Do you need money right away? You need money to pay a bill or other cost, but you don’t have enough. The answer is the MBKash – Best Fast Credit Loans tool.
It is a quick loan app that gives you credit right away and sends the money to your bank account, M-PESA account, or another account you give.
MBKash Loan is a loan service provided by MBKash, a mobile financial service provider in Bangladesh. It is an innovative product that allows customers to access credit anytime and anywhere through their mobile phones. This service has been designed to meet the needs of people who require small loans for their personal or business needs.
In this blog post, we’ll look more closely at MBKash’s features, loan terms, and perks.
How does MBKash Loan work?
MBKash Loan is an instant loan service that allows customers to borrow money without any collateral or paperwork. Customers can apply for a loan through their mobile phones by dialing a short code or using the MBKash app. The loan amount is credited to the customer’s MBKash account, which can be used for any purpose.
The loan repayment period is usually 30 days, and customers can repay the loan in installments or as a lump sum. Interest rates vary depending on the loan amount and repayment period. Customers can check their loan status, repayment schedule, and other details through the MBKash app or by dialing a short code.
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Features:
MB-Kash is an easy-to-use loan app that has a lot to give its users. Here are some of the most important perks and features:
- Money in your account in just 5 minutes (Eazy banking)!
Chat directly with customer service through the loan app.
The sign-up and application process is easy and quick.
You can get cash loans by going to one of our branch offices.
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Loan details
MB Kash loans have different terms in each country. The loan conditions for Kenya, Nigeria, South Africa, Mexico, and the Philippines are listed below.
Loan in Kenya
- Kenya Loan Amount: between Kes. 1,500 and Kes.
- The length of a tenor ranges from 61 days to 365 days.
- Rate of interest: 12.5% per year.
- Processing Fee: 5% of the amount borrowed, with a minimum of 60 kes and a limit of 600 kes.
For example, if you take out a 61-day loan with a principal of 3,000 kes and a handling fee of 150 kes, the interest would be 61.64 kes.
The total amount owed would be kes 3211.64, and the monthly payment would be kes 1605.82.
Loan in Nigeria
- Loan Amount: from ₦.5000 to ₦. 350,000.
- Tenure: the shortest tenor is 61 days, the longest is 365 days.
- Interest Rate: 12.5% per annum.
- Processing Fee: 5% of the principal amount with a minimum amount of ₦ 200 and a maximum amount of ₦ 2000.
For instance, if you take a 61-day loan with a principal amount of ₦ 10000, the processing fee would be ₦ 500, and the interest would be ₦ 205.48. The total amount due would be ₦ 10705.48, and the monthly payment would be ₦ 5352.74.
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Loan in South Africa
- Loan Amount: from R.230 to R. 15000.
- Tenure: the shortest tenor is 61 days, the longest is 365 days.
- Interest Rate: 12.5% per annum.
- Processing Fee: 5% of the principal amount with a minimum amount of R10 and a maximum amount of R100.
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Loan in Mexico
The loan amount is between $300 and $19,000.
The length of a tenor ranges from 61 days to 365 days.
Rate of interest: 12.5% per year.
Processing Fee: 5% of the amount of the loan’s capital, with a minimum of $12 and a maximum of $120.
For example, if you borrow $1,000 for 61 days, the handling fee would be $50 and the interest would be $20.55.
The total amount owed would be $1070.55, and the monthly payment would be $535.28.
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Loans in the Philippines
Loan amounts range from 500 to 30,000 rupees.
The length of a tenor ranges from 61 days to 365 days.
Rate of interest: 12.5% per year.
Processing Fee: 5% of the loan’s balance, with a minimum of 60 and a maximum of 600.
For example, if you borrow 5,000 over 61 days, the filing fee would be 250, and the interest would be 102.74.
The total amount owed would be 5252.74, and the monthly payment would be 2626.37.
Conclusion:
Kash is a quick and easy loan app that helps people who need cash quickly get loans quickly.
MB-Kash makes it easy to get the money you need in just a few minutes. The sign-up process is simple, and you can get a loan quickly.
But before you take out a loan, you should think carefully about the loan terms and make sure you can pay the loan back on time.
Make sure to carefully read the terms and conditions, and if you have any questions or concerns, don’t be afraid to ask for help from MBKash’s customer service team.
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Frequently Asked Questions (FAQs) about MBKash Loan
- What is the eligibility criteria for MBKash Loan? Answer: The eligibility criteria for MBKash Loan are as follows:
a. The customer must be a Bangladeshi citizen b. The customer must be at least 18 years old c. The customer must have a valid MBKash account d. The customer must have a good credit score
- What is the loan limit for MBKash Loan? Answer: The loan limit for MBKash Loan varies depending on the customer’s credit score and repayment history. Generally, customers can borrow up to Tk. 30,000.
- What is the interest rate for MBKash Loan? Answer: The interest rate for MBKash Loan varies depending on the loan amount and repayment period. Generally, the interest rate ranges from 1% to 2.5% per month.
- How long does it take to get the loan amount credited to the customer’s account? Answer: The loan amount is credited to the customer’s MBKash account within a few minutes of loan approval.
- Can a customer apply for multiple loans at the same time? Answer: No, a customer can apply for only one loan at a time. However, after repaying the loan, the customer can apply for another loan.
- What happens if a customer fails to repay the loan on time? Answer: If a customer fails to repay the loan on time, a penalty fee is charged, and the customer’s credit score is negatively impacted.
- Can a customer prepay the loan amount? Answer: Yes, a customer can prepay the loan amount at any time without any penalty fee.
- Is it necessary to have a bank account to avail of MBKash Loan? Answer: No, it is not necessary to have a bank account to avail of MBKash Loan. However, customers must have a valid MBKash account.
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