Stawi loan app is the brand new app in town that targets SMEs in Kenya. In this article, we tell you everything you need to know about Stawi Loan.
What is Stawi Loan?
Stawi loan app is an initiative by the Central bank of Kenya in partnership with five commercial banks.
As earlier stated, Stawi loan offers cheap unsecured loans to SME’s. These loan range from Ksh 30,000 to Ksh 250,000 with repayment periods of up to 1-12 months, at an interest rate of 9% p.a.
The Kenyan banks responsible for the loan app include:
- The Kenya Commercial Bank (KCB)
- NIC Group PLC
- Commercial Bank of Africa Limited (CBA)
- Diamond Trust Bank Kenya Limited (DTB) and finally,
- The Cooperative Bank of Kenya Limited
See also: List of best mobile loan apps in Kenya
How to apply for Stawi loan
To qualify for the loan, one needs to register on the Stawi app. The first step is to download the Stawi App from the Google Play store.
The second phase will be disbursed to 10,000 traders who must have been registered by Stawi agents across the five banks. The disbursed loan is credited straight to the customer’s wallet.
Stawi loan attracts a 9% interest fee per annum. Other charges include an insurance fee of 0.7%, a facility fee of 0.4% and exercise duty that is 20% of the facility fee. That is quite an expensive fee, ha?. All the above prices are deducted immediately on loan disbursement.
How to qualify for a loan on Stawi
To be eligible for the Stawi loan, you need to have the following:
- A registered and running business
- A proper business registration certificates which are commonly known as business permit
- Stawi loan app which can be downloaded from Google play store.
- An Email address
- Phone Number
- National Identification details (ID or Passport)
Stawi loan app download
- Download and install the loan app from Google Playstore.
- Once downloaded, open the app, enter your mobile number and a PIN in the fields provided to open an account.
- A message will be sent to you to direct to the location of the agents based on your business location.
- Currently, you need to call the contact centre at 0709714999.
- The customer care representative will then ask you to provide details of your business location to direct you to the nearest Stawi agent near your business.
- Avail yourself to Stawi agent to have your details are verified.
- Remember to carry the original and photocopies of your National ID number and the business permit or certificate when visiting the agent’s office.
- The agent will then verify your details, and then an activation code will be sent to you via email or SMS.
- Use the activation code to request for the loan ( This is done on the app)