Housing loan

PURPOSE:
  • For construction of New Dwelling Unit.
  • For acquisition of New Dwelling Unit.
  • For financing purchase of old dwelling unit not more than 15 years provided the flat/house is structurally strong.
  • For repair/renovations/extension of the existing house.
  • For repayment of the loan already availed from any other institutions.
LOAN AMOUNT:

Maximum Tsh. 500 Mn. or equivalent in foreign currency

CEILING ON LOAN AMOUNT:

Loan amount depends on an adequate monthly net disposable income.

MARGIN:

20% for construction/acquisition of dwelling unit (including cost of land).

25% for repair/renovation/extension of existing dwelling unit.

30% for purchase of old dwelling unit.

35% for purchase of plot only.

RATE OF INTEREST:

As Applicable

SECURITY:
  • Legal mortgage of the property.
  • Personal guarantee of one or more persons with an aggregate net worth twice the loan amount.
REPAYMENT SCHEDULE:
  • The maximum repayment period is 15 years (including moratorium)
  • In exceptional/deserving cases up to 20 years (including moratorium)
  • Repayment facility available under Equated Monthly Installments (EMI)
MORATORIUM:

Reckoned 18 months from the date of first disbursement or completion of construction whichever is earlier.

PROCESSING CHARGE:

As per card rate.

Vehicle loan

PURPOSE
  • For purchase of a new vehicle.
  • For purchase of 2nd hand vehicle not more than 5 years old.
LOAN AMOUNT:
  • 80% of the Vehicle Cost in case of New Vehicle
  • 60% of the Vehicle Cost in case of Old Vehicle
CEILING ON LOAN AMOUNT:

Loan amount depends on an adequate monthly net disposable income.

RATE OF INTEREST:

As Applicable

SECURITY:
  • Chattel mortgage of the vehicle to be purchased.
  • Personal guarantee of one or more persons with an aggregate net worth twice the loan amount.
REPAYMENT SCHEDULE:
  • The maximum repayment period is 36 months
  • Repayment facility available under Equated Monthly Installments (EMI)
MORATORIUM:

NIL

PROCESSING CHARGE:

As per card rate.

Personal loan

PURPOSE:

For purchase of new consumer goods / to meet personal needs like purchase of cars, two wheelers, computers, furniture, music systems, television, VCR, refrigerator, washing machine, cooking system, air-conditioners, Repair of house and completion of house or any other personal requirement.

LOAN AMOUNT:

A minimum of Tsh 1.0 Mn. and a maximum of Tsh 25.00 Mn

CEILING ON LOAN AMOUNT:

Loan amount depends on an adequate monthly net disposable income.

RATE OF INTEREST:

As Applicable

SECURITY:
  • Irrevocable letter of undertaking from the employer to deduct monthly installments from the salary of the applicant and to remit the same to the Bank for crediting his account along with attachment of Terminal benefits of employees for recovery of bank’s dues in the event of the borrower (employee) leaving job or being retrenched before liquidating his / her loan account to be obtained.
  • Chattel mortgage of vehicle if available.
  • Personal guarantee of one or more persons acceptable to the Bank if necessary.
  • Legal mortgage of property of the borrower or third party if necessary.
  • In absence of Mortgage and Chattel Mortgage, clean loan can be considered.
REPAYMENT SCHEDULE:
  • The maximum repayment period is 36 months
  • Repayment facility available under Equated Monthly Installments (EMI)
MORATORIUM:

NIL

PROCESSING CHARGE:

As per card rate.

Insurance premium funding

PURPOSE:

For funding of Insurance Premium subject to ensuring proper KYC compliance.

ELIGIBILTY:

All local legal entities (Corporates / Individuals) who are complying with Bank norms, KYC etc

QUANTUM:

80% of the Annual Insurance Premium (Maximum)

MARGIN:

20% (Minimum)

RATE OF INTEREST:

As Applicable

REPAYMENT:
  • The loan is to be repaid in EMIs within 10 months. Repayment to start One month after the first disbursement / date of issue of policy whichever is earlier.
  • PDCs for EMIs have necessarily to be presented to bank.
SECURITY:

Tripartite Agreement entered in to between Borrower, Insurance Company and Bank

PROCESSING CHARGES:

NIL