Public servants can get loans within 48 hours, pledges bank

Dar es Salaam. BancABC, which is part of the Atlas Mara, has improved its loan issuance process in which applicants will now be able to receive their advances within 48 hours, the bank announced yesterday.

The loans will be accessed by public servants through the bank’s simple loans service that is popularly known as ‘MkopoRahisi’.

The BancABC head of Easy Banking, Mr Thomson Mwasikili, said yesterday the bank had come up with the initiative to more applicants from the government to ensure they get instant loans to enable them to achieve their aspirations.

“Through MkopoRahisi, we will ensure that our customers are served within 48 hours and we want to assure them that we will do whatever it takes to make it happen,” he said.

Applicants will be able to receive up to Sh40 million at lending rates that start from 1.6 per cent per month. The rate is one of the lowest and most affordable in the market so far.

“They will also have the option of paying for a period of up to six years…similarly, they will be allowed to top up the loan at their own will.”

Unlike other loans, MkopoRahisi applicants will have the liberty to decide the projects into which they want to inject their money, including paying school fees, buying vehicles, repairing houses, paying rents, and completing construction.

The bank will also buy off applicants’ loans in case they (the applicants) have other loans with other financial entities.

The loans will be covered through credit life insurance such that in the event that the applicant dies, his/her family will be given Sh500,000 cash for funeral expenses.

BancABC became part of Atlas Mara in 2014, when the latter acquired a significant majority stake in ABC Holdings.