Increasing your MShwari loan limits requires demonstrating responsible borrowing behavior and financial stability.
The MShwari loan is offered at a 9% facilitation fee (7.5% Loan Fees and 1.5% Excise Duty). and is due in one month. Once you repay before the due time you enjoy a refund of 20% on the facility fee charged. This facility is also known as M shwari soft loan.
Failure to pay on the due date you are charged a penalty of 9% for the next 30 days. The penalty is added to the loan amount.
What happens when you default on the Mshwari loan? You will be listed to the Credit Reference Bureau (CRB) because NCBA is a fully-fledged bank. This hugely affects your credit score
Well, this loan has helped some Kenyans from the time it was introduced. Many have been able to finance their projects or enterprises, while others have used the loan in times of emergencies.
While there might not be any truly “unique” or “special” ways to increase your MShwari loan limits beyond these standard practices.
How can I increase my Mshwari limit From Zero?
1. Consistent Loan Repayment
Regular and punctual repayment of your existing loans is akin to showcasing your financial integrity and capability.
Each on-time payment serves as a testament to your reliability, signaling to the provider that you can handle larger loan amounts responsibly.
2. Maintain a Healthy Savings Balance
A substantial balance in your M-Shwari savings account exhibits commendable financial stability.
This factor can be pivotal in convincing the system that you’re well-equipped to handle increased borrowing limits without compromising your financial health.
3. Increase Mobile Money Transactions
Elevate your level of engagement by conducting a higher volume of transactions through your M-Pesa account.
By actively using the platform for various financial activities, you demonstrate an increased need for financial flexibility, potentially leading to an augmented loan limit.
4. Longer Account Tenure:
The duration of your association with M-Shwari plays a pivotal role in establishing your financial credibility.
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A longer track record of responsible borrowing and prudent financial management is a clear indicator that you’re a worthy candidate for an elevated loan threshold.
5. Upgrade to a Higher Tier
Explore the tiers of service offered by the mobile banking platform. Upgrading to a higher tier, often associated with a deeper financial engagement, can position you favorably for a loan limit increase.
Your commitment to financial growth is showcased through this strategic move.
6. Complete Financial Literacy Courses
Distinguish yourself as an astute borrower by enrolling in and successfully completing the available financial education courses.
These courses not only enrich your financial acumen but also serve as a tangible demonstration of your commitment to responsible financial behavior.
7. Link with Other Financial Services
Forge a comprehensive financial relationship by connecting multiple financial products or accounts within the same ecosystem.
This holistic approach underscores your dedication to the provider’s offerings and can facilitate a more favorable assessment of your loan limit increase request.
8. Regular Mobile Money Usage
Consistently integrating M-Pesa into your daily financial interactions underscores your reliance on the platform.
By frequently utilizing it for bill payments, mobile top-ups, and merchant transactions, you highlight your financial relevance, potentially resulting in an increased loan ceiling.
9. Increasing Source of Income
Showcase your progressing financial prowess by demonstrating an augmentation in your income sources.
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A diversified and expanding income stream exhibits your capacity to handle higher loan amounts, thereby warranting a more substantial loan limit.
How to Check M-shwari Loan Limit
After activating you can check the M-shwari loan limit by following the following procedure:
- Go to Mpesa
- Select Loans and Savings
- Choose Mshwari
- Press ‘Loan @ 9% for 30 days
- Choose Check Loan Limit
- Enter Mpesa Password
You will receive your Mshwari Loan limit as a message and you will be charged Ksh. 1 to check your limit.
Contact Customer Support:
Initiate a direct dialogue with the customer support team to express your aspiration for heightened MShwari loan limits. Gaining insights into the provider’s specific criteria and expectations can empower you to tailor your financial decisions accordingly, optimizing your chances of a limit increase.
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