KPLC (Kenya Power and Lighting Company) offers a loan facility called the Stima Loan to its customers. This loan is aimed at helping customers meet their electricity bills and also make payments for their KPLC tokens. If you are interested in applying for the KPLC Stima Loan,
Here Is A Step-By-Step Guide On How To Do It.
Step 1: Check your eligibility
To apply for the KPLC Stima Loan, you need to be a registered customer of KPLC. This means that you should have a KPLC account number and should be paying your electricity bills regularly. You also need to have an active M-Pesa account and meet the minimum requirements set by the lender.
Step 2: Know the loan amount you need
Before applying for a loan, you should know how much money you need. KPLC Stima Loan offers loans of between Ksh. 500 to Ksh. 1,000,000 depending on your creditworthiness and the amount of money you need. It is important to borrow only what you need and can afford to repay.
Step 3: Dial *885# on your mobile phone
Once you have established your eligibility and the amount of money you need, dial *885# on your mobile phone. This will take you to the KPLC Stima Loan menu.
Step 4: Select the ‘Apply for Loan’ option
From the menu, select the ‘Apply for Loan’ option. You will be required to provide your KPLC account number and M-Pesa number.
Step 5: Enter the loan amount
Enter the amount of money you want to borrow. Remember to only borrow what you need and can afford to repay.
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Step 6: Read and accept the terms and conditions
Read through the terms and conditions of the loan and accept them by selecting ‘I Agree’. You will be asked to confirm that the information you have provided is accurate.
Step 7: Wait for loan approval
After you have completed the application process, wait for the loan to be approved. The loan approval process takes a few minutes, and you will receive a message confirming the loan application status.
If the loan is approved, the money will be disbursed to your M-Pesa account within a few minutes.
Step 8: Repay the loan
KPLC Stima Loan is a short-term loan that requires you to repay within 30 days. You can repay the loan by using your M-Pesa account or visiting any KPLC-authorized dealer.
Failure to repay the loan on time may attract additional charges and may also negatively affect your credit score.
In conclusion, applying for KPLC Stima Loan is a straightforward process that can be completed within minutes. However, it is important to borrow only what you need and can afford to repay to avoid any financial strain.
Additionally, ensure that you make timely repayments to avoid any additional charges and protect your credit score.