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National Savings and Credit Bank offers a wide range of Credit facilities including the following;
These are availed to customers whose salaries are paid through the Bank. The Bank can disburse up to K50 million. The loans can either be arranged by the employee whose salary comes to the Bank or by the employer on behalf of employees. The following are available:
- Natlink
- This is a salary loan repayable over a period not exceeding 12 months.
- The applicant must have an account with the Bank which has successfully operated for 3 months.
- The monthly loan repayment should not exceed 50% of the bankable salary.
- Thandizo
- This is a salary loan repayable within a period of 3 months.
- The applicant must be an account holder for at least 3 months
- The monthly loan repayment should not exceed 50% of the bankable salary.
- Institutional Loan
- The employer agrees through a memorandum of understanding, to deduct through payroll from employees salaries and pay the bank monthly. Under this arrangement the employees may not need to be customers of the bank.
The bank will lend to the following; an individual, an individual in a group for an individual project or a group for a group project.
Requirements:
- Applicant to have 20% of loan amount in the Savings Account
- Maximum amount is K5 million
- Term of loan not to exceed 12 months
- Applicant must have had an active account with the bank for at least 6 months
- Group to comprise of minimum 5 and maximum of 10 members
- Group to maintain a Group Account with weekly or monthly savings as agreed with the Bank
- Individuals in the Group to contribute 10% of loan amount to Group Account
Requirements:
- Customers borrowing will have to comply to requirements under normal commercial lending. Applicant must have an active account, which has operated for at least 6 months
- Maximum amount is K50 million
- Term of loan not to exceed 12 months
This is an undertaking issued by the bank on behalf of the customer that the customer is capable of offering or providing certain services or perform certain contractual obligations
The following are on offer; Bid Bonds, performance Bonds, Advance Payment Bonds & Export Guarantees
- The amount of the facility will not exceed K50 million
- The period of the facility will not exceed 24 months
The repayment schedule will vary according to the business activity, purpose of loan and business cycle.
The Bank will charge commissions as may be advised in the tariff guide.
The Bank will give a one month grace period depending on type of loan and amount obtained.
- Clients will qualify for subsequent loans when previously obtained loans are fully paid and when the savings track record is good.
- Successful loan repayment shall entitle the customer to increased subsequent loan amounts.
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