BancABC

Home / Personal Banking / Borrow

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 period
Employee must be older than 18yrs of age.
Monthly income/salary must show employee's capacity to pay back without strain
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 TZS40m
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 deduction.
Improves employee productivity through financial peace of mind
Strengthens employer/employee relationship
Employer loan administration burden now relinquished to the bank thereby letting the employer focus on their core business.
Saves company cash outlay on company administered staff loans.

Hereunder is the repayment schedule for illustration purpose based on a rate of 19%pa over 36 months

Group Scheme Loan Repayment Schedules
		Interest Rate	19%
	Number of months over which loan is repaid
Years	1	2	3
Months	12	24	36
Loan amount	Monthly Repayment Amount
1,000,000	TZS 92,156.58	TZS 50,408.62	TZS 36,656.02
2,500,000	TZS 230,391.45	TZS 126,021.54	TZS 91,640.05
5,000,000	TZS 460,782.89	TZS 252,043.09	TZS 183,280.10
7,500,000	TZS 691,174.34	TZS 378,064.63	TZS 274,920.15
10,000,000	TZS 921,565.78	TZS 504,086.17	TZS 366,560.20
12,500,000	TZS 1,151,957.23	TZS 630,107.72	TZS 458,200.25
15,000,000	TZS 1,382,348.67	TZS 756,129.26	TZS 549,840.30
20,000,000	TZS 1,843,131.56	TZS 1,008,172.34	TZS 733,120.40
25,000,000	TZS 2,303,914.46	TZS 1,260,215.43	TZS 916,400.50
30,000,000	TZS 2,764,697.35	TZS 1,512,258.52	TZS 1,099,680.60
35,000,000	TZS 3,225,480.24	TZS 1,764,301.60	TZS 1,282,960.70
40,000,000	TZS 3,686,263.13	TZS 2,016,344.69	TZS 1,466,240.80

For any legal & morally right cause of customer choice such as

Exclusions

Any illegal activities such as gambling, purchase of ammunition, illicit drugs terrorism etc
Bad debt bail out

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, Voters ID
Proof of residence, i.e., Utility bills, lease agreement, letter from local executive ward
Letter of undertaking or loan support from the employer