans a simple process?
Izwe loans give you fast access to financial help when you need it. Applications for Izwe loans are processed in under 30 minutes. This means that, after a successful application, you will receive your Izwe loan in less than 72 hours.
- Apply for Izwe loans through the Izwe call centre.
- Through the Izwe agent network, where a consultant will come to you
- Borrowers can also apply for Izwe loans directly at an Izwe Branch (see Izwe loan Branch details at the bottom of this article)
- Another option for borrowers is to apply by requesting a call back via the Izwe website.
With all the above, you are now ready to apply for a loan from Izwe.
- Apply for a loan through any of the above-mentioned channels that you are comfortable with.
- Within a few minutes, you will receive a loan offer from Izwe based on your affordability.
- Accept your Izwe quote out of the offers sent to you.
- Sign the loan agreement and submit your supporting documents.
- Wait for your loan to be processed. In less than 72 hours, you will receive your Izwe loan.
- The approval is done within 10 minutes of application and disbursement is within the same day for Sacco account holders and in 24 hours for bank account holders.
- You can choose to receive your loan on credit, money transfer, or EFT upon registration.
This is the simple process of applying for Izwe loans. As long as you have all the required documentation, applying for Izwe loans should be easy and a fast process. Your Izwe loan will be disbursed to you as long as you have successfully completed the loan application.
What are Izwe loan interest rates?
The Izwe loan interest rates range from 1.9% to 2.4% on a monthly basis. Izwe gives a minimum of KSh 5,000 and a maximum of KSh 500,000 for these interest rates.
All interest rates are reflected in the pre-printed payment schedule so that customers can fully understand and after, agree to the loan terms.
A sales consultant can assist you on the form of the agreement you earlier receive before signing for your loan.
How will I pay back my Izwe loan?
All Izwe personal loan repayments are made via a salary deduction at your employer. This could be periodically according to your pay.
The repayments are automatically deducted via your payroll as it arrives. Even if you have a payroll deduction you must make sure that your instalments are paid in full, and on time. You are responsible for all arrears that should arise from not clearing your loan according to the agreed terms. Therefore, follow your Izwe loan payment carefully according to the pre-printed loan terms.
Izwe loans also give other offers on their loans including loan refinance, top-up and a rollover once you have already accessed their services. After taking a loan with Izwe, you can also repay with a two months interest. You do not have to wait for your loan duration to elapse when you can clear your loan at that moment.
Therefore, Izwe loans are very fast and easy to apply. There is no need to queue and wait like the traditional banking system. Kenyan civil servants should take advantage of the big loan amounts and long borrowing periods from Izwe loans.
To know more about Izwe loans, contact them through:
Nairobi: +254 709 530 171
Kisumu: +254 709 530 161
Mombasa: +254 709 530 141
Email: [email protected]
Visit Izwe offices to make contact with their well-trained consultants.