I&M Bank Loans, Eligibility & Rates

Unsecured Personal Loan

I&M Bank's Unsecured Personal Loan targets salaried professionals needing quick funds without collateral. Loan amounts range from KSh 50,000 to KSh 10 million, repayable over 12-72 months. Eligibility requires a minimum net salary of KSh 30,000, stable employment for at least three years, and a clean credit history via the Credit Reference Bureau (CRB) check. Processing fees stand at 4% of the loan amount plus 20% excise duty, with approval typically within 48 hours for salary account holders. This product suits emergencies like medical bills or education, offering flexibility with optional Visa credit card linkage.

Short Term Loan

Designed for urgent cash needs, the Short Term Loan offers 1, 3, or 6-month tenures with monthly installments for longer options. Minimum loan is KSh 20,000, ideal for salary advance or bridging shortfalls. Customers must hold an I&M salary account for 3+ months, have no outstanding defaults, and pass affordability assessment based on 1/3 salary rule. Interest accrues monthly at 1%-2%, making it costlier short-term but faster disbursal—often same-day. It's popular among Nairobi professionals for its simplicity, with no guarantors needed for eligible accounts.

Home Loan

I&M's Step-Up Home Loan finances property purchase, construction, or renovations with up to 80%-90% of valuation. Tenures extend to 25 years, with step-up repayments starting low and increasing with income growth. Borrowers need steady income above KSh 50,000 monthly, aged 25-65, and valid title deeds for security. Valuation by bank-approved surveyors determines limits, alongside CRB clearance and 10%-20% equity contribution. Rates hover at 12%-16% reducing balance, competitive in Kenya's market, with free fire insurance for the first year. This appeals to first-time Nairobi buyers eyeing apartments in areas like Westlands.​

Car Loan

Vehicle financing covers up to 70% of purchase price or AA valuation for cars under 5 years old, with 3-year maximum tenure. Targets both existing clients and new applicants with proof of income, employment stability, and comprehensive insurance. Flat rates of 12%-15% apply, often bundled with free first-year insurance via GA Insurance. Eligibility mirrors personal loans but includes vehicle details and logbook hypothecation. Pricing concessions apply for higher deposits, making it attractive for mid-range SUVs popular in Kenyan roads.​

I&M Bank, a leading Kenyan lender with branches across Nairobi and beyond, structures its loans around customer-centric features like digital applications and quick approvals. Rates are tiered by risk profile, income stability, and relationship with the bank—premier clients enjoy lower bands. Eligibility universally demands Kenyan ID, payslips (3 months), bank statements (6 months), and PIN certificate, with guarantors for higher amounts. Processing takes 2-7 days, faster for app-based submissions via the I&M app.

Digital tools enhance accessibility; the bank's online calculator estimates EMIs based on amount, tenure, and rate. For a KSh 1 million personal loan at 15% over 36 months, monthly repayment approximates KSh 35,000, factoring insurance and fees. CRB listing is mandatory—clean status boosts approval odds to 90% for salaried applicants.

In Kenya's competitive banking scene, I&M stands out for unsecured options up to KSh 10 million, rare among peers. Compared to secured loans, unsecured variants carry higher rates (13%-18%) due to no collateral but offer speed. Short-term products fill gaps left by micro-lenders, with bank-grade security.

Facility management professionals in Nairobi often leverage these for business expansions, like pest control firms funding equipment. Appliance repair technicians use car loans for service vans, aligning with local service industry demands. Digital marketers benefit from flexible personal loans for campaigns.

Fees beyond interest include 2%-4% arrangement charges, 1% valuation for assets, and statutory 20% excise. Early settlement incurs 2%-3% penalty, waivable for premier accounts. Insurance is compulsory for asset-based loans, covering life or property.

Sustainability features emerge in home loans, with green building incentives reducing rates by 0.5%. Women entrepreneurs access concessional pricing under gender-focused programs.

Post-approval, funds disburse to accounts or directly to sellers (e.g., car dealers). Repayment via salary deduction ensures compliance, with SMS alerts for dues.

Risks include over-borrowing; I&M advises debt service ratio under 40%. Default leads to CRB blacklisting, auction of securities, and legal recovery.

For Nairobi residents, branches in Upper Hill and Westlands offer consultations. Online portals streamline applications, with 24/7 support.

I&M's loan suite evolves with fintech, integrating M-Pesa repayments and AI-driven approvals. Premier status unlocks overdrafts up to 2x salary.

This portfolio positions I&M as a versatile financier for Kenya's growing middle class, balancing accessibility and prudence.