Standard Chartered Bank Kenya has launched a new mobile app called SC Juza, offering Kenyans a convenient and transparent way to access short-term loans.

SC Juza is a mobile app designed for quick and easy access to loans ranging from Ksh 1,000 to Ksh 100,000. The unique feature of this app is its focus on transparency.

Borrowers enjoy a repayment period of up to 61 days and only pay interest for the days they hold the loan. This allows for flexible financial management and avoids unnecessary charges.

Here’s what makes SC Juza stand out:

Open to All: Unlike some loan apps requiring existing bank accounts, SC Juza welcomes both existing Standard Chartered customers and non-customers.
Focus on Transparency: The app clearly outlines all fees and interest rates upfront and has No hidden charges. Borrowers are informed of the total loan amount and the associated costs before applying.
Flexible Repayment: You have up to 61 days to repay the loan with the option to make partial payments throughout the term. Interest is only charged on the outstanding balance.SC Juza offers short-term loans with a maximum repayment period of 61 days.

The interest rate is 1.60% per month, and there’s a one-time processing fee of 5.5% of the loan amount. It’s important to note that an additional service fee of 5.5% applies if the loan isn’t repaid within the first 30 days.

Let’s say you’re faced with an unexpected expense of Ksh 5,000. SC Juza can help bridge that gap. The app charges a one-time processing fee of 5.5%, which translates to Ksh 275 for a Ksh 5,000 loan.

Here’s where things differ depending on your repayment timeline. If you can manage to repay the full amount within 30 days, the Ksh 275 processing fee is your only cost.

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This means you’d repay a total of Ksh 5,275 . However, if you need more time, the loan extends into the second month. In this case, an additional service fee of Ksh 275 similar to the processing fee applies.

On top of that, daily interest accrues based on the outstanding balance. Let’s assume you repay the loan on the 61st day. The interest for the first 30 days would be Ksh 240 , and for the remaining 31 days, it would be Ksh 248 , totaling Ksh 488 in interest.

With the processing fee, service fee, and interest combined, the total cost of the loan would be Ksh 1,038 . So, on the 61st day, you’d repay the original Ksh 5,000 loan amount plus the Ksh 1,038 in fees and interest, for a total of Ksh 6,038 .

Easy Application: The SC Juza app boasts a user-friendly interface for a smooth application process. You can download the app, register, and apply for a loan within minutes.

With SC Juza you can track your transactions at the click of button. You can view your mini statements conveniently whenever you want.

Eligibility and Requirements:

Applicants must be Kenyan citizens and residents.
Minimum age of 21 years.
A proven track record of loan repayments.
At least six months of M-PESA subscription history .
The app requires permission to access your National ID information, Credit Bureau Data, and Safaricom Data for identity verification and fraud detection.

SC Juza vs. Traditional Mobile Lending:

While SC Juza isn’t the first mobile lending app from a traditional bank in Kenya, it offers a distinct advantage by being solely dedicated to short-term loans. Unlike other banks that integrate such services into their broader banking apps, SC Juza provides a streamlined and focused experience.