Revolving Term Loan
A Revolving term loan is an unsecured loan that you can redraw the amount you have already paid off or top up after 3 or 6 months. This loan is flexible, you can top up as you go. If you have a good transactional behaviour in your current account, you will get an offer to apply or top up on 247 online after just paying 10%.
Benefits of a Revolving Term Loan
Dedicated Support
Call 247 toll free to get assistance if you have not received your Top up offer
Easy to get
Check how much you qualify for online before applying
Loan Insurance
You get a loan protection plan which covers you in case of death or permanent disability
Self-service Top up
Top up your loan on internet banking after paying 10% of your loan amount.
What you get
- Access to automatic redraw or Top-up on 247 online or Branch
- Loan protection for death and permanent disability
- Revolving facility after 3 or 6 months (after 10% repayment for those who qualify for automatic redraw or Top-up)
- Monthly repayments of up to 30% of your Net Salary
- Maximum of MWK 6, 000,000
- Maximum tenor is 36 months
What it costs
How to get it
- Letter of undertaking from the employer
- Recent Pay slip
- National ID
- Proof of Residence e.g. utility bill
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What you get
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What it costs
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How to get it
- Access to automatic redraw or Top-up on 247 online or Branch
- Loan protection for death and permanent disability
- Revolving facility after 3 or 6 months (after 10% repayment for those who qualify for automatic redraw or Top-up)
- Monthly repayments of up to 30% of your Net Salary
- Maximum of MWK 6, 000,000
- Maximum tenor is 36 months
- Letter of undertaking from the employer
- Recent Pay slip
- National ID
- Proof of Residence e.g. utility bill