There are certain scenarios in life whereby we are faced with dilemmas or challenges requiring us to make choices between items of almost similar attributes.
This can prove to be a daunting task to some, but to those with the advantage of possessing in-depth knowledge of the said items, making the right decision could be as simple as weighing the pros and cons of each.
Below, we look at some of the comparisons between the two.
|LOAN FEATURE||M-Shwari||KCB M-Pesa|
|Min. loan limit||Ksh2,000||Ksh50|
|Max. loan limit||Ksh50,000||Ksh1M|
|Repayment duration||30 days||30 days|
|Interest rate||Deposit Account||Fixed Savings Account|
|Ksh1- Ksh20K (3%P.A)||All amounts attract 6.3% P.A|
|Ksh20K – Ksh50K (4%P.A)||All amounts attract 6.3% P.A|
|Ksh50K and above (5%P.A)||All amounts attract 6.3% P.A|
|Amount||Should be more than Ksh1||Should be more than Ksh500|
|Period||N/A||1 – 12 months|
|Early withdrawal||Available||Available. However, you will lose all the interest earned.|
|Interest rate||Lock savings Account||Target Savings Account|
|Ksh1 – Ksh20K (3% P.A)||All amounts attract 6.3% P.A|
|Ksh20K – Ksh50K (5% P.A)||All amounts attract 6.3% P.A|
|Ksh50K and above (7% P.A)||All amounts attract 6.3% P.A|
|Amount||Should be more than Ksh1||Initial deposit amount of not less than Ksh50 while target amount should be more than Ksh1K|
|Period||1 – 6 months||1 – 12 months|
|Early withdrawal||Available either as partial/full withdrawal. Funds will be availed after 48 hours||Available only as full withdrawal. Total interest is earned upto date of withdrawal. Funds are available immediately to KCB M-Pesa account|