Dubbed “Reload”, the loan offer is open to customers who have existing loans but would like to top-up as soon as possible for needs such as farming, school fees and others.
Announcing the offer, Head Personal Markets Charity Mughogho, said the loan top up season runs from October to January 31 when most households and businesses have most need for extra cash to meet year-end and New Year obligations.
“As usual, the end of year season in Malawi is associated with the rainy season when many people need money for farming or repairs of their houses. The season also coincides with the need to send children back to school. At Standard Bank, we realise that it is in times like these that our customers need additional cash, and that’s what the Reload Loan season is all about,” Mughogho said.
Mughogho said Reload is in line with the bank’s strategy to move forward personal and business lives of Malawians by giving customers access to credit without hassles.
"Eligible customers should have an existing performing loan for at least 6 months and should not have been in arrears or in default at a particular point. In return, Standard Bank promises to process the loan within the shortest possible time or within a maximum of 24 hours,” she said.
She said the condition for this loan is a minimum of 3 months repayment for Private and Executive banking account holders and 6 months for other accounts.
Frank Kayuni, Blantyre based customer said the Reload loan brings an opportunity for customers to have cash during this farming season.