Standard Bank offers 10% interest rate loan to civil servants

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In a quest to continue providing tailor-made financial solutions to customers Standard Bank, has launched a new loan offer that allows civil servants to get loans of up to K15 Million at a low interest of 10 percent.

Announcing the offer, Head of Products Charity Mughogho said civil servants loan represents the bank’s bold commitment towards fulfilling its promise to move customers forward.

Standard Bank

Mughogho (L) with Mwambinga addressing journalists at Capital hill.

“This civil servant loan service gives Standard Bank customers the swiftness and real-time efficiencies befitting. It allows customers working with Malawi Government to acquire loans at an interest rate of 10 percent against the standard interest rate of 25 %,” said Mughogho.

She added that as a bank they strive to make progress real and to lead according to its motto of moving forward by bringing to its customers superior and innovative banking solutions to meet their customer’s needs.

“Standard Bank remains committed to transforming the lives of our customers for the better and to contribute to the country’s prosperity. We believe that when our customers are empowered with financial solutions that meet their needs, they will be better placed to contribute meaningfully to their personal and business life as well as the nation. Ultimately, we are passionate about moving our customers forward,” he said

According to Mughogho, all Civil Servants of Grades P7 and above (as per instructions from Malawi Government) can now access a loan of up to MK15, 000,000 with a maximum period of 72 months upon opening a salaried account with the bank.

Mughogho also made reference to the recently launched bouquet of digital products.

“We have also recently rolled out a number of Digital Products ranging from our mobile app, USSD accessed through *247#, as well as our revitalized internet banking, all of which allow customers to make transfers in and outside Standard Bank, bill payments and other value added services.

In addition to that we also introduced E-Commerce which allows customers to purchase goods online through their card. Having recently concluded our card based promotion we would also like to encourage the civil servants to take part in these exciting offerings,” she said.

In his remarks, Assistant Accountant General Abel Mwambinga welcomed the initiative saying it will go a long way in ensuring that civil servants access bank services.

“We are so excited with this initiative of Standard Bank because you know we are busy people and them coming here providing banking services will reduce the time we spend in banks. It is a welcome initiative we are very excited about it,” said Mwambinga.

For civil servants to access loans, they need to discuss with their line ministry, open a Transactional Account with Standard Bank, channel salary to the account for at least a month and provide a 6 month statement from the previous bank.

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12 Comments

  1. Its not all the Civil servants who are going to benefit it.just imagen starting from p7 are we all civil servants having that grades tell the country the truth please rather than that foolish lie

  2. Welcome move, Its only 10 % on paper but at the end of the loan pple will pay back a massive 60/70 % interest back. Up to now I don’t understand how these banks calculate their mathematics.

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