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.
- Ease of managing own cash flow as installments are equal
throughout the period of the loan
- Source of funds to bridge unforeseen personal financial
demands
- Improves one's liquidity position
- Affordable repayment terms
Hereunder is the repayment schedule for illustration purpose
based on a rate of 21%pa over 24 months
|
Personal Loan Repayment Schedules
|
| |
|
Interest Rate |
21% |
| |
Number of months over
which loan is repaid |
| Years |
1 |
2 |
|
| Months |
12 |
24 |
|
| Loan
amount |
Monthly Repayment
Amount |
| 1,000,000 |
TZS 93,113.77 |
TZS 51,385.65 |
|
| 2,500,000 |
TZS 232,784.43 |
TZS 128,464.13 |
|
| 5,000,000 |
TZS 465,568.87 |
TZS 256,928.25 |
|
| 7,500,000 |
TZS 698,353.30 |
TZS 385,392.38 |
|
|
10,000,000 |
TZS 931,137.74 |
TZS 513,856.51 |
|
|
12,500,000 |
TZS 1,163,922.17 |
TZS 642,320.64 |
|
|
15,000,000 |
TZS 1,396,706.61 |
TZS 770,784.76 |
|
For any legal & morally right cause of customer choice such
as
- Home Improvement
- Unplanned expenses incidentals such as medical bills, motor
vehicle repairs etc
- School fees
- Purchase of assets such as furniture
Exclusions
- Any illegal activities such as gambling, purchase
of ammunition, illicit drugs, terrorism etc
- Bad debt bail out
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.
BRANCH LOCATOR