In a bid to empower civil servants to establish and grow start-up businesses, one of the country\u2019s high street banks, New Finance Bank Malawi (NFB), has introduced a loan facility dubbed Government Payroll Loan.<\/p>\n
The facility will help government workers to borrow any amount of money, depending on their salary.<\/p>\n
NFB Marketing and Customer Experience Manager, Linda Simwaka, said loan facility seeks to mitigate the hustle that most civil servants face when obtaining personal loans from micro-finance institutions.<\/p>\n
\u201cThe loans will run from a minimum of three months to a maximum period of 36 months. However, normal credit granting approval processes will be followed in granting the loans.<\/p>\n
\u201cThe amount borrowed depends on affordability drawn from a customer\u2019s salary amount against monthly deduction as stipulated under affordability calculations of the Malawi Government,\u201d Simwaka said.<\/p>\n
She added that for the civil servants to access the loan, they are required to open salary accounts with NFB along with an introductory letter from their employer, submit pay slips covering three months and receive a minimum of a month\u2019s salary through an NFB account.<\/p>\n
\u201cThese loans will be easily accessible without security and new account holders shall equally benefit from other value-added services such as NFB\u2019s Internet banking service, NFB\u2019s ATM card, NFB\u2019s Mobile Banking Service, competitive interest rates on accounts and queue less banking,\u201d Simwaka said.<\/p>\n","protected":false},"excerpt":{"rendered":"
In a bid to empower civil servants to establish and grow start-up businesses, one of the country\u2019s high street banks, New Finance Bank Malawi (NFB), has introduced a loan facility dubbed Government Payroll Loan. The facility will help government workers to borrow any amount of money, depending on their salary. NFB Marketing and Customer Experience […]<\/p>\n","protected":false},"author":3,"featured_media":63103,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-63099","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/63099","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/comments?post=63099"}],"version-history":[{"count":1,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/63099\/revisions"}],"predecessor-version":[{"id":63104,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/posts\/63099\/revisions\/63104"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media\/63103"}],"wp:attachment":[{"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/media?parent=63099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/categories?post=63099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/archive.times.mw\/index.php\/wp-json\/wp\/v2\/tags?post=63099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}