Employer Guaranteed Loans
Service/Product Target (Who Is The User In Mind)
Designed to assist high net worth corporate customers to avail their employees with loans via the Bank
Product Attributes/ Features: How Does The Product Work?
- Min – MK100,000
- Max – Determined by the employer and Bank
- Repayment amount not to exceed 30% of salary
- Maximum repayment period of 36months
- Employer to provide a guarantee
- Accessible by NBM and non NBM account holders because employer deducts loan repayments at source.
- Interest rate is lower than ordinary consumer loans
- Processing is faster
- Can be repaid before expiry at no cost
Costs To Access The Product minimum at (RBM reference rate +9% pa)
- Processing fees apply
How To Access Product
- Available to NBM account & non NBM account holders in
- Fill a credit application form
- Submit latest payslip
- Submit sketch map
- Customer ID
- Submit letter of introduction from employer.
- Utility bill
Terms and Conditions
- Employer to provide for monthly repayments.
- Guarantee By Employer in format approved by the Bank