Bank launches salary advance loans

By MAUREEN ODUNGA

MWALIMU Commercial Bank Plc (MCB) has introduced a salary advance loans to help the salaried customers meet emergency needs

The Head of Business Development and Marketing at the bank, Mr Valence Luteganya, told reporters in Dar es Salaam yesterday that the new loan package dubbed ‘MCB Salary Advance’ was meant for employees who have salary accounts with the bank.
“Emergencies are difficult moments, they are made worse when one has run out of finances to support their situation … MCB salary advance can be welcoming during such situations,” said Mr Luteganya.
He pointed out that a borrowers can secure a loan of up to 50 per cent of the salary and will be required to pay back during the next pay day. The customer will only have to incur a five per cent interest when paying back the loan. “Through the service, employees need not to be going through such challenges because one can easily obtain a loan at a very convenient way,” he noted.
According to MCB Bank Head of Internet Service Unit, Mr John Mhina, to secure the loan it does not need a customer to appear physically at the bank. Customers will apply for loans through whatsApp. Customers may also visit the bank's website and fill in application forms and send them via email.
“The service is very efficient, but it does not limit the borrowers to go and physically apply for the loan through the bank,” noted Mr Mhina. He noted that all applications will be lined up for the normal procedure before the issuance of the loan.
Mr Mhina also revealed that the service has been tested by some of the bank users and it has proven to be efficient before deciding to roll it over to other bank customers