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I&M Bank comes up with collateral-free loans for salaried customers

From left to right: Mr Zahid Mustafa, Chief Executive Officer of I&M Bank Tanzania; Mr Kihara Maina, Chairman of the I&M Bank Tanzania board; and Ms Deepali Ramaiya, Head of Retail and Digital Banking at the bank. PHOTO | COURTESY

By  Josephine Christopher

Josephine Christopher is a business reporter for The Citizen and Mwananchi newspapers.

Mwananchi Communications Limitted

What you need to know:

  • This new line of credit will be available at a discounted interest rate of as low as 15 percent.

Dar es Salaam. Salaried customers from both the public and commercial sectors can now obtain collateral-free loans of up to Sh100 million from I&M Bank for terms of up to six years.

This new line of credit will be available at a discounted interest rate of as low as 15 percent.

Ms Zainab Maalim, I&M Bank's Head of Customer Service, stated during the launch yesterday that consumers seeking unsecured personal loans will have a seamless experience with minimal document requirements and disbursement within 24 hours.

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"This product was the missing piece to our suite of retail products that includes mortgages, secured loans and overdrafts," she said.

I&M Bank Tanzania’s board chairman, Mr Kihara Maina, said the lender remains steadfast in its commitment to be a trusted financial partner, fostering financial inclusion and growth within the Tanzanian community.

"These value propositions align with our strategy to deepen our presence in the retail and MSME segments, providing tailor-made solutions that enhance the customer experience while banking with us,” he said.

Mr Maina stated, “We believe these advancements will not only meet the evolving needs of our diverse clientele but also make banking more convenient while creating distinguished value.”

I&M Tanzania’s chief executive, Mr Zahid Mustafa, stated the bank will also introduce three new upgraded account services that are set to meet the unique needs of customers.

These are Moja Account’, ‘Everyday Account’ and ‘Select Account’ where customers will now be able to get Free Bank to Wallet Transactions, Free cash withdrawals from I&M ATM, Free Bill Payments, and Free Debit Cards.

“The new developments offer an array of features designed to deliver a seamless banking experience to customers, facilitating their financial transactions with ease and peace of mind,” he said.

Acting Head of Retail and Digital Banking, Ms Deepali Ramaiya, said the new developments offer an array of features designed to deliver a seamless banking experience to customers, facilitating their financial transactions with ease and peace of mind.

She stated that through the Moja Account, customers will enjoy free bank-to-wallet transactions, one cash withdrawal at any I&M ATM, free bill payments, no annual debit card charges, internet, mobile banking, and WhatsApp banking access, all at a monthly cost as low as Sh1,000.

With everyday accounts, customers will be able to enjoy the same benefits plus the ability to be eligible for personal loans.

The Select account was designed for high-net-worth clients to enjoy limitless banking, with unlimited free transactions, priority banking, wealth and custodial banking services, and lifestyle benefits that can come bundled with a Visa Infinite debit card.

“This is a one-stop shop with a dedicated relationship manager,” stated Ms Ramaiya.

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