Mkopo Loans offers you secure instant loans with an interest rate of up to 5% which is currently the market best in Kenya. Loan application process is also made very easy enabling anyone from all levels to apply instantly from the comfort of their Android device.
Loan Application Procedure
1. Fill in all your information as required in application process
2. Choose the loan amount and click on apply
3. Your loan application will be sent to the mobile wallet account provided upon approval.
4. You will receive feedback for your application as soon as the instant loan is processed and transfer completed.
Loan App Interest Rates And Calculations
• No service charges
• Minimum Amount: Ksh 500
• Maximum Amount: Ksh 250,000
• Minimum Repayment Period: 90 days
• Maximum Repayment Period: 48 months
• Maximum Annual Percentage Rate(APR):18%
• Interest Rate:15%
INTEREST CALCULATION EXAMPLE:
If for instance initial MPESA loan amount is KES 1,000,
And a Repayment period of 12 months,
With the APR (Annual Percentage Rate) = 18%
Interest will be calculated as follows;
Total Interest (1000*15/100) = KES 150
Sample Monthly Repayment (1000*1.18/12) = KES 95.83
Total repaid amount therefore (KES 1000 + 150) = 1150
You can learn more about loan apps in Kenya on this website
