Advertisement
Business

New Finance Bank launches civil servants loan facility

Advertisement

In a bid to empower civil servants to establish and grow start-up businesses, one of the country’s high street banks, New Finance Bank Malawi (NFB), has introduced a loan facility dubbed Government Payroll Loan.

The facility will help government workers to borrow any amount of money, depending on their salary.

NFB Marketing and Customer Experience Manager, Linda Simwaka, said loan facility seeks to mitigate the hustle that most civil servants face when obtaining personal loans from micro-finance institutions.

Advertisement

“The loans will run from a minimum of three months to a maximum period of 36 months. However, normal credit granting approval processes will be followed in granting the loans.

“The amount borrowed depends on affordability drawn from a customer’s salary amount against monthly deduction as stipulated under affordability calculations of the Malawi Government,” Simwaka said.

She added that for the civil servants to access the loan, they are required to open salary accounts with NFB along with an introductory letter from their employer, submit pay slips covering three months and receive a minimum of a month’s salary through an NFB account.

Advertisement

“These loans will be easily accessible without security and new account holders shall equally benefit from other value-added services such as NFB’s Internet banking service, NFB’s ATM card, NFB’s Mobile Banking Service, competitive interest rates on accounts and queue less banking,” Simwaka said.

Facebook Notice for EU! You need to login to view and post FB Comments!
Advertisement
Tags
Show More
Advertisement

Related Articles

Back to top button
Close

Adblock Detected

Please consider supporting us by disabling your ad blocker