NBC Bank has launched NBC pensioners’ loans, being an initiative to recognise the efforts made by retirees in regard to economy, politics, society and culture in the country.
NBC Managing Director Theobald Sabi said here at the launch of pensioners’ loans that the bank identifies retirees receiving their pensions monthly as a group which can contribute to the growth of economy if they are supported.
“The only challenge was lack of insurance for loans towards those aged above 60 years, but the good news is that the loans are insured as well,” he said.
He added, “We, NBC Bank, believe that when you support a person who has retired is just like supporting the nation.”
He said NBC pensioners loan comes with many advantages where an individual can borrow up to a maximum of 50m/- and minimum of 1m/- at 17 per cent interest.
The duration for the pensioners’ loans is 5 years and the loans will be insured up to 70 years of age against permanent disable or in case of death. In addition, the borrower can top up loan 12 months after the borrowing.
The best thing of NBC Pensioners loan is that it fulfills personal expenditure of the borrower and can make one come up with a new business startups and that borrowers can use their money in investing at the stock market.
In addition, pensioners’ loans have no risk of losing job, contract end or resignation of the borrower.
Speaking at the same event, the Minister of State in the Prime Minister’s Office (Policy, Parliamentary, Labour, Employment, Youth and the Disable), Ms Jenista Mhagama, commended NBC Bank for coming up with pensioners loan for retirees terming the idea as an exceptional.
“It is estimated that Tanzania has 2.6 aged people which is the same as 6 percentage of the country’s population and it is only 4 per cent who receive pensions from the social security funds,” she said.
Ms Mhagama added that the government understands the work that retirees have done to this nation and that is why the state has decided to increase the pensions for pensioners in social security funds from 50,115/- to 100,125/-. A pensioner borrow against his/her pension.