UNIMA Negotiates Loan Facilities with FDH Bank
The University of Malawi has, for a long time, had cordial relationships with the banking sector in Malawi, leading to the provision of a number of bank facilities for its staff. The most recent of such negotiated services is an agreement that the institution has made with FDH Bank that will see UNIMA members accessing loans whose amount would depend on the individual’s net pay. So far, staff members have already begun to take advantage of this facility.
In a memo addressed to members of staff at the University of Malawi, the Registrar, Mrs. Mary Wasiri says this agreement is contained in a Memorandum of Understanding (MoU) that UNIMA has signed with FDH Bank. “Those who wish to access the said loan facility can visit FDH Bank - Zomba Branch. The contact person is the Accounts Relations Manager, Ms. Chifundo Kankhulungo,” she indicates in the memo. One of the requirements is that members will have to present their pay slip together with the loan application forms. Another is that those who do not have an account with FDH Bank will also have to fill and submit account opening application forms. The opening of the bank account is for purposes of loan recovery. “Members should note that the University will provide an employer’s letter of undertaking to those who will apply for the loan,” the memo advises. The loan repayment period is 36 months and the interest rate is at 8.5% above the bank base lending rate of 12.1%.