I&M Bank has launched a new AI-powered ‘Buy Now, Pay Later’ loan service, designed to provide customers with the option to finance their purchases at the point of sale, with flexible and convenient repayment options available at participating outlets.
The Buy Now Pay Later loan, available on the I&M Bank OTG web or app, allows users to borrow upto 350,000 with flexible repayment options of up to 12 months. The loan is available to existing individual bank customers who meet the eligibility criteria. Users can opt into the service by accepting the Terms and Conditions during the first access to the Buy Now, Pay Later loan product on the OTG mobile banking app or web services.
The Buy Now, Pay Later loan can be used at participating outlets, including Hotpoint Appliances, Little E-bike, Kenyatronics, Sofya Furniture, Jumia, Ropem, Mac & More Solutions, Patazone, Salute iWorld, Dhuka, Opalnet, and Bountiful Safaris. When you choose to utilize the Buy Now, Pay Later loan at any of the participating outlets, I&M Bank will make the payment to the outlet on your behalf. Subsequently, a loan will be initiated under your I&M Bank account.
If you have any queries, concerns, or disputes regarding your purchase, such as issues with warranty, returns, replacements, or cancellations, one is advised to contact the retailer directly. It is important to note that returns and refunds are subject to the retailer’s return policy. Your loan will remain active unless you opt to repay it early.
NOTE:
This loan is exclusively available for purchases at the participating outlets.
To apply for the I&M Bank Buy Now, Pay Later loan:
- Download the I&M On The Go (OTG) app from the provided links.
- Use the email registered to your I&M Bank account to complete the registration process.
- Apply for the Buy Now, Pay Later loan through the app or web services.
- You will receive a notification from the bank regarding your approval.
- Upon loan approval, the bank will disburse the funds to the retailer’s account.
The I&M Bank Buy Now, Pay Later loan process is instant, and you will have a pre-approved limit once you opt into the service. If you already have existing loans with the bank, you can still apply for the Buy Now, Pay Later loan, provided you meet the eligibility criteria. Additionally, you can have multiple Buy Now, Pay Later loans as long as they remain within your available limit.
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To check the Buy Now, Pay Later loan limit, log into the OTG retail app or web, accept the terms and conditions for the Buy Now, Pay Later facility, and your loan limit will be displayed.
You can repay your Buy Now, Pay Later loan by:
- Having your installment amount automatically deducted from your I&M account on the due date.
- Logging into the OTG mobile banking app or web services, and under the Buy Now, Pay Later menu, selecting the “Repay Loan” tab to initiate repayment, either partially or in full.
NOTE:
There are no penalties for early repayment of your Buy Now, Pay Later loan. However, if you miss a payment, you will incur extra fees and interest. Ensure your account is funded before the due date to avoid penalties.
Users are free to opt out of the Buy Now, Pay Later loan service, provided they have no outstanding loans under the facility.