Absa Bank raises unsecured personal loan cap to Sh200m
Director of Retail Banking at Absa Bank Tanzania, Ms Ndabu Swere (centre), addresses the media in yesterday. She is flanked by Marketing and Corporate Affairs director, Mr Aron Luhanga (left), and Head of Retail Products and Strategy, Mr Heristraton Genesis.. PHOTO | Correspondent
Dar es Salaam. Absa Bank Tanzania has increased the loan limit for its unsecured personal loans targeting private sector salaried employees, expanding access to credit.
Under the revised terms, eligible customers can access loans of up to Sh200 million, up from Sh150 million, with repayment periods of up to 96 months. The facility does not require collateral.
The product is available to both existing and new customers, subject to standard credit assessment.
The move follows a similar adjustment for public sector employees, where the bank raised loan limits to Sh200 million, extended repayment periods to 10 years and reduced the loan top-up waiting period from six months to three months.
Absa Bank Tanzania Director of Retail Banking, Ms Ndabu Swere, said the changes are aimed at improving access to financing for salaried workers.
She said the revised terms are intended to provide customers with options to manage financial needs, including business activities, home improvement, education, medical expenses and debt consolidation.
Ms Swere added that existing customers may also apply for loan top-ups or refinancing, subject to the bank’s policies and credit approval. The bank has also introduced a campaign, “Jisogeze na Mkopo wa hadi Sh200 million”, to promote the product.
Customers can apply for the loans by visiting Absa branches or through the bank’s customer service channels.
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