School fees loan facility

Cross over with NMB Bank

NMB Bank offers you a loan facility when your child’s school fees needs to be paid.

Ensure that your most precious gift is in school, always!

NMB Bank offers you a loan facility when your child’s school fees needs to be paid.

Terms and Conditions
Who Qualifies	Salaried individuals who demonstrate ability to meet monthly repayments
Schools Covered	Any school, for as long as the applicant qualifies for the loan
Acceptable use of Funds	Payment of school fees only
Loan Payouts	Minimum loan amount $500 per child. Maximum loan amount $100 000 per child.
Interest Rate	65% p.a.
Arrangement Fees	8% flat on the loan amount
Insurance	1% of the loan amount
Debt to Income Ratio (DIR)	Loan repayment amount must not exceed 40% of net salary.
Payment method	– Monthly installments to be deducted at source from central payroll. – Current Account
School Fees Top Up	Can be considered provided that 50% of the original loan has been repaid
Required Documentation	– Signed application forms – Current pay slip – Recent proof of residence – Invoice from school
Conditions	– The Applicant must maintain/ open a current account with the Bank. – Salary must come come through the Bank. – Where salary is not coming through, repayments must come directly from the employer (source deduction). – The Applicant may combine with Spouses salary provided that employer profile is acceptable. – Customers with running loans can apply for a school fees loan facility if their Debt to Income Ratio permits. – The facility is available to non exam classes. – Payment will be made directly to the school as per invoice. – Only parents that are up to date with their school fees will be considered. – Customers may not enjoy the overdraft facility during the tenor of this loan.

*Terms and conditions apply

Apply for your loan today

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19207 Liberation Legacy Way (formerly Borrowdale Road), Borrowdale,
PO Box 2564, Harare, Zimbabwe
Tel: 08677004011/ 08677008564-6/ 08688003347-8 | Email: enquiries@nmbz.co.zw