Standard Bank on Friday launched a new loan facility called Machawi targeting salaried employees to support their emergency financial needs.
Speaking at the launch of the facility in Lilongwe, Standard Bank Head of Personal Markets Charity Mughogho said Machawi, which is a pay day loan, has been designed to cover for short-term cash needs of customers through an easy, fast and friendly loan process with less documentation requirements.
“The facility will go a long way to assist customers whenever they meet unforeseen situations that require quick cash. The loan could be accessed for any emergencies such as car repairs, utility bills, funeral costs, hospital bills, similar needs,” she said.
Mughogho stated that the facility is available for customers who need cash in the ranges of K50 000 to K3 million at a one-off fee of 4 percent.
“As this is an emergency loan service, it will not attract regular interest rates as it is repaid within one month. Our objective is to help provide much needed relief to our customers when they most need it,” said Mughogho.
The bank’s customers can access the loan facility a maximum of four times a year.