Dar es Salaam. CRDB Bank customers must be smiling broadly following the bank’s decision to lower interest rates on personal loans.
CRDB Bank, one of the best performing financial institutions in the country, seeks to attract a big number of loan applicants.
The bank announced late last week that its personal loans would now be available at an interest rate of 17 per cent, down from 21 per cent for both public and private sector employees.
The CRDB Bank deputy managing director, Ms Esther Kitoka confirmed the new development yesterday to The Citizen, adding that the goal was to ensure that more people access loans from them.
In a bid to attract their customers to apply for the loans, CRDB Bank has already posted advertisements in all its branches.
In line with the drop in interest rates, the bank has also extended the period for repayment of the loans.
“We have extended the repayment period from a maximum of 72 months to 84 months for civil servants and from 60 to 72 for employees in the private sector,” the bank’s statement reads.