Listed NBS Bank has launched ‘Kachangu’ payday loan, a digitized, immediate, advanced loan for salaried employees accessed through the Bank’s website link and its digital platforms.
Speaking during the launch in Blantyre, NBS Bank Transactional Products and Services Manager Esnart Mchembe said the ‘Kachangu’ payday loan will help their customers to meet their short-term financial needs while avoiding dealing with loan sharks.
“This ‘Kachangu’ payday loan will help our customers get between K30,000 and K1 million as an emergency within the course of the month which will be payable at the end of that month. It is a cheap system where our customers can access the loans without going to the bank or filling some forms, it is instant,” said Mchembe.
She said all the customers need to do is to process the loans using their gadgets through their website and they will receive it within the same day and will be repaid by their next salary.
Mchembe said they have put in place plans to ensure that customers do not abuse the system by giving out loans according to one’s salary limit as well as accessing the loans to a maximum of nine times in a year.
“We know that this loan system is cheap and therefore we do not want customers to abuse it. If one takes less than K100,000, we will charge them K5,000 only and if it is more than K100,000 we will charge 4% of the amount taken,” said Mchembe.