Personal Loan

If you’re after a quick, affordable cost loan, this could be the one you’ve been looking for. You can decide  terms, amount and repayment schedule that works for you

The product is anticipated to avail a tailor made financial solution to existing and future customers who are salaried employees. The purpose of the facility shall be determined by the applicant and it shall be facility of up to three years with monthly repayment not exceeding one third of the applicant’s net pay. 

  • Customer should have been confirmed under the current status of employment.
  • A salary to be routed through BANK OF AFRICA-TANZANIA or employer to guarantee monthly remittance to cover the instalment amount.
  • A minimum net salary of TZS 1,000,000 per month or its equivalent should be taken as the minimum threshold for employees who will not secure corporate guarantee.
  • The remaining tenor of employment contract to sufficiently cover facility period.
  • A guarantor working in reputable organization and not a spouse to the applicant to give reference
  • There must be a signed agreement between the bank and the company
  • The employer company should have a labour turnover of not more that 10%

All Branches

Back to school loan

Grab an instant loan you can repay in 10 months, this loan is designed to sort you out faster when kids’ or you own education bill came in sooner that planned 

Designed to help parents cope with the cost of schooling their children. It is a credit to a maximum of 10 months for a maximum of 2 months of salary if the client has no other credit. 

Salary

  • The parent must provide a salary slip to the bank
  • In case the parent is not employed, an evidence for the source of the income must be provided to the bank
  • The monthly deduction of the schools fees loan must not exceed  33%  of the net income

Guarantee

  • A letter from the employer to introduce the customer
  • A letter from school to introduce the customer

  Security

  • Personal guarantee by the parents to be exercised before the court in event that the parents cannot pay.
  • To insure the loan and the premium to be paid by the customer.
  • 3 months Statement for the account with other bank
  • Schools to hold the certificates / results if case of failure to pay

All Branches

Home Purchase Loan

Buying a home can be a stressful affair, we will finance your new home up to 80% 105% and let you worry about moving in.

Designed to assist a customer purchase residential properties for his/her own use, for rental purposes, for his/her employees or for other purposes.  

  • Borrowers must be Tanzanians /foreigners with Tanzanian spouses or children. 
  • Borrowers must be between 21 and 50 years of age where by the tenor does not exceed the retirement age (retirement age is 60 years).
  • Exceptions will be considered for professionals, joint borrowers or individuals earning verifiable passive income.  
  • Borrowers must have verifiable employment and income.
  • Completed Application Form
  • Personal Reference Form (This is in the application package)
  • Evidence of minimum 20% commitment for purchase of property (through bank statement, cash, deposit slip)
  • Proof of relationship (If joint application)
  • Marriage certificate/birth certificate/adoption certificate
  • Bank statements for the last 12 months
  • Most recent six (6) month salary slips
  • Processing fee deposit slip of 0.5% of loan amount
  • Employment contract
  • Employer’s Certification of Income/Letter from employers
  • Offer Letter from vendor accompanied by a copy of the title deed.
  • Valuation report from a valuer recommended by BOA
  • Opinion on the property by a consultant recommended by BOA
  • Building permit
  • Statutory taxes (land, rent and property tax) 
  • Life insurance policy 
  • Power of Attorney if the customer doesn’t live permanently in Tanzania (should be witnessed by a Notary Public)
  • Credit History or Credit Bureau Report from a recognized Credit Report Agency (Equifax/Experian) if you live in the US and or UK

All Branches. 

Home Improvement Loan

Time to give your home the cosmetics it deserves. Whether it’s a bathroom revamp, a multiple bedroom extension or painting you are looking for, Our experts will work day and night to find the best financing option for your home renovations

Designed to assist one undertake renovation and/or extension works on his/her existing houses. Existing homeowners and companies that need improvements done on their properties can apply. 

