This is a mobile-based app that offers loans to Kenyans from their mobile phones. You do not need to fill in any forms or open any bank accounts.
Sky Pesa is a platform that facilitates loan transactions between borrowers and digital wallets and banks. All loan applications are approved, and this information is communicated in advance during the loan application period.
How Much Sky Pesa Loan Can You Get?
Sky Pesa loans start at Ksh 1,000 and have a maximum of Ksh 20,000. When you apply for the loan the first time, you will qualify for a lower amount and as your repayment history is assessed, your credit score improves and you qualify for a higher amount.
Sky Pesa Loan Cost
Sky Pesa loan has an interest rate of 10% to 16.25% per year. This translates to 0.027% to 0.044% per day on the outstanding loan amount. The annual interest rate of different products varies according to the customer’s risk profile.
Sky Pesa loans have a period of 91 days (3 months) with those in the higher bracket getting 180 days (6 months).
Sky Pesa registration A One-time service fee is levied or increased during the period, depending on the subscriber’s membership level and personal data risk.
A small handling fee will be charged for loan payments. Fees and payment deadlines vary depending on the customer’s creditworthiness and repayment ability.
Only when someone delays his scheduled payment will he be punished.
How To Apply For Sky Pesa Loan
To apply for Sky Pesa loan, you need to download the app from the google play store. Once downloaded, open the app and fill in the opt-in form. Answer the questions asked and give as much true information as possible.
Once done, you will have your loan processed and you will receive a notification within 10 minutes of the application.
Type Of Loan From Sky Pesa
A simple loan option, you can get a loan in the form of a cash transfer within 10 minutes after installation. You can get loans ranging from 2,000 KSh to 100,000 KSh, with maturities ranging from 91 days to 6 months.
Examples of personal loans for salaried personnel:
Loan amount: 1,000 KSh ~ 20,000 KSh
Duration: 91 days- 180 days
Interest rate: 20% per year
The maximum APR: 10%-16.25%,0.027%-0.044%per day.
**Example: If your loan amount is 2000 KSh, the APR is 10%, and the term is 91 days. At the due date, the amount payable is 2049.86KSh (2000 KSh * 10% / 365 * 91 + 2000 KSh).
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Sky Pesa Paybill Number
When the due date comes, you can repay the loan through paybill number 4084161. Here are the steps to follow:
- Navigate to M-PESA in your Safaricom menu on your phone
- Select Lipa na M-PESA
- Choose Paybill
- Enter the Paybill number 4084161
- For account number, enter your phone number on which you registered with.
- Enter your repayment amount
- Enter your M-PESA pin
- Confirm that all details are correct and press ‘OK’.
You can repay the Sky Pesa loan for someone else through the M-Pesa Paybill. You just need to input the account as the mobile number of the person who took the loan.
Why Go For Sky Pesa Loan?
Many people prefer Sky Pesa loan because it is accessible online and you do not need to visit any offices or banking halls to get the loan. No ques and no papers to fill
Another reason for going for Sky Pesa loan is that it is approved fast, and within 10 minutes you get your money transferred to the digital wallet or bank.
The cash transfer and you do not have to wait for a day or 2. When you fill in an EFT at the bank, transfer it will take 2 working days while RTGS will take at least 1 day to be effected. With Sky Pesa transfers are instant and you get the cash immediately.
Who Qualifies For The Sky Pesa Loan?
Sky Pesa loan is accessible to any person residing in Kenya who is over 20years old. You have demonstrate presence of a source of income or proof of a source of income to qualify for the loan.
A smartphone that can download the Sky Pesa app is needed. You cannot apply for a Sky Pesa loan through SMS. It is only done through the app.
How to contact Sky Pesa
You can contact Sky Pesa for any queries, clarification, or more information on:
- Customer Service Hotline: 254115623977
- Email address: [email protected] .
- Address: Argwings Kodhek Rd, Nairobi
You can browse more loan apps in Kenya and have a variety to choose from.