The Utunzi Loan App is a dedicated mobile application that enables individuals in Kenya to access instant mobile loans conveniently. This innovative app has revolutionized the lending landscape by providing a seamless borrowing experience through a user-friendly interface and quick loan decision-making.
How to Repay a Utunzi Loan
Repaying your Utunzi loan is a simple process. You have two options for making loan repayments:
Using the Utunzi Loan App: Open the Utunzi Loan App and click on the “Pay Now” option. The app’s payment procedure is self-explanatory and will guide you through the repayment process, ensuring a hassle-free experience.
Using M-Pesa: If you prefer, you can also repay your Utunzi loan using the M-Pesa service. Follow the steps below:
Go to your Safaricom menu and select M-Pesa.
From the M-Pesa menu, select “Lipa na M-Pesa.”
Choose the “Pay Bill” option.
Enter the Utunzi Loan App’s business number, which is 977888.
Use your registered phone number as the account number.
Enter the repayment amount.
Enter your M-Pesa PIN to confirm the payment.
Review the details and press OK to complete the repayment.
Following these steps will ensure that your Utunzi loan is repaid promptly and without any hassle.
Utunzi Loan Terms and Fees
Utunzi Loan App offers flexible loan amounts and transparent fees. Here are some important details regarding loan terms and fees:
Loan Amounts: The Utunzi Loan App provides loan amounts ranging from KES 1,000 to KES 50,000. You can choose the loan amount that suits your needs.
Monthly Facilitation Fee: Utunzi Loan App charges a facilitation fee ranging from 9% to 25% of the loan’s principal amount. The specific fee will depend on various factors, including the loan amount and repayment term.
Annual Percentage Rate (APR): The APR for Utunzi loans ranges from 27% to 260%. The specific APR will depend on the loan amount and repayment term.
To provide a better understanding, let’s consider a sample loan:
Loan Amount: KES 1,000
Interest Calculation: (1000 * 25) / 100 = KES 250
Expected Payback Amount for 65 days: 1000 KES + 250 KES = KES 1250
Monthly Payment: 1250 KES / 2 months = KES 625
It is important to note that the Utunzi Loan App does not charge more than the facilitation fee, which includes a one-time late fee if the loan is not repaid within the grace period. The loan amount does not compound or accrue additional interest.
Terms and Conditions
Utunzi Loan App operates with flexibility and offers affordable loans with low facilitation fees ranging from 9% to 25%. To ensure transparency, Utunzi Loan App provides a breakdown of all the relevant information for each loan offer before the borrower accepts it. Here are some important terms and conditions:
Minimum Loan Amount: The minimum loan amount available through Utunzi Loan App is KES 1,000.
Maximum Loan Amount: The maximum loan amount available through Utunzi Loan App is KES 50,000.
Facilitation Fee: Utunzi Loan App charges a facilitation fee ranging from 9% to 25% of the loan’s principal amount. This fee is included in the total payable amount.
Grace Period: Utunzi Loan App provides a grace period of 7 days for customers to make loan repayments after the due date.
Late Payment Fee: If the loan and facilitation fee are not paid within the grace period, a one-time late payment fee of 10% will be charged on the payable amount.
It is essential to review the terms and conditions, interest rates, and fees associated with the loan before accepting any offers. Utunzi Loan App aims to provide transparent and fair financial services to its users.
Conclusion
The Utunzi Loan App offers a convenient and accessible solution for individuals in need of quick loans in Kenya. With its user-friendly interface, instant loan decisions, and transparent fees, the app empowers individuals to access finance at any time and anywhere. The flexibility in loan amounts and repayment terms ensures that borrowers can tailor their loans to their specific needs and financial capabilities. By prioritizing privacy and implementing robust security measures, Utunzi Loan App maintains the confidentiality of users’ information.
Learn more about other loans apps in Kenya here.
