PERSONAL LOAN
A personal loan is an advance extended to customers who maintain current or savings accounts with BancABC and have proof of regular income coming through the bank. The loan is repaid monthly from the customer's current / transaction account over an agreed period.
QUALIFYING CRITERIA
- Should have operated a transactional account with BancABC for at least 3months.
- Salary should have been paid into the BancABC Account for at least 3 months OR if self employed, must show proof of regular income
- Permanently employed and completed the probationary period.
- Latest three months bank statement i.e. from another bank
- Employed by a reputable employer that demonstrates a strong financial background OR if self employed- must show proof of regular income and evidence of continuity of the self employment
- Letter of undertaking from employer to channel full salary of employee until the loan is fully repaid.
- Must be between the age of 18 and 55 years.
QUALIFYING CONDITIONS
- Minimum qualifying net salary of only TZS200,000 per month
- Minimum loan amount of Tzs1m and Maximum loan amount of Tzs40m
- Repayment period ranging from a minimum of 6 months to a maximum 24 months
- Monthly loan repayment amount for an unsecured loan should not exceed 15% of net salary/income and 30% for a secured loan after deduction of living expenses and other loans so as to prevent borrower from over committing themselves.
- Interest rate currently at 19%pa for secured loans and 21%pa for unsecured loans will be subject to change in line with changes in market conditions
- All loans shall have a credit life insurance cover currently at a rate of 0.35% of loan amount per year.
TO APPLY FOR PERSONAL LOAN
Simply bring the following to any of our branches:
- Submit proof of income i.e., latest 3 months salary slips
- Positive Identification i.e., Employer ID, Valid passport, Voters ID
- Six months bank statement
- Proof of residence, i.e., Utility bills, lease agreement, letter from local executive ward.
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