Shika Loan App has emerged as a reliable and convenient solution for accessing low-cost loans with flexible repayment schedules. With its seamless integration with M-Pesa, the widely used mobile money platform, Shika Loan App provides users with a hassle-free experience, ensuring that they receive the much-needed cash in a swift manner.
Accessing Shika Loan App
Getting started with Shika Loan App is quick and effortless. The first step is to download the app from the Google Play Store.
Once installed, users are required to register with the Berry application, which serves as the platform for Shika Loan App. During the registration process, the user’s identity is verified through a secure system, ensuring the protection of personal information.
Applying for a Shika Loan
After successfully registering with the Berry application, users can proceed to apply for a Shika loan. The loan approval process is remarkably fast, allowing users to receive loan offers promptly. Upon loan approval, the requested amount is deposited directly into the user’s M-Pesa account, eliminating the need for additional steps or intermediaries.
Repaying a Shika Loan
Repaying a Shika loan is designed to be convenient and straightforward for users. The Shika app provides a dedicated “Pay Now” feature, which facilitates easy loan repayments. By following the self-explanatory Berry payment procedure within the app, users can complete their repayment process seamlessly.
Alternatively, users can also choose to repay their Shika loan through the M-Pesa platform. To do so, they need to access their Safaricom menu, select “M-Pesa,” and then choose “Lipa na M-Pesa.” From there, they can select the “Pay Bill” option and enter the business number 977888. The user’s registered phone number should be entered as the account number, followed by the payment amount and the M-Pesa PIN. After confirming the correctness of the details, the payment can be submitted by pressing “OK.”
Shika Loan Terms and Fees
Shika Loan App offers borrowers flexibility in loan amounts, with a minimum of KES 1,000 and a maximum of KES 50,000. The facilitation fee charged by Shika ranges from 9% to 25% of the principal amount. Additionally, Shika Loan App adheres to transparent and responsible lending practices by disclosing the Annual Percentage Rate (APR) to borrowers. The APR for Shika loans ranges from 27% to 260%.
To illustrate the calculation of fees, let’s consider an example. For a 65-day loan with a principal amount of KES 1,000, the facilitation fee would be KES 250. Therefore, the total payable amount at the end of the loan period would be KES 1,250.
It is important to note that Shika does not charge any amount beyond the facilitation fee, except for a one-time late fee that may apply if the borrower fails to repay the loan within the specified grace period.
Shika Loan App provides borrowers with a minimum repayment period of 65 days and a maximum repayment period of 120 days. The minimum APR for Shika loans is 27%, while the maximum APR is 260%. These terms ensure that borrowers have sufficient time to repay their loans without incurring excessive interest charges.
Terms and Conditions
Shika Loan App operates with a customer-centric approach, offering flexible loan terms and affordable facilitation fees. The facilitation fee charged by Shika ranges from 9% to 25% of the principal amount, ensuring that borrowers are not burdened with exorbitant charges.
By keeping the facilitation fees reasonable, Shika Loan App aims to promote financial inclusivity and make borrowing accessible to a wider population.
The minimum loan amount of KES 1,000 and a maximum loan amount of KES 50,000 caters to varying financial needs of individuals. Whether it’s a small emergency expense or a larger investment, Shika Loan App provides options to suit different requirements.
Conclusion
Shika Loan App offers a simple and swift cash solution for Kenyans in need of quick access to low-cost loans. With its seamless integration with M-Pesa, borrowers can conveniently receive loan amounts directly into their M-Pesa accounts. The application process is user-friendly, and the loan approval is fast. Repaying the loan is made easy through the Shika app or M-Pesa platform. Shika Loan App operates with transparent loan terms and fees, ensuring that borrowers have a clear understanding of the costs involved. By promoting responsible borrowing practices, Shika Loan App aims to empower individuals and enhance financial inclusion in Kenya.
