Loan Eligibility Requirements
1.A citizen of Kenya
2.Between 18-65 years
3.And a regular source of income
Loan Application Procedure
1. Install the Instahela APP from the Play Store.
2. Register an account.
3. Fill out your basic information, then submit the application.
4. Sign the loan agreement after the approval.
5. After signing, the approved loan amount will be disbursed into your account within 10 minutes and a SMS notification will be sent.
Loan App Interest Rates And Calculations
· Loan terms 91 days (shortest, including renewal time) – 365 days (longest, including renewal time).
· Loan amount: KSh 5,00.00 – KSh 10,000.00
· The maximum Annual Percentage Rate (APR) is 36%.
· Origination fee: From 1% to 9%.
Maximum Annual Percentage Rate (APR) inclusive of interests and processing fee is 365%. Minimum Annual Percentage Rate (APR) inclusive of interest and processing fee is 5%.
**For Example:
-If you apply for an amount of Ksh 6,000 with a total of 91 days (45 days 1st installment & 46 days 2nd installment) loan on 1 Jan 2022.
-You will get the loan amount Ksh 6,000 on 1 Jan 2022.
-The 1st installment due date is 14 Feb 2022 with amount Ksh 3,000, Interest Ksh 27 and origination fees Ksh 81, due repayment is 3,000+27+81=Ksh 3,108.
-The 2nd installment due date is 2 April 2022 with amount Ksh 3,000, Interest Ksh 14 and origination fees Ksh 42, due repayment is 3,000+14+42=Ksh 3,056.
-The total repayment should be 1st installment due repayment Ksh
3,108+ 2nd installment due repayment Ksh 3,056= Ksh 6,164.
Loan Repayment Procedure
-Use M-Pesa to complete repayment easily and quickly
Benefits Of Using Instahela
1. 24/7 access to loans with intelligent online processes
2. Automated review with little time required
Contacts
Customer Service Email: [email protected]
You can learn more about loan apps in Kenya on this website