  • Borrowers must be Tanzanians /foreigners with Tanzanian spouses or children.
  • Borrowers must be between 21 and 50 years of age where by the tenor does not exceed the retirement age (retirement age is 60 years).
  • Exceptions will be considered for professionals, joint borrowers or individuals earning verifiable passive income.
  • Borrowers must have verifiable employment and income.
  Documents Required:  
  DOCUMENTS SELF EMPLOYED SALARIED EMPLOYEE
Completed Application Form
Personal Reference Form (This is in the application package)
Evidence of minimum 20% commitment for purchase of property (through bank statement, cash, deposit slip)
Proof of relationship (If joint application)
Marriage certificate/birth certificate/adoption certificate
Bank statements for the last 12 months
Most recent six (6) month salary slips
Processing fee deposit slip of 0.5% of loan amount
Employment contract
Employer’s Certification of Income/Letter from employers
Offer Letter from vendor accompanied by a copy of the title deed.
Valuation report from a valuer recommended by BOA
Opinion on the property by a consultant recommended by BOA
Building permit
Statutory taxes (land, rent and property tax)
Life insurance policy
Power of Attorney if the customer doesn’t live permanently in Tanzania (should be witnessed by a Notary Public)
Credit History or Credit Bureau Report from a recognized Credit Report Agency (Equifax/Experian) if you live in the US and or UK
Company profile  
Business license/TIN/Certificate of inc/Registration  
Tax clearance certificate  
Bank statement for the last 12 months of the company  
Certificate of Incorporation/Registration  
Audited accounts for the last 3 years.  
   

All Branches

Home Construction Loan

If you are looking to build your new home rather than buying. We got the right option that allow you to see your home project come to life

loan is a type of mortgage whereby financing is advanced to borrowers to enable them constructs a residential building on a property.

• Borrowers must be Tanzanians /foreigners with Tanzanian spouses or children. 

• Borrowers must be between 21 and 50 years of age where by the tenor does not exceed the retirement age (retirement age is 60 years).

• Exceptions will be considered for professionals, joint borrowers or individuals earning verifiable passive income.  

• Borrowers must have verifiable employment and income. 

DOCUMENTS

• Completed Application Form

• Personal Reference Form (This is in the application package)

• Evidence of minimum 20% commitment for purchase of property (through bank statement, cash, deposit slip)

• Proof of relationship (If joint application)

• Marriage certificate/birth certificate/adoption certificate

• Bank statements for the last 12 months

• Most recent six (6) month salary slips

• Processing fee deposit slip of 0.5% of loan amount

• Employment contract

• Employer’s Certification of Income/Letter from employers

• Offer Letter from vendor accompanied by a copy of the title deed.

• Valuation report from a valuer recommended by BOA

• Opinion on the property by a consultant recommended by BOA

• Building permit

• Statutory taxes (land, rent and property tax) 

• Life insurance policy 

• Power of Attorney if the customer doesn’t live permanently in Tanzania (should be witnessed by a Notary Public)

• Credit History or Credit Bureau Report from a recognized Credit Report Agency (Equifax/Experian) if you live in the US and or UK• 

All Branches

Equity Release loan

Finance your major expenses,  against the value of your home. We will give you funds on top of your current mortgage. You deserve a low interest rate

If you have already invested in residential properties, this loan will enable you release your investments in those properties to improve your liquidity position. 

• Borrowers must be Tanzanians /foreigners with Tanzanian spouses or children. 

• Borrowers must be between 21 and 50 years of age where by the tenor does not exceed the retirement age (retirement age is 60 years).

• Exceptions will be considered for professionals, joint borrowers or individuals earning verifiable passive income.  

• Borrowers must have verifiable employment and income. 

DOCUMENTS

• Completed Application Form

• Personal Reference Form (This is in the application package)

• Evidence of minimum 20% commitment for purchase of property (through bank statement, cash, deposit slip)

• Proof of relationship (If joint application)

• Marriage certificate/birth certificate/adoption certificate

• Bank statements for the last 12 months

• Most recent six (6) month salary slips

• Processing fee deposit slip of 0.5% of loan amount

• Employment contract

• Employer’s Certification of Income/Letter from employers

• Offer Letter from vendor accompanied by a copy of the title deed.

