NetOne and Zimbabwe Women’s Bank (Private) Limited have partnered up to introduced a new collateral free loans for OneMoney customers.
OneMoney customers can now apply for loans from their mobile phones by typing *550#. This is hassle free, no collateral or cumbersome paperwork involved. This innovation has been aptly named KaTsaona. The nano loans are available 24 hours a day giving the customer convenience and making it suitable for those needing emergency funds. The normal microfinance lenders process and pay out loans in at least three working days but with KaTsaona its less than 3 mins provided that you have been using your OneMoney account for more than a month.
It is important to note that the loans range from $10 to $50 and carry a 10% interest rate and a 30 day repayment period. If you fail to pay the loan before the first 90 days you will be blacklisted with the redit bureaus and a 15% Penalty.
Repayments can be auto deducted at the end of the calendar month. Alternatively, you can self-pay at any time during the month and if you do so, you immediately qualify for another loan.