I have been using mshwari loan and savings services and really like their service. One challenge I came across was getting a low limit which I fixed by following mshwari guidelines. I share how I increased my mshwari loan limit in this post.
What Is Mshwari?
M-shwari is a Safaricom M-Pesa savings service whereby Safaricom users can save their cash both short-term and long-term. Mshwari was first introduced to cater to MPesa customers’ savings needs. On M-shwari, one can not only make savings but also apply and request for Mshwari loans.
M-shwari loan limit eligibility requirements
To unlock your M-shwari loan limit and other services on your savings account, you need to consider the following factors first:
- You’re required to be a 6-months, active M-Pesa user
- Your Safaricom M-shwari account has to be ACTIVE and in service
- You have to transact and Save on M-shwari regularly
- Pay your previous M-shwari loans on time
How to Register for M-shwari Loan Amount
- Open your M-Pesa Menu on your Sim toolkit, M-Pesa app, or USSD (*334#)
- Go to Loans & Savings
- Select ‘M-Shwari’
- Click on Activate/Wezesha
- Enter your Mpesa pin to confirm the activation function
How to increase M-shwari loan limit
Saving high cash amounts on your M-shwari regularly means that you’re likely going to receive larger loan amounts compared to others. Follow the below steps to increase your mshwari limit.
- Make sure your M-shwari account is Activated
Upon buying a new Safaricom line, the user is required to first activate their M-pesa account. If your M-pesa is active, you can now go to the M-shwari section and push the activate button to begin transacting
- Make savings on M-shwari
If your M-shwari account is active, you need to begin saving cash on it regularly to increase the possibility of achieving a higher loan limit.
- Regular loan applications
As soon as your limit is unlocked from zero (0), begin applying for loans from time to time. Remember to repay your M-shwari loans in time to avoid defaulting which will certainly lead to future loan rejections.
- Complete your Previous loan payments on time
You’re recommended to make early loan repayments on M-shwari to increase your credit score and boost your loan limit over time.
Why is my M-Shwari Limit Zero?
Your m-shwari loan limit is 0 because you might have defaulted on your previous loans or made late payments. To increase your limit from zero, repay your outstanding loans and save more with m-shwari.
M-Shwari Loan Interest Rates
| M-shwari Loan limit offered | Ksh. 100 to Ksh. 50,000 |
| M-shwari loan interest rate | 9% |
| M-shwari loan Repayment Duration | 30 Days/1 month |
How to Repay M-shwari loan amount
You can make your M-shwari loan repayment via M-Pesa or M-Shwari, using your Sim Toolkit or MySafaricom App. We recommend you avoid making late M-Shwari loan repayments to prevent loan rejections or declines in the future.
However, you can request a loan repayment duration extension. This 30-day extension will however attract a penalty fee of 9% from the lender.
- Open your M-Pesa menu
- Go to the Loans and savings section
- Select M-Shwari
- Choose ‘Loan’
- Click on ‘Pay Loan’
- Enter the amount payable
How to increase M-shwari loan limit FAQs
To easily increase or grow your M-shwari loan limit, you’re required to deposit, withdraw and most importantly make savings on your M-shwari account. You’re also recommended to pay your outstanding M-shwari loans in time to avoid penalties like a disqualification.
Your M-Shwari loan limit is Zero (0) because your M-shwari account might be new or inactive. Moreover, you M-shwari limit could be Zero(0) if you have an outstanding debt balance overdue for more than three months.
The M-shwari loan interest rate is usually 7.5 percent. One can borrow from Ksh. 100 up to Ksh. 50,000. All M-shwari loan borrowers are required to make their repayment in a period of 4 weeks i.e. 1 month. One should make the repayment on time to avoid unnecessary penalties.
To boost your m-shwari loan limit, make more transactions and savings with mshwari. Ensure your outstanding loans are paid on time.
The maximum M-shwari loan limit is Ksh. 50,000 with a 30-day repayment duration, whilst the minimum M-shwari limit is Ksh. 100.
Absolutely, you can get qualify for M-shwari loans even with a Fuliza overdraft as long as you’re eligible for a certain loan amount i.e. if your M-shwari savings account has been active for quite a while.
Yes, M-Shwari will definitely list you on CRB if you default on your outstanding loan amount. Make your repayment within 120 days to avoid CRB listing.
Thank you for reading, I am sure these methods increased your m-shwari limit. Please share these tips with others.