After borrowing money using the app, it’s time to repay ipesa loan. One thing the developers of ipesa, XGO Kenya limited ensured is that the process of paying back the money borrowed is simple. You can use the iPesa Pay bill no or as it is also known the business no through mpesa.
How did they make the iPesa loan repayment process simple? By having a pay bill number that allows users to make payments directly from their Safaricom line. With the Ipesa paybill number, 192010, ipesa customers can repay loans comfortably, conveniently from wherever they are.
Not only that, the interest rate on loan borrowed is one of the lowest amongst new loan apps in Kenya. When repaying your borrowed loan from ipesa, you will pay a 12% APR with a 0% service fee.
We can agree that having to queue to get service can be very frustrating. Kupanga laini doesn’t appeal to many. So below find the detailed step-by-step process of how to repay your ipesa loan.
How to repay your iPesa loan
To repay your iPesa loan, follow these steps.
- First, open ipesa loan app and confirm the amount to repay, and note it down.
- Next, Open the m-pesa menu on your phone.
- Select Lipa na m-pesa option
- Next, choose pay bill option.
- Enter the paybill number 192010
- Followed by your account number 07xx xxx xxx. ( Your account number is your mobile phone number.)
- Put in the amount of loan you want to repay
- Press OK
- Enter your m-pesa PIN.
- Confirm details and press ok.
- Wait for m-pesa to reply with a message.
- You will then receive an SMS from iPesa confirming that your loan payment has been successful.
iPesa Paybill number:
Need to repay your iPesa loan using m-pesa? The ipesa paybill number is 192010. All you need to do is follow the instructions above on how to repay your iPesa loan.
Once you qualify for your 1st iPesa loan, the repayment period is 15 days. After making the 1st repayment successfully, you can then borrow another loan using the app.
For other loans that you have borrowed, the loan repayment period is 91 days.
iPesa interest rate:
When borrowing a loan from iPesa, it comes with an interest rate of 12% APR and no service charge i.e. 0% service charge.
What this means is that when you apply and qualify for a loan of Ksh 500, you will repay Ksh 560. The Ksh 60 shillings is the interest rate charged.
- Principal amount = 500 KSH
- Interest Rate = 12%
- Interest amount = 60 KSH
- Total Amount to repay = Principal + Interest
- 500 KSH + 60 KSH = 560 KSH
Also note, for new ipesa users, your 1st loan may be charged a 15 % interest fee. This is due to many considerations that the digital loan app uses when qualifying a person for a loan.
Late payment and ipesa penalty and fine:
Can you extend your loan repayment time?
Having a hard time repaying your loan due to financial constraints? Well, ipesa doesn’t allow for loan extensions on amounts borrowed. Having this in mind, make sure you have repaid your loan within the time allowed by the app.
What happens when you fail to repay your ipesa loan on time?
The iPesa loan app takes delayed loan payments very seriously. For late payments, iPesa charges 2% per day on the loan amount.