Stanbic bank has today announced the launch of the ‘Now-Now loans’ campaign aimed at offering customers quick and affordable loans to overcome financial challenges in the wake of the Covid-19 pandemic.
In a statement, Grace Muliisa, Stanbic bank’s head of personal and business banking said “the ‘Now-Now loans’ campaign is a new concept derived from the exciting loan offering to be enjoyed by customers. This lending solution comes with unique benefits of a low interest of up to 15.9 per cent, insurance cover, and much more. However, the rates might be subject to changes based on individual loan assessment.”
All Stanbic’s loan products have been migrated onto digital platforms, making them easy to access in real time at the customer’s convenience while those transferring loans from other banks enjoy a zero management fees, she said.
“We understand that the impact of the novel Covid-19 pandemic still exists. A host of individuals both in the private and public sector, continue to experience financial stress. This coupled with a high cost of living and delayed payments, has depleted their savings reserves.” Muliisa explained.
She added, “What this means, is that they are unable to cater for their day-to-day needs, pay for essential services like healthcare, education and grow financially thus unable to live a decent livelihood. As the bank that drives Uganda’s growth, Stanbic’s focus is to identify key financial obstacles that stand in the way of our customers from attaining an affordable financial service to enhance personal growth.”
Stanbic bank’s head of lending products, Jackson Emanzi, said the new loans campaign will offer personal salary loans, cash advances, unsecured and overdraft loans at a low interest rate of up to 15.9 per cent based on your loan assessment, the cheapest in the market.
“The purpose of pricing these loans low is to make them affordable and to encourage potential borrowers with urgent cash needs to approach the bank for relief. These loans are also a crucial financial service that can help boost businesses and enhance the speedy recovery of the economy,” Emanzi said.
Customers acquiring the loans using the mobile and internet banking platform will also enjoy an annual complimentary personal accident insurance cover and a chance to enter the monthly draws to win variety of goodies which include; school fees, fuel, shopping and dinner vouchers, Emanzi added.