Revolving Line of Credit
Our personal current account enables you to deposit, withdraw and pay money. It also helps you to better manage your finances by giving you detailed records of money coming in and going out of your account, and banking fees.
What it offers you
- The loan amount you may qualify for depends on your income and how much you can afford
- Once you have repaid 15% of the loan, you may borrow again up to your original loan amount and your repayments will remain the same
- You can apply to increase the limit on your existing loan when you need more funds
- The minimum repayment is fixed for the life of your loan account, which enables you to budget more effectively
- The interest rate is linked to the prime rate and your risk profile
- When the prime interest rate changes, your minimum repayment amount remains the same but the loan period either increases or decreases
- You can pay into your loan whenever you have extra cash. You can withdraw this extra cash once you have met the minimum revolve limit.
- You can take out insurance, which will give you the peace of mind of knowing that your loan will be paid in full in the event of disability, dread disease or death
- You will be charged a once-off initiation fee at the start of the loan; thereafter a monthly service fee is charged.
Who can apply
- Be 18 years or older
- Be a Tanzanian citizen or permanent resident with an identity book
- Earn a gross monthly income of at least Tsh1.5 M
- Have a transactional account (with us or another bank) into which your salary is deposited.
How to apply
Visit your nearest branch with the following documents:
- Your identity card
- Your latest salary slip or confirmation of your income
- Proof of your residential address
- Six months’ bank statements if you do not bank with us