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.