I&M Bank salaried customers will now tap up to Sh10 million in personal loans without requiring collateral after the lender doubled the limit from Sh5 million.
The lender on Wednesday announced that the changes, which also increased the period for serving personal unsecured loans from the maximum of 60 months to 90 months, are effective April 1.
I&M said the move is in response to increased demand from its salaried clients who are seeking more financial support to progress their investment and other financial goals.
The tier I lender has at the same time increased its unsecured loan tenures for small businesses from 12 months to 36 months to ease the monthly burden of servicing the loans.
I&M Bank general manager for personal and business banking Shameer Patel said the collateral-free loans will be offered under the ‘I&M@Work’ workplace banking programme and is open to employees from both the public and private sectors.
“By offering our customers more, we believe we will empower their prosperity. We have received tremendous feedback from our customers since we launched our workplace banking program earlier this year,” said Mr Patel.
I&M in January rolled out an automated unsecured lending solution, promising faster and more efficient loan application and renewal processes that allow customers to request and get loans within a day.