M-Kopa, renowned for its innovative solar-powered products, extends its services to include cash loans for existing customers. If you’re curious about M-Kopa cash loan limits, eligibility, and the application process, read on.
What is M-Kopa? M-Kopa is a leading Kenyan fintech company that specializes in providing solar-powered products and financial services to individuals with limited income.
M-Kopa Cash Loan Limits: Key Information
- Loan Range: M-Kopa cash loans offer a borrowing range of Ksh 3,000 to Ksh 15,000.
- Determining Loan Limits: The loan limit is linked to the customer’s M-Kopa solar product and is applicable once more than half of the solar product cost has been paid.
- Interest Rate: M-Kopa cash loans incur a monthly interest rate of 1.75%, ensuring affordability for borrowers.
Eligibility Criteria: To qualify for M-Kopa cash loans, individuals must be existing M-Kopa solar products customers who have paid over half of their solar product cost.
How to Apply for M-Kopa Cash Loans:
- Open the M-Kopa app on your mobile device.
- Navigate to the “Loans” tab within the app.
- Specify the desired loan amount.
- Click on the “Apply” button to submit your loan application.
Alternatively, you can apply for M-Kopa cash loans via USSD. Once your application is reviewed, M-Kopa will inform you of the approval status. Approved funds are then deposited into your M-Kopa account for flexible use.
Conclusion: Borrow Responsibly with M-Kopa Cash Loans M-Kopa cash loans offer a convenient and affordable solution for individuals seeking quick financial assistance. It’s crucial to borrow responsibly, considering your ability to repay. By leveraging M-Kopa’s financial services, customers can access the funds they need while benefiting from the company’s commitment to financial inclusion and sustainability.