First Capital Bank Plc offering loans of up to K3m for civil servants to pay school fees in ‘Back to School’ campaign 

As the new academic year begins next week of October, First Capital Bank is offering loans for civil servants to assist them pay school fees for their children and wards — with access of up to K3 million and a maximum repayment of 60 months based on affordability.

Head of Marketing, Twikale Chirwa said: “At First Capital Bank we provide loans to finance civil servants and this campaign aims at assisting towards their children’s educational aspirations.”

Head of marketing, Twikale Chirwa

The target market are civil servants who are FCB customers as well as non-FCB customers, who have a valid National ID and bank statement reflecting latest salary deposit for non-FCB account holders

Disbursement is within 24 to 48 hours upon application of the loan at competitive Interest rates with no upfront charges.

“The loan can be accessed even when customer holds their salary account with another bank,” Chirwa said. Other services on offer are top up facility; consolidating existing loans with other institutions as well as credit life and funeral cover.”

Last month, First Capital Bank — one of the country’s leading financial institutions, 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.

During the launch, Twikale Chirwa said the bank 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.

The 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.

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.

“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.

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