1. Loan amount

The amount approved by the Bank will be shown before you confirm the loan. It may be less than the amount requested.

2. Interest rate, Charges and Tenure

Interest rates and charges all depend on the product selected:

2.1. Ada chap chap loan

a) The applicable interest rate is 3.5% per month, subject to the applicable Loan Agreement. Before confirmation, the Bank will show whether the rate is calculated on a flat-rate or reducing-balance basis.

b) Application fee is 3.5% of loan amount charged up front

c) Credit life insurance for death and permanent disability charges at 0.5% per year.

d) Tenure maximum 6 Months

2.2 Salary advance loan

a) Interest rate is 0%

b) Commission 5% To be paid by upfront,

c) Tenure maximum 1 Months

3. Annual Percentage Rate (APR) and total cost

Before confirmation, the Bank will clearly show the applicable APR, the total interest, all mandatory fees and charges, the total amount repayable, and any assumptions used in the calculation. The APR displayed for your offer will prevail.

4. Processing fee

An arrangement or processing fee of 3.5% of the approved loan amount shall apply. The fee, whether it is deducted from the proceeds or added to the amount payable, and the net amount you will receive will be disclosed before confirmation.

5. Insurance

Where insurance for death and permanent disability is mandatory or selected for the loan, the Bank will disclose the insurance provider, coverage, premium, exclusions, and any effect of the insurance premium on the amount disbursed or repayable before the Borrower confirms the loan.

6. Repayment

The loan will be repaid in equal instalments over the agreed tenure. For Salary advance must be paid on salary received any time after loan disbursement. Before acceptance, the Bank will show the number and amount of instalments, all due dates, the repayment method, and the total amount repayable. In the event of delay, the Borrower authorizes the Bank to deduct the funds from any account belonging to the Borrower for loan repayment.

7. Customer responsibility

You must provide complete and accurate information and repay the principal, interest and applicable charges in full and on time in accordance with the Loan Agreement.

8. Eligibility

The loan facility is available to customers whose salary is channeled to Mwalimu commercial bank account.

9. Shift of salary to other bank

Borrower shall not shift salary to any other bank before liquidation of this loan, the Borrower shall be responsible for all cost incurred by the Bank in the process of returning back salary to clear the loan.

10. Recovery of the Loan when Employee Leaves Employment

Should the Borrower at any time leave current employment, for whatever reason and howsoever arising, Notwithstanding the Scheme requirement that and Assignment be taken over Borrower’s terminal benefits, in the event of termination of Borrower’s employment with the current employer as aforesaid, the Borrower’s undertakes to repay any loan in the Borrower’s name in the books of the Bank within two (2) weeks of the termination of the employment, or alternatively, within such two (2) weeks period to conclude a suitable and realistic repayment proposal acceptable to the Bank. The Borrower acknowledges and accepts that this does in no way distract from the right of the Bank. Should the Bank deem it necessary, to set-off at any time (without prior reference to the Borrower) any outstanding loan in the name of the Borrower in the books of the Bank; or against any pay, or other emoluments of any nature whatsoever due to the Borrower by the Bank. The Borrower agrees and hereby undertakes to pay over the Bank, on demand, all and any pension proceeds due to the Borrower on termination of the Borrower’s employment with the Employer, and same proceeds may be applied in reduction of any debt in the Borrower’s name of whatsoever nature in the books of the Bank. The Interest on outstanding unpaid amount shall accrue on the account and shall be capitalised monthly.

11. Credit reference information

To the extent permitted by law, you authorise the Bank to obtain, verify and report relevant credit information through duly authorised credit reference bureaux. The applicable privacy notice explains the purpose, legal basis, retention period and your rights.

12. Early repayment and cancellation

Any right to cancel, prepay or settle the loan early, together with any applicable fee, rebate or notice requirement, will be stated in the personalized loan offer and Loan Agreement before acceptance.

13. Complaints and support

The Bank’s legal name, physical address, customer-support channels, complaint procedure, applicable regulator or licensing information, and escalation options will be available in the app and in the Loan Agreement.

14. Governing terms

The loan is governed by the personalised offer, the Loan Agreement, these Terms, and the applicable laws of the United Republic of Tanzania. In the event of any conflict, the Loan Agreement shall prevail, subject to the applicable laws of the United Republic of Tanzania. laws of the United Republic of Tanzania will prevail.

15. Acceptance

By selecting “Accept and apply,” you confirm that you have reviewed the personalized loan offer, these terms, the Loan Agreement and the Privacy Notice, and that you agree to submit the loan application. No loan will be issued until the Bank approves the application and you complete any required acceptance steps.

Data and Privacy

The app will collect, use, disclose and retain personal data only as described in the Privacy Notice and as permitted by applicable law. Any request for access to device information or features—such as identity information, camera, photos, location or notifications—must be relevant to a specific app function, explained at the point of request, and subject to your choice where consent is required. The app must not require access to contacts, call logs, messages, photos or precise location solely to determine creditworthiness or collect a debt. You may manage optional permissions through your device settings, although disabling a permission may limit the related feature.

Information Shown Before Confirmation

Before you confirm, the app will display the approved loan amount, net disbursement amount, monthly interest rate and calculation method, APR, processing fee, insurance premium where applicable, all other mandatory charges, loan tenure, instalment amount and frequency, due date(s), total interest, total amount repayable, late-payment consequences, and any early-repayment terms. You will be able to review this information before taking binding action.

Confirmation

“I have reviewed the personalized Loan Offer, Loan Agreement and Privacy Notice and Agree to submit my application”