NMB BANK DEBUTS LOW-INTEREST EDUCATION LOANS

NMB Bank has started providing low-cost loans for financing education by introducing a new lending service for salaried workers with further studies ambitions and those seeking funds for educating their dependants.

Announcing the launch of the novel credit facility recently in Dodoma, Chief Executive Officer, Ruth Zaipuna said the bank has allocated TZS 200 billion for the loan facility, whose interest charge is pegged at 9 per cent.

Apart from high education, the new service dubbed NMB Elimu Loan, will also cater for financing all other levels of education as well as funding vocational training.

Ms Zaipuna said the financial assistance for mostly increasing enrolment in tertiary education will be serviced in 12 months. Borrowers will be eligible for between TZS 200,000 and TZS 10 million annually per person provided their salaries are paid through NMB Bank, she explained.

“We have launched this credit service here today in Dodoma but the loans will be provided in all our