NMB Bank Plc ‘NMB’ has announced the reduction of its loan interest rates from 19 percent to 17 percent for salaried workers loans aiming at attracting more customers to access its loan facilities.

NMB Bank - the largest bank in the number of customers, profitability and branch network has lowered the rates to 17 percent down from 19 percent for both public and private sector employees.

NMB Bank’s minimum loan remains at TZS 200,000 and the maximum one can take up to TZS 150 Million depending on one’s salary and only takes 24 hours for loan processing until a customer receives the loan.

Speaking in Dar es Salaam, The NMB Bank’s Managing Director – Ineke Bussemaker said the bank has taken broad steps towards creating a solution for workers whose salary goes through their NMB Accounts.

“For a long time, customers have been asking for the reduction of interest rates, we have now approved a huge reduction of interest rates that comes with best offers including a free processing fee for 6 weeks from today” said Ms Bussemaker.

Ms Bussemaker said customers feedback is very important to the bank and apart from the reduction of interest rates, the bank has also extended the repayment period from a maximum of 60 Months to 72 Months (5 years to 6 years) for employees from private and civil servants.

“We remain committed to providing innovative affordable and convenient financial solutions that will continue to expand customer’s opportunities,” said Ms Bussemaker.

The bank announced that its personal loans will now be available at an interest rate of 17 percent down from 19 percent for both public servant and private sector employees.

“With these additions, we now allow a takeover of the Higher Education Students’ Loan Board (HESLB) facilities for those who still owe the loan board, we will take the burden by clearing the loan and give them a longer repayment period.” Said Ms Bussemaker.

Most employees struggle to settle down their loans from HESLB, NMB Bank now is ready to take over of Loan Board facilities and settle them at once and avoid penalties imporsed by loan board.

Other improvements made include: extension of the credit ratio from 50% to 60%, removal of top up waiting period to anytime as long as the credit ratio allows and the qualifying age extended to 60.