One of the country’s commercial banks, FDH Bank, has launched a short term non-secured loan facility called FDH Instaloan.
FDH Bank Senior Manager, Innovations and Strategic Marketing, Victoria Mbewe, said the facility is accessible on FDH Mobile to salaried individuals receiving their monthly pay through FDH Bank account and registered on FDH Mobile.
To access the loan, customers shall complete and submit a once-off application form that will be valid for a year
Mbewe said the facility shall be accessed on the phone using FDH mobile by dialing *525# or through downloading FDH mobile app and she encouraged both existing and potential customers to subscribe to this service.
“The facility is designed to meet short term needs of customers. There are times when people are in desperate need of cash but it is a long way to the end of the month. We believe the Instaloan provides a perfect solution in such circumstances,” Mbewe said.
“Those who have a salary account and registered on FDH Mobile can access the loan today and those who don’t have an account can open a salary account and register on FDH Mobile to start accessing the loan,” Mbewe said.
Emphasising the key benefits of the loan, Mbewe said that customers will enjoy instant credit to customer account, partial withdrawals within the approved limit, non-requirement of paperwork in the application process and 0 percent interest.
She said the bank will only charge a commission based on the loan amount.