Are you in need of some extra cash to take care of an unexpected expense or to fund a business venture? The Fadhili Loan App is here to help! Fadhili Loan App is a mobile application that allows you to apply for a loan and get it disbursed to your M-Pesa account within minutes.
In this article, we will take a closer look at the features of the Fadhili Loan App, including the loan interest rates and calculations, loan repayment procedures, and technical assistance.
Contents
Loan Interest Rates And Calculations
The Fadhili Loan App offers loans ranging from Ksh 500 to Ksh 1,000,000. The minimum repayment period is 91 days, while the maximum repayment period is 36 months. The Annual Percentage Rate (APR) is 12%, which includes an interest rate of 12% and an account management fee of Ksh 400 payable annually.
For example, if you take out a loan of Ksh 20,000 for a one-year loan term with a total fee of 12%, the APR will be Ksh 2,400, which is also the loan fee. The total cost of the loan will be Ksh 2,400, and the sample monthly repayment will be Ksh 1,867. The sample interest calculation is Ksh 20,000 X 12%/100% = Ksh 1,200.
It’s important to note that the interest rates and fees may vary depending on the loan amount and repayment period.
Loan Repayment Procedure
Repaying your loan on time is crucial to maintaining a good credit score and avoiding penalties. Fortunately, the Fadhili Loan App makes it easy to repay your loan. Here are the steps to follow:
- Go to your Safaricom menu and select M-Pesa.
- Select Lipa na M-Pesa.
- Select the Pay Bill option.
- Enter the business number 995321.
- Enter your Fadhili registered phone number as the account number.
- Enter your payment amount.
- Enter your M-Pesa PIN.
Once you have completed the payment process, your loan repayment will be updated automatically, and you will receive a confirmation message.
Technical Assistance
If you encounter any technical issues while using the Fadhili Loan App, such as crashing, hanging, or being unable to register, there are simple steps you can take to fix the problem before contacting support. Here’s what to do:
- Go to your phone settings.
- Select Apps.
- Find the Fadhili Loan App and click on it.
- Select “Clear Data/Cache/Storage.”
- Enter your details again and proceed with your loan application.
If the problem persists, you can uninstall the app and reinstall it.
Conclusion
In conclusion, the Fadhili Loan App is a convenient and accessible way to get quick loans in Kenya. With interest rates and fees that are competitive and transparent, a straightforward loan repayment procedure, and technical assistance readily available, you can be sure that your loan experience will be smooth and hassle-free. So the next time you find yourself in need of extra cash, consider the Fadhili Loan App.