Personal Loan

A personal loan is an advance extended to customers who maintain current or savings accounts with BancABC and have proof of regular income coming through the bank. The loan is repaid monthly from the customer's current / transaction account over an agreed period.


Qualifying Criteria

  • Should have operated a transactional account with BancABC for at least 3months.
  • Salary should have been paid into the BancABC Account for at least 3 months OR if self employed, must show proof of regular income
  • Permanently employed and completed the probationary period.
  • Latest three months bank statement i.e. from another bank
  • Employed by a reputable employer that demonstrates a strong financial background OR if  self employed- must show proof of regular income and evidence of continuity of the self employment
  • Letter of undertaking from employer to channel full salary of employee until the loan is fully repaid.
  • Must be between the age of 18 and 55 years.

Qualifying Conditions

  • Minimum qualifying net salary of only TZS200,000 per month
  • Minimum loan amount of Tzs1m and Maximum loan amount of Tzs40m
  • Repayment period ranging from a minimum of 6 months to a maximum 24 months
  • Monthly loan repayment amount for an unsecured loan should not exceed 15% of net salary/income  and 30% for a  secured loan after deduction of living expenses and other loans so as to prevent borrower from over committing themselves.
  • Interest rate currently at 19%pa  for secured loans and 21%pa for unsecured loans  will be subject to change in line with changes in market conditions
  • All loans shall have a credit life insurance cover currently at a rate of 0.35% of loan amount per year.
  • Ease of managing own cash flow as installments are equal throughout the period of the loan
  • Source of funds to bridge unforeseen personal financial demands
  • Improves one's liquidity position
  • Affordable repayment terms

Hereunder is the repayment schedule for illustration purpose based on a rate of 21%pa over 24 months

Personal Loan Repayment Schedules

    Interest Rate 21%
  Number of months over which loan is repaid
Years 1 2  
Months 12                            24  
Loan amount Monthly Repayment Amount
1,000,000 TZS 93,113.77 TZS 51,385.65  
2,500,000 TZS 232,784.43 TZS 128,464.13  
5,000,000 TZS 465,568.87 TZS 256,928.25  
7,500,000 TZS 698,353.30 TZS 385,392.38  
10,000,000 TZS 931,137.74 TZS 513,856.51  
12,500,000 TZS 1,163,922.17 TZS 642,320.64  
15,000,000 TZS 1,396,706.61 TZS 770,784.76  

For any legal & morally right cause of customer choice such as

  • Home Improvement
  • Unplanned expenses incidentals such as medical bills, motor vehicle repairs etc
  • School fees
  • Purchase of  assets such as furniture


  • Any illegal activities such as gambling, purchase of   ammunition, illicit drugs,  terrorism etc
  • Bad debt bail out

To Apply for Personal Loan

Simply bring the following to any of our branches:

  • Submit proof of income i.e., latest 3 months salary slips
  • Positive Identification i.e., Employer ID, Valid passport, Voters ID
  • Six months bank statement
  • Proof of residence, i.e., Utility bills, lease agreement, letter from local executive ward.



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