Africa-Press – Malawi. NBS Bank has introduced a payday loan allowing customers to borrow at least K30,000 and up to 40% of their net salary at no interest. The requirements of the payday loan is that the service users must have a national ID, a salary account with NBS and a clean CRB report.
The payday loan has a zero interest rate with the requirements of a processing fee of K7,000 for loans that are less than K100,000 and 4% or minimum of K12,000 for loans that are more than K100,000.
Speaking during the launch in Blantyre, NBS Bank Transactional Products and Services Manager Esnart Mchembe said the ‘Kachangu’ payday loan will help their customers to meet their short-term financial needs while avoiding dealing with loan sharks.
“This ‘Kachangu’ payday loan will help our customers get between K30,000 and K1 million as an emergency within the course of the month which will be payable at the end of that month. It is a cheap system where our customers can access the loans without going to the bank or filling some forms, it is instant,” said Mchembe.
She added that customers can process the loans using NBS website and they receive the money within the same day. However, customers can access the loans for a maximum of nine times in a year.
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