This is a personal loan with a minimum loan amount of ZMW5,000 and a maximum of ZMW50,000.
The loan is repayable over
a maximum period of 60 months. Interest and the principal amount are required to be serviced monthly
linked to salary payment date of the borrower. The rate of interest is 5% amortised over the term of the loan. In order to access
this facility, the applicant must be a Public service employee who has served a minimum of 2 years and must have a take-home pay
of not less than 40% of basic salary. The employer through (PMEC) facilitates repayment of the loan by simply deducting the loan repayment
amount directly from the employee’s monthly salary and remitting it to the Bank.
As of March 2016, the bank has disbursed over K 162,520,600.00 to 7,316 payees in 97 Districts across the country mostly in the rural and