A Revolving line of credit offers you continuous credit at a fixed monthly instalment. This means you may borrow again up to the original amount on the same loan, without re-applying, immediately after you have repaid 15% of the loan.
Features and benefits
The loan amount you qualify for depends on your income and how much you can afford
Once you have repaid 15% of the loan, you may borrow again up to your original loan amount and your repayments will remain unchanged
You can apply to increase the limit on your existing loan when you require additional funds
The minimum repayment remains fixed for the life of your loan account which enables you to budget more effectively
The interest rate is linked to the prime rate and will be based on your risk profile.
When the prime interest rate changes, your minimum repayment amount remains unchanged while the loan period increases or decreases.
You can pay into your loan whenever you have extra cash available. You can withdraw this extra cash once you have met the minimum revolve limit.
You have the option to take out insurance which will give you the peace of mind of knowing that your loan will be settled in full in the event of disability, dread disease or death
You will be charged a once-off initiation fee at the start of the loan; thereafter a monthly service fee will be levied.
Who can apply
To qualify for a Revolving Line of Credit, you must:
be 18 years or older;
be a Tanzanian citizen or permanent resident with an identity book;
earn a gross monthly income of at least Tsh1.5 Million; and
have a transactional account (with Stanbic Bank or another bank) into which your salary is deposited
How to apply
To apply for a Fixed Term loan account just visit your nearest Stabic Bank branch with the following documents:
Your identity card;
your latest salary slip or confirmation of your income
proof of your current residential address; and
six months bank statements if you do not bank with Stanbic Bank.
Tel: +255 (22) 266 6850
+255 (22) 266 6801
E-mail: tanzaniacustomercare@stanbic.com
service@stanbic.com