How To Ensure You Are Continuously Eligible For A Loan With Asante

By Lynnet Okumu / Published August 22, 2022 | 11:43 am

KEY POINTS

Shujaa Business Loan is a loan specifically tailored for Jumia Kenya vendors to help scale their online stores. All active Jumia Kenya vendors are eligible to get a Shujaa Business Loan and can invest in their businesses hence moving to the next level.

KEY TAKEAWAYS

An excellent example of a product for MSMEs offered by Asante is Bloom Loan, born out of a partnership with Safaricom. Bloom Loan is a simple solution to meet the merchant’s immediate capital needs since every business deserves the opportunity to expand.

There’s no universal formula for winning approval of a personal loan application. Requirements such as credit score and income vary by lender, and some online lenders consider nontraditional data, like free cash flow or education level.

Here are some common requirements you can consider to continuously remain eligible for a loan

Possess an excellent credit score

A credit score is a numerical measure of your creditworthiness. An excellent score speaks of your ability to repay the debt on time and is indicative of a spotless repayment track record. Both these are crucial in the context of personal as well as business loan eligibility as this loan might be an unsecured form of credit.

Moreover, a healthy score can help you secure an attractive personal loan interest rate.

Meet your lender’s eligibility criteria

Once you pick a lender who offers sufficient funding, ensure that you check the loan eligibility criteria listed. These criteria center around your age, employment, and income; meeting them is crucial to obtaining a loan. To prove your eligibility, keep the required documentation at hand.

Pay attention to your employment status and history

Lenders also consider your current employment and job stability to approve your loan. If you have changed jobs too frequently in the past or are not employed with a private or public company, then your application may not go through.

By ensuring that you have a steady income and can prove this with salary slips, you can increase your chances of approval for a personal loan. Meeting the minimum income criteria based on your city of residence as per your lender’s eligibility criteria is also necessary.

Avoid making multiple loan applications

It is important to stay away from making multiple loan applications at once as this causes your credit score to dip.

To avoid this, you can simply check your pre-approved loan offer for a customized deal!

Consider a co-signer

If you do not have a good or excellent credit score, adding a co-signer with stronger credit and income can increase your chances of approval.

Because the co-signer is equally responsible for repaying the loan, it’s critical to co-sign with someone who can afford the risk.

Rebalance your debts and income

Loan applications ask for your annual income, and you can include money earned from part-time work. Consider increasing your income by starting a side hustle or working toward a raise at your full-time job.

Boosting your income and lowering your debt improves your debt-to-income ratio, which is the percentage of your monthly debt payments divided by monthly income. Also, do what you can to pay down your debt.

People take loans for several reasons: both for personal and business use. For SMEs seeking loans to take their businesses to the next level, Asante Financial Group might just be what you need.

Asante Financial Services Group is a lending institution that provides an ecosystem-based lending platform and uses alternative data and a proprietary AI loan decision-making management system to approve loans to MSMEs.

The fintech company works directly with ecosystem channel partners to ensure every loan is tailored to every merchant.

Asante provides loans to SMEs through tailor-made products that can be easily accessed by those who meet the stipulated criteria.

The product gives the customers quick financing solutions for their expansion, working capital, and operational needs. It is tailor-made for Safaricom Lipa Na M-PESA merchants, making it easy to access fast and convenient credit for their businesses for up to 200,000 Kenya shillings.

The group also has a new loan product known as Shujaa Business Loan that is set to catapult businesses to the next level.

It is easy to apply for Shujaa Business Loan. You can apply for the Shujaa Business loan through the Jumia seller center or simply log on to the Jumia Lending portal. If you are looking to grow your online Jumia Kenya store, this boost will unlock your entrepreneurial goals!

How to ensure you are continuously eligible for a loan with Asante Financial Group

Pay off your loan in full on time to access another quick loan

Paying off your loan within the stipulated tenure helps increase your credit score and increases your eligibility the next time you need a loan.

Pay in installments based on your business income in line with your loan tenure

If your loan tenure stated that you pay in installments, ensure you pay the full amount in bits as indicated without jumping a single installment.

Budget and put away Funds to finance your loan

Always make sure to budget and put away the necessary funds to finance your loan. This allows for smooth and stress-free repayments.

Asante’s other financial products for MSMEs include partnerships to empower eCommerce merchants, travel agents, and smartphone financing.

It is currently piloting other products in its Business Lending Platform to further extend and benchmark its lending services to small business owners and individuals in Kenya, Uganda, Nigeria, and Rwanda.