Bank of Kigali has introduced “Turikumwe Special Loan”, a special loan product which is aimed at easing the pressure on clients as the country continues to battle with Coronavirus pandemic.
The new loan facility, whose application deadline is on May 31, 2020 will allow customers to digitally apply for a short-term loan of up to two times their salary with a maximum of Rwf 10,000,000 which is approved in 48 hours and repaid over a period of 12 months at an Interest rate of 15.5% per annum, allowing a 60% maximum of all loans repayments.
The CEO of Bank of Kigali Plc, Dr Diane Karusisi said that the Bank understands that people may be facing financial challenges due to COVID-19 pandemic hence the idea of Turikumwe Special Loan product which the bank says is tailor made to support its clients at this time.
“We understand that our customers might be facing cash flow challenges, and therefore we designed an appropriate product to address these challenges,” Dr. Karusisi told KT Press.
Turikumwe Special Loan will have a zero early repayment fee and clients can get up to 3 months of grace period.
The Bank is facilitating clients to digitally apply for Turikumwe Special Loan, whether by filling an online form or by simply writing a letter with required information and sending it to [email protected]. Turikimwe Special Loan is open for BK customers with existing loans and first time loan takers with Bank of Kigali. For more details about the loan requirements and application process, clients are required to visit the Bank’s website on the following link: https://bit.ly/2xK2TQs.
Clients can call 4455, visit Bank of Kigali Social Media pages or send an email to: [email protected] for assistance.
Earlier this month, BK announced a donation of Rwf282m to Government efforts to provide socio-economic relief to vulnerable households in the country as well as measures to relieve some of the bank’s clients of their loan burden during the difficult times when businesses have been affected.
Among other actions, BK said clients have an opportunity to ask for a grace period on interest or principal (or both) of up to 3 months especially business affected by the COVID-19 crisis
BK also said that for customers who want to continue servicing their loan facilities, it will waive all late payment penalties on term loans (loans with monthly instalments) including BK Quick Loans and Credit Card penalties for the months of March, April and May 2020.
The biggest Bank in Rwanda said the measures are aimed at easing the pressure on clients at the time the world is facing unprecedented challenges resulting from the pandemic.