This is an employer guaranteed or supported loan scheme tailored
to meet personal incidental expenses for full time employees of
reputable companies who the bank has dealings with. The scheme is
administered after a written undertaking by the company otherwise
known as the employer, that guarantees either a monthly upfront or
direct payroll deduction by the employer for the monthly loan
repayment amount or channel the employee's full salary to the bank
until the loan is fully repaid.
- Scheme must be negotiated and terms and conditions signed for
by the employer on behalf of all its employees.
- Must be employed by a reputable employer that demonstrates a
strong financial background.
- Applicant must be permanently employed by the employer who
BancABC have a signed group scheme agreement.
- The applicant must have completed his/her probabtionary
- Employee must be older than 18yrs of age.
- Monthly income/salary must show employee's capacity to pay back
- All loan applications must be endorsed by the employer before
being submitted to the bank, as evidence of employer guarantee
- Minimum qualifying net salary of only TZS200,000 per month
- Minimum loan amount of TZS1m and Maximum loan amount of
- Repayment period ranging from a minimum of 6 months to a
maximum 36 months
- Monthly loan repayment amount should not exceed 30% of net
salary after deduction of living expenses and other loans so as to
prevent borrower from over committing themselves.
- Interest rate is negotiated with the employer and is subject to
change in line with market condition
- All loans shall have a credit life insurance cover currently at
a rate of 0.35% of loan amount per year.
- Lower interest rate as a result of the group discount
- Enhanced purchasing power
- Easily resolving unforeseen financial demands
- Enhanced liquidity position
- Affordable and well planned monthly installments giving you
flexibility of managing your cash flow throughout the month
- Reduced chances of payment default through upfront payroll
- Improves employee productivity through financial peace of
- Strengthens employer/employee relationship
- Employer loan administration burden now relinquished to the
bank thereby letting the employer focus on their core
- Saves company cash outlay on company administered staff
Hereunder is the repayment schedule for illustration purpose
based on a rate of 19%pa over 36 months
Group Scheme Loan Repayment Schedules
||Number of months over
which loan is repaid
For any legal & morally right cause of customer choice such
- Home Improvement
- Unplanned expenses incidentals such as medical bills, motor
vehicle repairs etc
- School fees
- Purchase of assets such as furniture etc
- Any illegal activities such as gambling, purchase of
ammunition, illicit drugs terrorism etc
- Bad debt bail out
To Apply for Group Loan Scheme
Simply bring the following to any of our branches:
- Must be permanently employed by a company which has entered
into the Group Loan Scheme with BancABC
- Must have a transactional account with the bank.
- Proof of income i.e., 3 months latest salary pay slips
- Positive Identification ,i.e., Employer ID, Valid passport,
- Proof of residence, i.e., Utility bills, lease agreement,
letter from local executive ward
- Letter of undertaking or loan support from the employer