The Revolving term loan was developed to meet the needs of qualifying customers who require long-term financing.  This facility offers a revolving capability after 6 months of good account behaviour, which means you can borrow money again without having to re-apply for a loan. Due to the revolving nature of the product, it does not have a definite repayment period.

Features and benefits

• The loan amount you may qualify for  depends on your income and how much you can afford( maximum is  TZS 50 MIL  
• Loans may be granted for up to40% of your net salary(Minimum 12 months maximum 48 months)
•  There is no specific loan repayment term because it is a revolving facility
• Loan amount is tied to acceptable monthly Installment To Income(ITI);
• Repayment of Principal and Interest are amortized monthly;
• Ability to revolve the facility.

 

Who can apply
You can apply for a Revolving Term loan provided you:

• Have been permanently employed for a period of not less than 12 monthss
• Earn a net monthly income of Tsh 1-million or above
• Are a Tanzanian citizen with permanent residency;
• Have an existing Stanbic Bank transactional account which has been open for at least 6 months and into which your monthly salary is deposited. 

How to apply
To apply for a Revolving Term loan account  just visit your nearest Stabic Bank branch with the following documents:

• Verifiable payslips;
• Letter of introduction from your employer;
• Six months account  statement (for new customers);
• Proof of address.