As a Fundi loan recipient, it is essential to understand how to pay back the loan. Fundi is a reputable loan platform that provides affordable student loans in Kenya. The loans have flexible repayment terms, meaning that you can pay back after completing your studies or while you are still in school.
Understanding Fundi Loan Repayment
The Fundi loan repayment process is simple and straightforward. The platform offers various repayment options that you can choose based on your financial situation. You can start repaying your loan as early as possible or do so after finishing your studies.
Here are some of the repayment options offered by Fundi;
1. Monthly Installments
You can opt to pay back your Fundi loan in monthly installments. This option entails paying a fixed amount of money every month until you clear your loan. The repayment process is convenient, as you can set up automatic payments to avoid missing any repayments.
2. Paying Lump Sum
If you receive a windfall amount of money, you can choose to pay off your Fundi loan in one lump sum. This option allows you to save money that could have gone towards the interest accrual.
3. Grace Period
If you are still studying and have not completed your course, Fundi offers a grace period where you do not have to make any repayments. The grace period allows you to focus on your studies and prepares for your repayment phase.
How to Repay your Fundi Loan
Repaying your Fundi loan is simple, and it only requires a few steps. Here is a guide on how to pay back your Fundi loan;
1. Know your repayment plan
Before you start repaying your Fundi loan, you need to understand your repayment plan. The platform provides you with comprehensive information about your loan balance, repayment amount, and due dates. You can access this information through your Fundi account.
2. Choose a payment method
Fundi offers various payment methods that you can choose based on your preference. You can choose to pay via Mpesa, cheque, bank transfer, or FundiCard. Mpesa is the most convenient payment method since it is fast and secure.
3. Set up automatic payments
Setting up automatic payments prevents you from missing any repayments. You can set up automatic payments through your Fundi account or mobile banking apps. Automatic payments ensure that you stay on top of your payments, and you do not incur any default charges.
Conclusion
Repaying your Fundi loan is a crucial aspect of your financial journey. It represents your commitment to fulfilling your financial obligations and maintaining a good credit score. Always ensure that you understand your repayment plan, choose a payment method that suits you, and set up automatic payments to avoid late payments. Fundi offers excellent support and guidance throughout your repayment journey, and you should not hesitate to contact them if you experience any challenges.
