MOBILE LOANS – AN ARM OF SONIX CREDIT LTD

(Vision and Mission)

SoniKASH (hereinafter referred to as “(SoniKASH”) is a mobile Application under Sonix Credit Limited Micro-finance offers flexible mobile loans to small, medium enterprises (SME), investment groups and individuals in Nairobi and its environs. SoniKASH remains focused on its vision of enriching business enterprises, groups and individuals financially with an aim of contributing to the economic growth of Kenya by offering Flexible, reliable and affordable mobile loans to the financially marginalised

Loans Overview

SoniKASH seeks to provide mobile loans and short term salary advances to employees whose salary may not be sufficient for them to meet their monthly expenditure, or if they need a quick loan to fix a pressing need. SoniKASH offers a quick source of cash, with a maximum processing duration of less than 5 minutes once registration and activation is done,

• hese loans enable our clients to be financially independent. This means less applications for salary advance loans from their employers, enabling the employers to better predict their cash flow and minimizing the impact of salary advances on the employers’ cash flow;
• SoniKASH offers mobile loans while upholding a 2/3 rule to the dot. Our credit officers will deliberate with the potential client on their needs, and based on their monthly take-home income, would identify the ideal loan.
• Employed workers can obtain salary advances without collateral;
• Allows our clients to form lasting relationships with SoniKASH while continually receiving financial assistance when needed.
• SoniKASH provides salary advance loans repayable within a month at a fixed rate of 10% per month.

Products and Services

We aim to handle the financial needs to individual clients through our loan options which include:

• Salary advance loans for recurring expenses
• Quick cash for unexpected emergencies/expenses
• Mobile loans for personal reasons
• Financial advice whenever necessary

Interest Charges

Loan Duration (months)	1
Interest Rate (%)	10%
Amounts	1/3 of the basic salary

Overview

The credit industry consists of banks, Sacco’s, and micro-credit facilities that run similar applications such as SoniKASH. Unlike banks and Sacco’s that do not offer mobile loans to listed individuals, our CUSTOMERS are likely to benefit from being granted MOBI LOANS incredibly fast in order to meet their immediate pressing needs. MOBI-loan clients, most of whom do not have any record indicating their credibility, and with most having no collateral would otherwise not be able to obtain Mobile loans from banks and Sacco’s.

Further, unlike the Sacco’s, we do not require our clients to have saved with us previously in order to obtain a loan from SoniKASH.

Benefits of Partnering with SoniKASH

• Warm staff who hold themselves accountable to the highest standards by wholly meeting our clients’ needs
• A client-first oriented approach in all that we do
• An ethical culture guided by our strong values
• Flexible interest rates
• Reliable disbursement time frame
• User Friendly application

Registration procedure

On boarding, our customers shall be required to register with SoniKASH by providing their details to us which include;

• Date of Birth
• Registered Safaricom number
• An ethical culture guided by our strong values
• ID number
• Full names as per the ID

Payment Options

The payment policy adopted by SoniKASH is all inclusive because we are aware that different customers prefer different payment options as it suits them. Here are the payment options that SoniKASH will be made available;

• Payment via bank transfer
• Payment Via paybill number
• Payment via online bank transfer
• Payment via mobile money transfer
• Payment via cheque

Payment Options

NB Our application is able to tally the figures and credit for each mobile loan acquired by the employee making it easier and flexible for a repayment by the company through any of the above payment optionsSoniKASH Requirements:

• ID Number
• Safaricom registered line
• Full names as per ID
• Date of Birth as per the ID
• Loan Limit-Determined by payslip (1/3 of the basic salary) – If customer is in employment.

After Approval

• Customer Registration through bulk upload (For companies)
• Approval of the data provided
• Customer Mobile limits assignment
• Approval of the limits
• Distribution of pins for accessing the application

Salary Check-Off

We work with the finance departments of the employer to ensure the loan repayments are paid to SoniKASH directly during the payroll processing period. SoniKASH will forward the details of the Loans, and monthly salary advance repayments expected from their employees on a monthly basis to ensure SoniKASH is paid directly by the employer.

FAQs

What happens when the employee who has taken a salary advance has been fired/leaves the company? We shall request that the dues owed to the employee by the company are used to pay back the salary advance. If there is still some balance, we shall follow this with our client until he/she completes the loan.

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