I&M Bank, one of Kenya’s leading banks, has launched a new loan product aimed at helping small businesses recover from the economic impact of the COVID-19 pandemic. The Unsecured Personal Loan product, offered under the bank’s workplace banking program, I&M@Work, offers customers an increased credit limit of Ksh.10 million for unsecured loans, double the previous limit of Ksh.5 million. This credit limit is currently the highest for unsecured loans offered by a local bank in Kenya.
In addition to the increased credit limit, I&M Bank has also tripled its loan repayment period for small businesses from 12 months to 36 months. This move is aimed at easing the burden of loan repayments on small businesses and allowing them more time to recover and stabilize after the pandemic.
Shameer Patel, the General Manager for Personal and Business Banking at I&M Bank, expressed his pleasure in offering customers the highest credit limit for unsecured personal loans in Kenya. He noted that by offering customers more, the bank aims to empower their prosperity. Patel also encouraged employers in both the public and private sectors to sign up for I&M@Work to take advantage of the new loan product.
The Unsecured Personal Loan product also offers additional benefits such as top-up options for existing customers and takeover opportunities for new customers. Patel explained that the bank responded to customer feedback, just as it did by removing bank to mobile wallet transfer fees for personal account holders. The enhanced support offered to employed Kenyans and small business employees through the increased loan limits and tenures is part of the bank’s commitment to meeting its customers’ needs.