What changes will M-Shwari undertake on new and existing loans to cushion customers from the impact of COVID-19?
Additional Facility Fee: Currently, this is charged if your loan is not paid within 30 days from the day you borrowed. This will now be charged if your loan is not paid within 60 days from the date you borrowed.
Loan access: Currently, if your loan is repaid after 60 days, we do not allow you to access an M-Shwari loan for 30 days. This will now be charged and you will be allowed to borrow a loan immediately after repayment if the loan is repaid after 60 days,
Loan Limit: We will reduce your limit when your loan is still outstanding after 60 days (2 months).
Limit cancellation: Your limit will be canceled to 0 if your loan remains outstanding for more than 90 days (3 months). We will cancel your limit to 0 if your loan is still outstanding after 120 days (4 months).
CRB Listing: We will not list any customer on CRB until further notice.
How long will these changes be applicable?
These changes will remain effective for a period of 90 days (Until 26th June 2020).
Will my loan repayment date change?
No, the loan due date will remain as communicated in all messages which is 30 days from when you request for a loan.
Will I still be charged a Roll Over fee on my M-Shwari Loan?
Yes, however, this fee will be charged if the loan remains unpaid 2 months from the day you borrowed the loan.
Will I be listed on CRB if I default on my loan within this period?
CRB listings have been halted until further notice. Customers will be provided ample notice prior to listing if the loan remains unpaid to an extended period.
What will happen to outstanding loans after 26th June, 2020?
We will provide a notice period to inform you of the measures that will be taken thereafter.