In Kenya, many people face financial challenges every day. Whether it’s an urgent business need or an emergency situation, access to quick funds can make all the difference.
Kasi Loan is an innovative mobile application that offers instant loans to Kenyans in need of financial assistance. In this article, we will delve into the loan application requirements, procedure, interest rates, and contact information.
Contents
Loan Application Requirements
To qualify for a loan from Kasi Loan, you must meet the following requirements:
- Be a Kenyan Citizen
- Be between 18-65 years old
- Have a regular source of income
Kasi Loan does not discriminate against people with bad credit history or those who have never borrowed before. As long as you meet the above requirements, you can apply for a loan on the app.
Loan Application Procedure
The loan application process on Kasi Loan is simple and straightforward. Here are the steps to follow:
- Sign up: Download the Kasi Loan app from Google Play Store, create an account, and log in.
- Fill in basic details: Provide your personal information, including your name, phone number, and email address.
- Apply for a loan: Indicate the amount of money you need and the duration of the loan.
- Wait for approval: Kasi Loan will review your application and notify you of its status within minutes. If approved, the money will be disbursed to your M-PESA account immediately.
It’s worth noting that Kasi Loan disburses funds 24/7, so you can access quick funds at any time of the day or night.
Loan Interest Rates And Calculations
Kasi Loan offers loans ranging from Ksh 1,200 to Ksh 100,000, with a loan tenure of 91 days to 365 days.
The Annual Percentage Rate (APR) ranges up to 24%, while the service fee is between 2% and 8%. The interest rate and service fee are calculated based on the loan amount and tenure.
Here’s an example to help you understand how the interest rate and service fee work:
Suppose you apply for a loan of Ksh 20,000, with an APR of 10% per annum and a tenure of 180 days, and a service fee of 6%. The calculations would be as follows:
- Interest = Ksh 20,000 * 10% / 365 * 180 = Ksh 986
- Service fee = 20,000*6% = Ksh 1200
- Total repayment amount = Ksh 20,000 + Ksh 986 + Ksh 1200 = Ksh 22,186
- Monthly repayment = Ksh 22,186 / 6 = Ksh 3698
Therefore, if you borrow Ksh 20,000, you will have to repay Ksh 22,186 in six equal installments of Ksh 3,698 per month.
It’s important to note that Kasi Loan charges no penalties for early repayment, and you can pay off the loan at any time without any additional charges.
Contacts
If you have any questions or concerns regarding Kasi Loan, you can contact their customer service team through their email address: kasiloanservice@gmail.com.
Their dedicated customer support team is always available to assist you with any issues you may have.
Conclusion
Kasi Loan is a reliable and convenient loan application that offers quick access to funds for Kenyans in need of financial assistance.
With simple loan application procedures, competitive interest rates, and excellent customer support, Kasi Loan stands out as a top-rated loan app that provides Kenyans with a quick and secure solution to their financial needs.
Whether you need funds to grow your business, pay for medical expenses, or any other urgent need, Kasi Loan is there to support you.
Kasi Loan is committed to protecting its users’ personal information, ensuring that their data is safe and secure. Therefore, you can trust Kasi Loan to keep your information confidential.