Employer supported loan – where an employer confirms that the applicant is the employee and they undertake to support the facility by remitting salaries to NBS Bank
Interest Rate
- Rate + Risk-Based margin
Penalty Interest
- Base Rate + Risk-Based margin + 10% (for non-payment)
Facility Fees
- Processing fees 2% min MWK22,000, Disbursement fees 05% of the loan
Term
- Maximum of 24 Months
Security
- Letter of undertaking from employer
Account opening requirements
- Gross income ratio of not more than 65%
- Letter of salary undertaking or loan deduction from the employer
- Pay slips for the past three months
- Salary account must have been maintained for 6 months or more
- Proof of residents (water or electricity bill)
- Valid National ID