I&M Bank has introduced an innovative AI-powered Buy Now, Pay Later (BNPL) loan service designed to help customers finance their purchases at the point of sale. With flexible repayment options, this service allows you to shop at participating outlets while enjoying the convenience of paying over time.
Loan Features and Participating Outlets
The I&M Bank Buy Now, Pay Later loan allows you to borrow up to Ksh 350,000 with flexible repayment terms of up to 12 months. This loan is available to existing individual bank customers who meet the eligibility criteria. The loan can be used at several participating outlets, including:
- Hotpoint Appliances
- Little E-bike
- Kenyatronics
- Sofya Furniture
- Jumia
- Ropem
- Mac & More Solutions
- Patazone
- Salute iWorld
- Dhuka
- Opalnet
- Bountiful Safaris
Once you choose to use the BNPL loan at any of these outlets, I&M Bank will make the payment to the retailer on your behalf, and a loan will be initiated under your I&M Bank account.
Note: This loan is exclusively available for purchases made at participating outlets. If you face issues like warranty claims, returns, or cancellations, you should contact the retailer directly. Returns and refunds are subject to the retailer’s policy, and your loan will remain active unless you repay it early.
How to Apply for the I&M Bank Buy Now, Pay Later Loan
To access the I&M Bank Buy Now, Pay Later loan, follow these simple steps:
- Download the I&M On The Go (OTG) app from the provided links.
- Complete the registration process using the email registered to your I&M Bank account.
- Apply for the Buy Now, Pay Later loan through the app or web services.
- You will receive a notification from the bank once your application is approved.
- Upon approval, the bank will disburse the funds directly to the retailer’s account.
The loan process is instant, and once you opt into the service, you will have a pre-approved limit. If you already have existing loans with the bank, you can still apply for the Buy Now, Pay Later loan, as long as you meet the eligibility criteria. You can also have multiple BNPL loans, provided they stay within your available limit.
How to Check Your Loan Limit
To check your Buy Now, Pay Later loan limit:
- Log into the OTG retail app or web.
- Accept the terms and conditions for the BNPL facility.
- Your loan limit will be displayed on the screen.
Repayment Options for the I&M Bank Buy Now, Pay Later Loan
Repaying your Buy Now, Pay Later loan is straightforward:
- Automatic Deduction: Your installment amount can be automatically deducted from your I&M account on the due date.
- Manual Repayment: You can log into the OTG app or web services and select the “Repay Loan” tab under the BNPL menu. You can choose to repay either partially or in full.
Note: There are no penalties for early repayment. However, if you miss a payment, extra fees and interest may apply. Ensure your account is funded before the due date to avoid penalties.
Opting Out of the Service
You are free to opt out of the Buy Now, Pay Later loan service at any time, provided you have no outstanding loans under the facility.
Conclusion
The I&M Bank Buy Now, Pay Later loan provides a convenient and flexible financing option for customers looking to make purchases at participating outlets. With an easy application process, instant approval, and flexible repayment terms, this service is a great way to manage purchases while maintaining control over your finances. Be sure to check your loan limit, repay on time, and enjoy a hassle-free shopping experience.
