Civil servants to benefit from NBM pay day loans

Civil servants who receive their salaries through National Bank of Malawi (NBM) will join all people who get paid through the bank in getting the newly introduced Pay Day Loan.

NBM corporate affairs manager Annie Magola told Malawi News Agency (Mana) that the Pay Day Loan is one of the many products and services that the bank has put in place to assist its customers.

“At NBM, 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 said that NBM feels the loans will solve some of the pressing problems that some of the customers have pertaining to financial matters.

Magola assured 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,” she said.

Magola said people may confuse loan denial to failure to meet loan requirements, noting that if a customer fails to meet any loan requirements, a loan is not granted.

She said, whether one is a civil servant or not, requirements have to be met before a loan is granted.

Magola said, the minimum and maximum one gets depends on one’s income/salary, but the minimum threshold is K30 000 (about $75) and the maximum is K500 000 (about $1 250).

“Customers will borrow up to 50 percent of their net income which is deposited in the bank,” she said.

The Pay Day Loan has been designed to be quick and clients can access it on the same day as long as someone has met the requirements before a facility is granted.