The I&M Bank Limited has unveiled the highest unsecured personal loan amount of up to Sh10million targeting salaried clients and business owners including the Small and Medium Enterprises (SMEs).
While launching the new financial product at I&M Head Office in Nairobi’s Parklands area, bank’s Personal and Business Banking General Manager Shameer Patel acknowledged that the financial product seeks to cushion their clients particularly during the current harsh economic situation.
“In line with our iMara 2.0 strategy to innovate and launch customer-centric banking products and services, we are pleased to offer our customers the highest credit limit for unsecured personal loans in Kenya. By offering our customers more, we believe we will empower their prosperity.” Patel noted.
Effectively, the leading Tier One commercial bank has doubled the unsecured credit limit from the previous Sh5million to Sh10million effective April 2023.
According to the lender, the unsecured loan product is offered under the ‘I&M@work’ workplace banking program.
“Feedback from salaried customers is that they are still feeling the impact of higher cost of living in Kenya and they are seeking more financial support to progress their investment and financial goals. The bank has once again responded to customer feedback just like it did with the removal of bank to mobile wallet transfer fees for personal account holders on the need for enhanced support to employed Kenyans including civil servants, corporate and small business employees.” Patel added.
The bank has also extended the repayment tenures of the Sh10million facility to 96 months.