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Discounted loans for civil servants

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In a quest to continue providing tailor-made financial solutions to customers, Standard Bank has launched a new loan offer that allows civil servants loans of up to K15 million at a low interest of 10 percent.

Head of Products at Standard Bank, Charity Mughogho, said the new product represents the bank’s commitment to meet customer expectations and move them forward into the future along with it.

“This civil servant loan service gives Standard Bank customers the swiftness and real-time efficiencies. It allows customers working with the Malawi Government to acquire loans at an interest rate of 10 percent against the standard interest rate of 25 percent,” Mughogho said.

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Mughogho said Standard Bank remains committed to transform the lives of its customers so that they are able to contribute to the country’s prosperity.

“We believe that, when our customers are empowered with financial solutions that meet their needs, they will be better placed to contribute meaningfully to their personal and business lives as well as the nation. Ultimately, we are passionate about moving our customers forward,” she said.

According to Mughogho, all civil servants of Grades P7 and above can now access a loan of up to K15 million, with a maximum period of 72 months upon opening a salaried account with the bank.

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Assistant Accountant General, Abel Mwambinga, welcomed the initiative and said this will go a long way in ensuring that civil servants access the bank’s services.

“We are excited with this initiative,” he said.

To be eligible, civil servants are required to contact their line ministry, open a Transactional Account with Standard Bank, channel salary to the account for at least a month and provide a six months statement from the previous banker.

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