Standard Bank Malawi offers 10% interest rate loan to civil servants
In a quest to continue providing tailor-made financial solutions to customers Standard Bank has launched a new loan offer that allows civil servants to get loans of up to K15 million at a low interest of 10 percent.
Announcing the offer, Head of Products Charity Mughogho said Civil Servants loan represents Bank’s bold commitment towards fulfilling its promise to move our customers forward along with it are on the journey into the future.
“This Civil Servant loan service gives Standard Bank customers the swiftness and real-time efficiencies befitting. It allows customers working with Malawi Government to acquire loans at an interest rate of 10 percent against the standard interest rate of 25 %,” said Mughogho.
Mughogho said Standard Bank strives to make progress real and to lead according to its motto of moving forward by bringing to its customers superior and innovative banking solutions to meet their customer’s needs.
“Moving Forward, Standard Bank remains committed to transforming the lives of our customers for the better and to contribute to the country’s prosperity. We believe that when our customers are empowered with financial solutions that meet their needs, they will be better placed to contribute meaningfully to their personal and business life as well as the nation. Ultimately, we are passionate about moving our customers forward,” he said
According to Mughogho all Civil Servants of Grades P7 and above (as per instructions from Malawi Government) can now access a loan of up to MK15, 000,000 with a maximum period of 72 months upon opening a salaried account with the bank.
Mughogho also made reference to the recently launched bouquet of digital products,
“We have also recently rolled out a number of Digital Products ranging from our mobile app, USSD accessed through *247#, as well as our revitalized internet banking, all of which allow customers to make transfers in and outside Standard Bank, bill payments and other value added services. In addition to that we also introduced E-Commerce which allows customers to purchase goods online through their card. Having recently concluded our card based promotion we would also like to encourage the civil servants to take part in these exciting offerings” she said.
In his remarks Assistant Accountant General Abel Mwambinga welcomed the initiative saying it will go a long way in ensuring that Civil Servants access bank services.
“We are so excited with this initiative of Standard Bank because you know we are busy people and them coming here providing banking services will reduce the time we spend in banks. It is a welcomed initiative we are very excited about it,” said Mwambinga.
For Civil Servants require accessing the loans they need to discuss with their line ministry, open a Transactional Account with Standard Bank, channel salary to the account for at least a month and provide a 6 months statement from the previous banker.
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This is discrimination at its best. Does Standard Bank have only Civil Servants as its customers? Does Civil Service made up only of employees from P7 grade and above? Don’t you think this will force others customers who have be royal to move to other bank? The best was to reduce the interest rates for all salaried employees whether from public or private institutions as long as there is agreement with employers on loan recovery. May be the bank want to have strong links with the government? Please revisit this……
why only P7 and above ?…when are you gvt going to promote us to such grades?? Some of us have worked in gvt for 10 Years but at the same grade of PO…Please consider us >>>
Nde azitsala ndi zingati muntu olandira mtedza ndi kaleyo.
Thats a good move by standard ban. How about us working in private institutions. we also want that 10% loan interest rate. Its very unfair to give it to govt employees only. Whats the difference between the two us. We also maintain the ac with your bank. I feel this is very very very unfair. One day we all of who work in private institutions will close our account with your bank and we will see if it will be only the govt servicing their account with your Bank. Plse come up any bank welcome us who works in a… Read more »
Why this DISCREMINATION? Fair Trading and Competition Commission please help. We are all Malawians and need such ‘concessionary ‘ loans interest rates. Why Civil Servants Only?????. Is it a show by Standard bank that the real rates theyre supposed to charge personal loans is 10%? The 25% is just a rip-off??? Am not jealousy but why this descrimination??? Is it based on TYPE OF EMPLOYER, POST , EARNINGS???? Please open it up to everyone, our constitution does not allow such discrimination.
Government pays the difference of 15%. Though its silent here.