Close

August 29, 2022

Applying For An Overdraft Facility At An Micro Finance Institution

For those who don’t have enough money to start a business, Mwananchi Credit is a microfinance institution that provides loans and other financial products. They can help you with an overdraft facility if your bank account has fallen below the limit you set. It’s relatively easy to apply for an overdraft facility at Mwananchi Credit, as they offer many different options for repayment. You can choose from installments that are calculated for you at the time of borrowing or plans where installments are spread out, paid monthly, quarterly, or yearly. The interest rates on these loans are lower than those on credit cards, and its competitors.

Applying For A Personal Or Business Loan At An MFI 

If you’re looking for a loan, first assess the amount you need and then decide on the duration of your loan. You can either take out a personal or business loan. If you’re looking to start a business, Mwananchi has an excellent entrepreneurial credit facility, which is designed to help entrepreneurs establish their businesses. It’s even possible for people with limited ability to repay loans to apply for loans at Mwananchi Credit.

You can apply for any type of loan you want by visiting an MFI like Mwananchi Credit. The application process is relatively simple and straightforward, and it’s also free of charge. So what are you waiting for?

How To Qualify For An MFI Loan.

You can qualify for an MFI loan if you own a car, or a land title deed in a developed area in Kenya, being 18 years or older.

There are also different types of loans you can qualify for with an MFI. One type is the KES 5,000 installment plan. This plan has a repayment period of one month to three months, depending on your income level. You can pay back this loan without interest. Another type of loan is the deferred payment plan, which works similarly to the KES 5,000 installment plan but with more flexibility in terms of repayment periods. The repayment period for this type of loan ranges from six months to one year. This type of loan does have interest attached to it, but it’s lower than other forms of borrowing money in Kenya. There are two ways you can apply for a loan with Mwananchi Credit: online or through our website called mwananchicredit.com. Once you apply and submit your information, you’ll be approved within 6 hours and will receive instructions on how to make your first payment (which will come out automatically from your account).

Leave a Reply

Your email address will not be published.