CRDB REDUCES INTEREST RATES ON PERSONAL LOANS

Dar es Salaam. CRDB Bank has reduced interest rates on its personal loans as it seeks to attract an increasing number of applicants.

The bank announced late last week that its personal loans will now be available at an interest rate of 17 percent, down from 21 percent for both public servants and private sector employees.

The CRDB Bank deputy managing director, Ms Esther Kitoka confirmed to The Citizen on Sunday and explained that the goal was to ensure that the bank’s loans are made available to all segments that require them.

CRDB has posted an advertisement in its various branches, informing its clients of the new development.

In line with a drop in interest rates, the bank has also extended the period for repayment of personal loans.

“We have extended the repayment period from a maximum of 72 months to 84 for civil servants and from 60 to 72 for employees in the private sector,” the bank’s statement reads.

The Citizen