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| Business |
| National Bank offers loans to non-customers |
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by
Our Reporter, 16 November 2004
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16:42:50
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National Bank of Malawi (NBM) said last week it is offering loans even to individuals who hold accounts with other banks provided their employers guarantee their applications.
NBM public relations manager Anne Magola said such individuals borrow money to buy cars, houses or any other use under the employer guaranteed loan scheme.
“Our loans can also be accessed to people who are conducting their accounts elsewhere through their employers which means that the company is our direct customer,” she said.
National Bank introduced mortgage and consumer loans early this year. The loans have been put into four categories namely: mortgage/home improvement loans, motor vehicle loans, term loans and employer guaranteed loans.
Some National Bank customers have, however, complained that they have been denied loan facilities because they did not hold Current Accounts but SS or Savings accounts.
Responding to these concerns, Magola said all customers of the bank are eligible for the loans regardless of the account they are maintaining.
“Unless the account is very new and if the branch management has noticed some irregularities in the manner the account is conducted, any customer is eligible for the loan,” she said.
Magola also disputed assertions by some customers that when the bank rate is lowered they still pay back the loans on previous higher interest rates.
She said interest rates on the loans are pegged to the base lending rate plus a certain percentage agreed between the customer and the bank hence when the base rate goes down so does the amount of interest payable. |
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