NBC launches group loan awareness campaign

The National Bank of Commerce launched the group loan awareness campaign for salaried employees.

The group loan scheme intends to benefit salaried employees with financial commitments that impede them from saving for future investments.

The lone eligibility for the loan is a guarantee from an applicant’s employer. NBC Managing Director Mizinga Melu, speaking at the launch of the campaign at the bank’s headquarters in Dar es Salaam, described the scheme as a key milestone for the bank.

“We have through this scheme managed to fulfill our organisational goal of helping our customers to achieve their ambitions in the right way,” said Ms Melu, adding.

“We live in tough economic times where people have more financial commitments than what their incomes can accommodate.”

She said through the scheme, NBC, which is one of the country’s widely represented retail banks with over 45 year-experience in offering financial services, aims to ease the growing financial burden that the bank customers shoulder.

NBC Group Loan comes with two options—NBC Group Loan Guarantee Scheme where employers have to fully guarantee their employees to get personal loans and NBC Group Loans Scheme in which the employer signs a Memorandum of Understanding (MoU) with the bank to remit the employees’ salaries and installments.

Ms Melu said, unlike other loans schemes, the NBC group loans were tailored to fit in customers’ lifestyle. “It is flexible and convenient in repayment periods and amount as it offers repayment installments which are minimal and affordable.”

The loan facility offers credits ranging from 1m/- to a maximum of 50m/- with repayment period of six to 60 months. “I encourage all employees and employers to maximally utilise this opportunity,” said Ms Melu, imploring employees to grab the opportunity that requires no collateral.

NBC, with 1,300 members of staff, apart from offering traditional banking services, it boasts of an expansive network of 52 branches and 280 Visa enabled ATMs. It also serves over 250 Points of Sales strategically located throughout the country.
Source: The Daily News, reported from Dar es Salaam, Tanzania
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