CRDB Bank Cuts Down on its Loan Interest Rates for All Employees

Author: Nicole Mbowe
Dated: June 8, 2020
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In a continuous effort to help curtail the financial strain experienced by salaried workers during the COVID-19 pandemic, banks and financial institutions have gauged the economy and provided the much-necessary support to several socio-economic groups.

Early last week, CRDB Bank Plc announced yet another reduction in loan interest rates, for the benefit of all employees. The bank has, once again, reduced interest rates on personal loans taken by employees in both public and private sectors, the Director of Retail Banking communicated. Back in May 2018, the interest rate was 22%. This has been cut down several times, and today stands at 14% for personal loans.

The above is in line with CRDB Bank’s newly promoted Jiachie Utakavyo programme. Under this, employees are able to enjoy ‘a wider scope in their loan proposals’ – including making choices in their loan repayment periods. Repayment times may vary from one year up until seven years. Further, employees are also able to take personal loans of up to Tshs. 1,000,000 at once. This promotes better financial freedom and flexibility on an individual basis.

According to the Head of Consumer Banking, this move reflects the bank’s increased recognition of employees and the vital role(s) they play in Tanzania’s economic development endeavors. This incentive is celebrated as the bank has extended the opportunity to not only CRDB Bank clients, but to all employees, as emphasized by the bank’s Senior Manager in Personal Banking.