How To Apply For Okoa Mia Loan guide

in Business, Wealth

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Here is a simple guide on how to apply for an Okoa Mia loan. Okoa Mia is a mobile loan company based in Kenya that gives loans to their customers, regardless of whether they are using a smartphone or Kabambe. How To Apply For Okoa Mia Loan guide

As the name suggests, Okoa Mia gives Ksh. 100 to their clients but they have since increased their loan limit to Ksh. 900.

How to Apply For Okoa Mia Loan

Dial USSD code *628# to register.
Pay Okoa Mia loan acceptance fee that ranges between Ksh. 5 and Ksh. 45. This depends on your loan limit.

Below is the process of paying the Okoa Mia loan acceptance fee

Go to the M-Pesa menu on your mobile phone.
Choose “Lipa na M-Pesa”.
Choose “Pay Bill”.
Enter Okoa Mia pay bill number 519608.
Enter the acceptance fee of your choice.
On the account number section, enter your National ID number or phone number.
Enter your M-Pesa pin number and submit the information.
If you qualify for a loan, dial *628# to borrow.
The loan will be disbursed to your M-Pesa account in less than 2 minutes.

To qualify for Okoa Mia loan, you need to:

Be a Safaricom M-Pesa subscriber.
Be 18 years and above.
Have a National ID.
Not listed on CRB.

How to Repay Okoa Mia Loan

Go to the M-Pesa menu on your cell phone.
Choose “Lipa na M-Pesa”.
Choose “Pay Bill” and enter Okoa Mia pay bill number 519608.
On the account number section, enter your ID number or phone number.
Enter the loan amount you wish to repay.
Enter your M-Pesa PIN number and submit the information.
You will receive a confirmation message from Okoa Mia and M-Pesa.

SUMMARY OF TERMS & CONDITIONS

The OkoaMia Service allows borrowers, who meet the eligibility criteria set out in the eligibility section of this website, to request a loan whose amount is between Kshs. 100 to Kshs. 900 (the “Credit Advance”) which amount shall be credited to the borrower’s electronic wallet.
For providing the Credit Advance to you, we incur a transaction fee of Kshs. 15. This means that you will pay an additional Kshs. 15 for your loan.
The interest rate for the Service is 10%.
The borrower pays an acceptance fee of amount Kshs. 5 to Kshs. 45 depending on the desired loan amount. This acceptance fee is your signature accepting our terms and conditions and your request for a loan from OkoaMia.
The borrower is to pay the credit advance in full within 5 days from the date of issue. Failure will result in the credit advance being in an overdue state.
The penalty for late payment is Kshs. 20 to Kshs. 180 per day, depending on the loan amount, every time your loan credit advance is in the overdue state to a maximum of your loan principal.
The service will send notifications to the borrower through email and SMS, at a schedule which the service will determine.
The borrower gives us consent to check their credit score or acquire their details in CRB database(s) before or after advancing them a loan.
To qualify for the loan, you need to pass our CRB check and have your national ID and mobile number validated against IPRS, Mpesa Account, and CRB.
For a complete listing of loan amounts, interest, transaction, and penalty charges kindly refer to our loan/cost table on this website.
We reserve the right to qualify and reject any loan application at our discretion.