“You can now get our personal loans within a day of lodging your application at any of our branches,” said CRDB managing director Charles Kimei.
As loan access improves, the bank is also making its loans cheaper, according to Dr Kimei, who announced a 16 per cent cut in interest rates on personal loans – the second such move in as many weeks.
The loans will be available to salaried employees in both the private and public sectors, according to Dr Kimei, as long as your monthly earnings are at least Sh 200,000.
Buying up loans?
Something else is in the works too – a new scheme that allows loan consolidation. CRDB is calling it a loan buyout system.
“We will buy loans clients have with some lenders so that they too (the debtors) can get the opportunity to borrow from CRDB,” says Dr Kimei.
How that will work for local borrowers from other Tanzanian banking institutions is unknown at this point.
However, similar system in global banking have meant that a client who has a non-performing loan with Bank A, could find their debt bought by Bank B – which often means a change in repayment terms.
