Personal Loans
Personal loans are credit facilities issued to individuals who have ascertainable income and who would like to meet their personal needs including payment of school fees, medical expenses, purchase of domestic appliances, buying personal cars, meeting other pressing problems or apply the funds for economic projects so as to supplement their salary income.
Features
· You can borrow from TZS 500,000 up to maximum depending on your salary.
· You can top up your loan amount after three months.
· Affordable interest rate is charged on reducing balance.
· Loan tenor is 8 years (96 months)
· Repayment term varies from 1 year to 8 years.
· The loan is insured against death or permanent disability
What you need to have Personal Loans under the Consumer Group Scheme?
· Channelling your salary through TCB account
· Employer must sign a memorandum of understanding with the Bank
· 2 recent copies of original salary slips
· Letter of confirmation from employment/contract
· Staff Identity Card
· NIDA Identity Card
· Employee has to sign Loan application form
· Employee must be on permanent and pensionable terms or on contract for at least 6 months but upon confirmation of employment
Benefits of Personal Loans under the Consumer Group Scheme
· We TAKE OVER loans from financial institutions and loans from Higher Education Student Loan Board (HESLB).
· Easy to obtain from our existing largest network of branches all over the country.
· No restriction on the purpose of the loan.
· You can use the loan as a capital to your start up business.
· No security is needed.
· Ability to meet your personal needs.
· The loan is insured against death and permanent disability.
· No penalties and unnecessary deductions.
· Surety of your repayments as agreed and signed in your repayment schedule.
· You can top up at any given time.
