Blog

How to Get Loans From CRDB: Fast and Affordable

If you are an employee, self-employed, or living abroad, and you want to build or start a business quickly, CRDB has a solution. This bank offers loans of up to Tsh 1 billion with a simple 17% interest rate. Additionally, you can repay the loan over a period of up to 20 years. This is especially appealing and useful for those who are assertive, as many people hesitate to take bank loans due to fears of repayment failure.

CRDB Bank provides a loan service known as JIJENGE, primarily intended for building, renovating, or buying a house. Nevertheless, this loan can also be used for investments. For instance, you can take a loan of 10 million and allocate 5 million for construction and 5 million for business. If you use a loan calculator with a 10-year term and 14% interest, you’ll find that your monthly payment amounts to Tsh 232,682.51. Why do many of us hesitate to take this step when it only means an additional two hundred thousand per month? Furthermore, keep in mind that if you have specific goals, the business you start may generate returns that can assist with loan repayment.

Check Loan Calculator HERE.

The Jijenge loan is available based on the following criteria:

  • You must be a Tanzanian between the ages of 21 and 60, whether you are employed, self-employed, or living abroad.
  • The loan amount can go up to Tsh 1 billion (1,000,000,000) and is provided in Tanzanian currency only.
  • You can choose similar monthly payments for up to 20 years from the time you take out the loan.

If you are determined and eager to make a breakthrough, as I have described here, you should consider this opportunity and take appropriate action. There are numerous benefits and opportunities associated with the Jijenge loan from CRDB Bank, such as:

  • Access to a loan covering up to 90% of the total construction costs for your house. For example, if your house is projected to cost 100 million upon completion, CRDB can provide up to 90 million for construction.
  • Competitive interest rates based on the duration of your repayment. For instance, if you borrow 10 million with a 10-month term, you will only return 10,652,828 using their 14% interest rate calculator.
  • Peace of mind with the option to repay the loan gradually over a span of up to 20 years.
  • Flexibility to pay off the loan early by adjusting the monthly payment, such as in the case of a salary change.
  • The ability to refinance a loan from another bank and transfer it to the Jijenge loan.

Important points to consider and requirements for obtaining this loan include:

  • A copy of your National ID or passport, as these are crucial for verifying your identity and simplifying the registration process.
  • Two passport-sized photos, which will be requested by CRDB bank staff.
  • A letter of identification from your employer, required for those applying for the loan based on employment status. There are three eligibility criteria: employed, self-employed, and living abroad.
  • Certified payslips for the last 6 months.
  • Bank statements, specifically from the bank where your salary is deposited, for the past 6 months.

Similarly, if you are self-employed, you should provide the following documents:

  • Audited accounts for a period of 3 years or more, related to your business or work.
  • A statement of cash flow, balance sheet, and profit and loss account for a period of 3 years.
  • Bank statements covering the past 12 months.
  • Comprehensive information about any outstanding debts and deposits from other financial institutions.

For those living abroad and seeking a loan while in Tanzania for work or business, the requirements include:

  • A copy of the work permit in Tanzania, a crucial criterion for loan approval.
  • A work contract or a letter from the Ministry of Foreign Affairs, where a specialized unit manages contract matters for foreign workers in the country.

To obtain a loan after meeting the specified criteria, follow these two important steps:

  1. Visit any CRDB Bank branch near you and speak directly with the hiring manager to initiate the necessary procedure.
  2. Go to the CRDB official website, download the Jijenge application form, print it, complete the form, and submit it at any CRDB Bank branch, following the provided instructions.

By reading this article, I believe I have assisted those interested in quickly obtaining a loan and understanding the associated criteria. Carefully read and comprehend all the details, especially the steps for visiting the relevant bank. I am confident that you will be successful in your journey to achieve your dreams.

Leave a Reply

Your email address will not be published. Required fields are marked *