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Credit Products

Employer Guarantee Loan (EGL)

Get cash flow relief and emergency funding through the bank's Overdraft facility for Corporate customers.

Employer Guarantee Loan is a facility designed to assist salaried employees who have a salary account with NBS Bank. Through salary deductions this loan facility allows employees to finance their consumer needs. Individuals are able to afford things that they normally would not such as wedding, holiday, household items etc.

Requirements
  • 3 months payslips
  • Letter of salary undertaking or loan deduction from the employer.
  • Must have worked for at least 1year with the employer.

Security
  • Letter of Guarantee from employer.
  • A signed and sealed formal agreement with the employer.

Loan amount
  • Up to 3 times gross salary

Interest rate
  • Base Rate + Risk-Based margin

Term
  • 36 months, maximum

Characteristics
  • Early redemption permissible
  • Prepayment allowed.

Additional features
  • Loan re-advance after 12 months repayment allowance.
  • Interest payment can be on annuity or linear basis.

Availability
  • All NBS Bank Service Centres

Individual Overdraft Facility

Get cash flow relief and emergency funding through NBS Bank's Overdraft facility for individuals.

Target Group
  • Individuals who have current accounts with the Bank.

Requirements
  • 6 months active account.
  • Salary or business income credited to the account on monthly basis.
  • Marketable collateral

Purpose
  • Personal consumption
  • to bridge cash flow gaps.

Interest rate
  • Base Rate + Risk-Based margin

Term
  • Maximum of 12 months

Features
  • Additional temporally facilities of up to 50% of existing limit on Cheque Guarantee Card.


Staff Motor Vehicle Loan Scheme

This facility gives a chance to corporates that would want their members of staff to access car loans through NBS Bank. The Bank enters into an agreement with the Corporate customer to deduct and remit installments to the bank.

Repayment Period
  • 36 months for second hand vehicles.
  • 60 months for brand new vehicles

Advantages
  • This helps companies to increase employee morale and retention.
  • Low maintenance costs of vehicles since members of staff tend to be more careful whenever they are using their personal vehicles.


Insurance Premium Finance

If you have property or your life insured, you may access our Insurance Premium Finance to pay insurance premiums

Requirements
  • 6 months active account.
  • Deposit of 3 months premiums.
  • Insurance policy rights ceded to the Bank.
  • Audited accounts, management accounts, 12 months cash flow projections
  • Memorandum/Articles of Association and Board Resolution to borrow

Facility amount
  • As per Insurer’s invoice.

Purpose
  • Payment of insurance premiums.

Interest rate
  • Base Rate + Risk-Based margin

Term
  • 9 months

Characteristics
  • Interest repayment on reducing balance basis.

Benefits
  • Flexible collateral.
  • Can obtain parallel loans if you have an excellent credit record.


Mortgage

The NBS Bank Mortgage facility provides you a once in a lifetime opportunity to own your own home. Institutions can also acquire property through this facility.

Requirements
  • Offer letter/ sale agreement.
  • Identification document (Passport or drivers license)
  • Income documentation (3 most recent payslips or letter of salary)
  • Confirmation from employer or 6 months recent bank statements for the self employed.
  • Copy of certificate of lease or land certificate.
  • Bills of quantities and approved plans (if constructing).
  • A valuation report from a registered and Bank approved valuer/quantity surveyor.
  • An NBS Bank active account aged 6 months and above.
  • Memorandum/Articles of Association
  • Board resolution to borrow from the Bank.
  • Audited accounts for preceding financial periods plus latest management accounts.

Facility amount
  • Up to 80% collateral value

Interest rate
  • Base lending rate (owner occupied)
  • Base +2.5% (for renting purposes).
  • Base + 5% (Commercial buildings)
  • Base + 7% (Personal Loan against mortgage)

Term
  • 180 months maximum for occupational mortgage
  • 120 months maximum for rental mortgage
  • 60 months for commercial mortgage and personal loans against mortgages.

Characteristics
  • Interest calculated on reducing capital balance basis.
  • Monthly, Quarterly, bi-annual repayments are permissible.
  • Bullet payments allowed.

Benefits
  • Property gets insured against loss due to fire and other natural causes.
  • Borrower’s life is insured to protect the mortgage (funds used to liquidate or reduce loan amount upon death of borrower).
  • NBS Bank mortgage can also be used to build a new house or make home improvements
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