Are you looking for Zenka Loan Limit then this article is for you with all the necessary information about Zenka Loan Limit.
Digital Lender Zenka Finance has introduced a variety of changes to its offerings in recent months, such as a brand new offer for new customers that offers loan interest-free loans that can be as high as Ksh5,000 for a period of up 60 days.
Zenka has been celebrated for its increased financial integration at the 2021 annual Mobile App Awards organised by Vibrant Digital, eliminated the interest rate on their first loan to new customers that previously been ranging between 9% and 39 percent. The offer is available to anyone who is new to the Zenka App who haven’t previously availed a loan through the lender.
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Zenka Loan Limit
With a loan limit that is Ksh500, Zenka is one of the lenders in Kenya that offer an interest-free loan to first-time customers.
The loan is interest-free, which means that if the borrower borrows Ksh5,000, they’ll only be required to repay Ksh5,000 over the 30 – duration, without charges for interest, insurance or processing charges imposed on the loan amount.
Once the initial loan has been paid After the first loan has been repaid, customers can continue to access Zenka loans with interest rates ranging from 9 and 39%..
Zenka has also raised the maximum loan amount for future loans made by a customer from Ksh30,000 prior to the increase to a maximum of Ksh42,000.
The duration on every Zenka loans is as long as 61 days.
It is important to note that the rate of interest and loan amount as well as the duration vary significantly among people based on their financial situation.
How to Apply for Zenka Loans Via Mobile App
To be able to use to use the Zenka mobile loan application, you must own a smartphone and be aged 18 or more, have an official national ID and possess a valid Safaricom SIM card that is M-PESA enabled.
Download Zenka App from the Google Play store and follow the instructions to sign up as an account holder.
- Open the Zenka App
- Click’sign in’
- Verify the mobile number, then press the next button
- Enter your PIN and click “sign in’
- You’ll be able to see how much you are eligible for in cash and how long it will take to pay back
- Apply now by clicking ‘Apply Now’
- Verify the details of the loan which include ‘Total sum’ and ‘Due date’ “Next repayment”, the ‘number of installments’ and principal.
- Select ‘GET LOAN’
- Then, you will be sent an SMS by Zenka and, if it is you are approved, your loan will be sent to your via M-PESA.