Civil servants and Teachers Service Commission (TSC) members will now have up to 96 months (eight years) to pay their loans.
Mwananchi Credit Limited has extended the repayment period for loans taken by civil servants and teachers to eight years. This will give those taking loans from them more time to plan and repay and ease the burden caused by Covid-19.
The secured credit lender says this is part of efforts to ease the financial burden on this group of borrowers as Covid-19 continues to adversely affect people’s finances.
Civil servants and Teachers Service Commission (TSC) members will now have up to 96 months (eight years) to pay their loans, a major relief from the previous six years (72 months).
Civil servants and teachers access Mwananchi Credit loans through the salary check-off loan. “Civil servants have been the backbone of the nation for decades, contributing to some of the most critical economic sectors,” says Mwananchi Credit Executive Director Dennis Mombo. “Their investment has been responsible for the development of most satellite towns in Kenya.”
Mombo said Mwananchi Credit was exploring more ways to provide relief to its clients, including salary check-off loan buy offs from other financial institutions. He said the longer repayment period would make civil servants more resilient to coronavirus related economic disruptions.
“Civil servants are vital economic engines in the country, and they have helped make our economy strong. We will continue to provide every business and individual with the most effective response possible during these times of uncertainty.”
Mwananchi Credit, which was recently recognized as the Most Preferred Institution in Logbook Financing for the Year 2020, has tailor-made the salary check-off product for civil servants to enable them to invest in various businesses. The salary check-off loans are available to all civil servants from across the country working in healthcare, education, county governments, and defense forces among others.