NMB Bank is now offering school fees loans to working parents, no matter what school their children are attending, enabling them to ensure that school fees are paid in full and on time.
The loan is available to both existing and new customers. Once approved, the bank pays the school fees directly to the school.
To qualify for a school fees loan, a parent must be employed, capable of repaying the loan and not have any school fees arrears. His or her salary must be paid directly into an NMB current account. Alternatively, the loan repayment can be deducted by the parent’s employer from his or her salary and be paid to the bank by the employer.
The documents required when applying for the loan are a completed application form, a current payslip, proof of residence and an invoice from the school.
“The loan facility is intended to help parents ensure that their children have a smooth start to a school term,” said NMB chief banking officer Lionel Chinyamutangira.
“This school fees loan facility is available to new as well as existing clients. Those who do not currently bank with NMB but would like to take advantage of this facility can open a current account with the bank” he said.
“We know that it can often be difficult for parents to raise the money for school fees in full at the beginning of every term. With NMB’s school loan facility, the bank pays the fees to the school. The parents then repay the bank over a period of one to three months,” he said.