Blantyre — Civil Servants who receive their salaries through the National Bank will join all people who get paid through the bank in getting the newly introduced Pay Day Loan.
National Bank Cooperate affairs manager, Annie Magola told the Malawi News Agency ( Mana) that the Pay Day loan is one of the many products and services that the bank puts in place in order to assist its customers.
"At National Bank we always look at ways in which to assist our customers and find new products that suit their requirements. The Pay Day loan which we have introduced is one such product," said Magola.
She added that, National Bank feels the loan will solve some of the pressing problems that some of its customers may have pertaining to financial matters.
Based on the allegation that Mana received which indicated that National Bank tends to refuse their civil servants customers to access loans, Magola made the assurance that even those in public service are fully eligible to access the Pay Day loan.
"The Pay Day loan is accessible to every customer of the bank be it civil servants or coming from the private sector, so long as one has an account with NBM and that his/her salary goes to the NBM account held at any service centre of the bank," added Magola.
She further said people may confuse loan denial to failure to meet loan requirements noting if a customer fails to meet any loan requirements, a loan is not granted. She said, be it a civil servant or not, one has to meet requirements before being loaned.
Magola said, the minimum and maximum one gets depends on one's income/salary but the minimum threshold is K30, 000 and the maximum is K500,000.
"Customers will borrow up to 50 percent of their net income which is deposited in the bank," pointed out Magola.
The Pay Day loan has been designed to be quick. Clients will be able to access it on the same day as long as someone has met the requirements before a facility is granted.
The Pay Day Loan is payable in full on the next pay day of the applicant.
