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!

N.B. All schools are covered under this facility

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	The loan amount will vary with the value of the school fees as stipulated below: School fees range: Above $1,000 – The Bank will provide a loan of up to 70% of school fees invoice amount – The parent must deposit the 30% difference into his or her NMB Account and the full school fees amount will be paid by the bank directly to the school School fees range: $500 – $1,000 – The Bank will provide a loan of up to 80% of school fees invoice amount – The parent must deposit the 20% difference into his or her NMB Account and the full school fees amount will be paid by the bank directly to the school School fees range: Below $500 – The Bank will pay the full school fees invoice amount directly to the school – No deposit is required
Minimum Repayment Period	1 month
Maximum Repayment Period	3 months
Interest Rate	18% p.a.
Arrangement Fees	Above $1,000: USD50.00 per child $500 – $1,000: USD30 per child Below $500: USD20 per child
Insurance	1% of the loan amount
Debt to Income Ratio (DIR)	Loan repayment amount must not exceed 40% of net salary
Required Documentation	– Signed application forms – Current payslip – Recent proof of residence – Invoice from school
Conditions	– The Applicant must maintain / open a current account with the Bank – Salary must come through the Bank – Where salary is not coming through, repayments must come directly from employer (source deduction) – 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 taking 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

*Terms and conditions apply

Apply for your loan today

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Tel: (+263) (24 2) 759651-9 | Email: enquiries@nmbz.co.zw