CONSUMER LOANS
These are secured loans to an employee who holds a senior position in the public and private organizations, which the bank has no any agreement only that in case of borrowing their (employers’) recommendation letters will be sought. Security acceptable to the bank shall be taken. The maximum tenor of the loan is 60 months. The maximum loan amount shall be 24 times of net salary subject to compliance with a regulatory Debt Service Ratio (DSR).
SALARIED LOANS
Salary Loan is available to salaried employees of different organizations with a dully-signed agreement between the employer and MKCB. The maximum tenure of such loans is 84 months for government employees and 60 months for private sector employees. Salaried loans below TZS 15 million are unsecured. On the other hand, Salaried loan of above TZS 15 million to a salaried employee will be secured by landed property with tittle deed or residential license.
.This is a product designed to suit with the market demands and meet the short-term deficit from both Public and Private Sectors Employees. The advances should be extended to both Public and Private Sector employees. Salary Advance shall be available to salaried employees of different organizations with a dully-signed agreement between the employer and MKCB.