One of the country’s leading bank, First Capital Bank Plc has introduced a Civil Servant Loan-Zangaphee, which is aimed at giving opportunity to the customers based in both urban and rural areas for easy access to credit.
Head of Marketing, Twikale Chirwa said the bank has realized the need to introduce the Civil Servant Loan, having noticed that recently, access to credit has become an urgent requirement for many of its clients.
Chirwa added that the unavailability of mass lending solutions for customers is also one major disadvantages that cause customers to change banking services provider — hence committed to create a viable market segment for the provision of credit to the civil service employees.
“The bank provides credit services to all civil servants that are deducted through the centralized Malawi Payments Solutions, and this include both our existing customers but more notably would also be available to non-customers.
“This will significantly benefit civil servants who currently have limited access to credit. In addition, these customers will be given the option of becoming banked by FCB and it should noted be noted that this market is not concentrated in one place only as it will be spread out all over be it in town and districts.
He further disclosed that the Civil Servant Loan will not require any form of collateral or security as long as one is permanently employed with the Government of Malawi.
“These loans gives opportunity to customers to access a loan — starting from a minimum of K100,000 and maximum K3 million, based on affordability and they vary from 3 to 60 months.
“The loan can be used for purchasing of personal assets, school fees, farming, business, expansion or start up, consolidation of debts and other general purposes,” he said.
The loans processing takes a period of 24 hours and everyone interested to access loan is required to have a valid National Identity, stamped bank statement showing a valid account, details of the holder (where applicable) and all loans will be deducted from source — human resources department in conjunction with Payment Solution Malawi.