• Valuation report from a valuer recommended by BOA

• Opinion on the property by a consultant recommended by BOA

• Building permit

• Statutory taxes (land, rent and property tax) 

• Life insurance policy 

• Power of Attorney if the customer doesn’t live permanently in Tanzania (should be witnessed by a Notary Public)

• Credit History or Credit Bureau Report from a recognized Credit Report Agency (Equifax/Experian) if you live in the US and or UK

All Branches

Insurance Premium Finance

Drop a risky third party insurance an grab a comprehensive/Premium. We pay for your 12 months insurance premium, you can pay us back on your payday. No more damaged goods.

This is primarily a short term financing facility that is designed to enable individuals and companies to meet their pressing requirements for Insurance Cover policy at beginning/end of their cover policies. 

  • Borrowers must be Tanzanians /foreigners firms operating in Tanzania.
  • Exceptions will be considered for professionals, joint borrowers or individuals with verified incomes 

 

DOCUMENTS REQUIRED:

 

 

DOCUMENTS

SELF EMPLOYED

SALARIED EMPLOYEE

Completed Application Form

Personal Reference Form (This is in the application package)

Bank Statements for the last 12 months

Most recent six (6) month salary slips

Company Profile

 

Business License/TIN/Certificate of inc/Registration

 

Tax clearance certificate

 

Bank Statement for the last 12 months of the company.

 

Certificate of Incorporation/Registration

 

Audited Accounts for the last 3 years.

 

All Branches

Motor Loan

Whether you’re buying a new or used car, Our Car loan expert will put you behind the wheel faster than you can blink. We will let you pick a repayment schedule that works for you while getting you the best interest rates.

  • The bank will finance the cost of the vehicle up to 70% of the total cost with the client funding the balance.
  • Finance periods is 60 months’ maximum with the duration being fixed at the beginning of the facility.
  • Interest is charged at a reducing basis.
  • The client has to hold an account with BANK OF AFRICA-TANZANIA.
  • The bank will finance both new and second hand cars.
  • The vehicle will be jointly registered in the names of the client and BANK OF AFRICA-TANZANIA until the loan is fully repaid.
  • The vehicle must be fitted with approved anti-theft devices (Car Track).
  • Vehicles must not be more than eight (8) years old.
  • The vehicle must be insured with a comprehensive policy for its full value and the bank interest noted on the policy document.
  • The insurance company issuing the policy must be approved by BANK OF AFRICA-TANZANIA.
  • Vehicles to be sourced from vendors who have agreements with the bank on assurance of the price/ quality, include buyback option & discount price.
  • Insurance Cove for retrenchment for Salaried borrowers.
  • Application form giving the details of the applicant.
  • Bank statements for the last six months.
  • In case of a new vehicle, evidence of the cost/value of the vehicle will be required from the car dealer.
  • In case of a used vehicle, we shall require Original Valuation Reports to be obtained from our appointed valuers.
  • Certified copies of identification documents (ID/passport and PIN).
  • A copy of the log book or copies of the import documents including duty paid receipts in case the vehicle is imported and has not been registered.
  • For salaried employees, a letter is required from the employer confirming the terms of employment.
  • Any other additional document can be requested by the bank

All Branches

Check Off Loan

Financing option designed exclusively for salaried government employees. We made requirements  too minimal because we value the service,  you can get cash fast, and repay slowly 

  • Enhanced purchasing power
  • Easily resolving unforeseen financial demands
  • Enhanced liquidity position
  • Affordable and well planned monthly installments giving customers flexibility of managing their cash flow throughout the month
  • Improves employee productivity through financial peace of mind
  • Strengthens employer/employee relationship
  • Employer loan administration burden now relinquished to the bank thereby letting the employer focus on their core business.
  • Saves company cash outlay on company administered staff loans.
  • Must be permanently employed (contract/ letter of confirmation) by a public entity which has entered an MOU with BANK OF AFRICA-TANZANIA. 
  • Proof of income i.e., 3 months’ latest salary pay slips
  • Positive Identification, i.e., Employer ID (must) and other additional Valid passport, Voters ID
  • Proof of residence, i.e., Utility bills, lease agreement, letter from local executive ward
  • Letter of undertaking or loan support from the employer
  • Properly filled loan application form 
  • Two referees (one relative and a college)   

All Branches