Tanzania Daily News (Dar es Salaam)

Tanzania: NBC Reintroduces Group Loans

THE National Bank of Commerce (NBC) has reintroduced Group Loans offering to individual customers and groups loans for private purposes.

Currently the bank is extending the product to several businesses in the country as well as government departments, whose beneficiaries are already enjoying the benefits offered by the product. Commenting on the reintroduction of the product, NBC Head of Retail Banking, Mr Mmoloki Legodu said; "We at NBC are always looking for ways to make our customers lives much easier.

"The reintroduction of this product aims at delivering just that." He added that: "We urge all caring employers to ease the financial burden of their employees by partnering with NBC in facilitating the granting of group loans." Mr Legodu also said,

"We understand that with the current economic situation there is much that our customers would like to do, but may be faced with financial constraints, which may hinder them.

"The borrowers must be employed permanently or contractually. In addition to this the beneficiaries will have access to loans of up to 50m/- with a maximum repayment period of 60 months." Another benefit which may be enjoyed by customers of this product is that no Collateral is required from an employee to qualify for a loan.

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