With the year 2016 approaching the end, summer vacationing in season and rains around the corner, Standard Bank has launched a new loan offer that allows customers top up their existing loan within 24 hours.
Dubbed Kachikena, the loan offer is open to customers who have existing loans, but would like to top-up as soon as possible.
Announcing the offer, Head of Personal and Business Banking (PBB) Margaret Kubwalo Chaika said the Kachikena Loan season runs from October to January 31 when most households and businesses are running low on cash but need it the most to meet year-end and New Year obligations.
“With the ending of another year come special moments such as Christmas and New Year holidays, preparing gardens for planting, sending children back to school and those special moments with family. At Standard Bank, we realise that it is in times like these that our customers need additional cash, and that’s what the Kachikena Loan season is all about,” she said.
She said Kachikena is in line with the bank’s strategy to move forward personal and business lives of Malawians, by giving customers access to credit without hassles.
Kachikena Loans are available from a minimum of K 150,000 to K15 million depending on the customers’ net income and credit worthiness.
“Eligible customers should have an existing performing loan for at least 6 months and should not have been in arrears or in default at a particular point. In return, Standard Bank promises to process the loan within the shortest possible time, or within a maximum of 24 hours,” she said.
Kubwalo-Chaika said early settlement of the loan is not allowed in the Kachikena season.