Standard Chartered Bank Zambia has allowed personal and priority customers to borrow up to K450,000, making it the highest personal loan threshold under that category in the country, company data shows.
In a statement availed by StanChart head of corporate affairs Christine Matambo, Monday, StanChart raised its personal loan limit up to K450,000.
“It is the first commercial bank to increase personal loan limits to this level, giving clients greater opportunity to finance their needs and aspirations. The move also widens access to finance and the amount of personal financing available to Zambians. Through the bank’s new personal loan offer, clients can also top-up their existing loans, consolidate loans, make balance transfers from any bank in Zambia to Standard Chartered Bank, and benefit from favourable re-financing at competitive interest rates, amongst others,” stated Matambo.
“Standard Chartered has pioneered several ‘firsts’ on the market, especially in the digital banking space. This year, the bank announced that it is investing over US $850,000 to enhance its digital proposition in Zambia. Furthermore, the bank recently announced its 2018 financial results, which saw it lead the market as the most profitable commercial bank in Zambia.”
Last year, StanChart earned a net profit after tax of over K267 million, beating the competition for the highly-vetted number one position in the market in terms of profitability, according to company data.