MBCA unveils new products

HARARE - MBCA bank, one of the largest privately held financial institutions in Zimbabwe with over $240 million in assets, has unveiled new products aimed at making home improvement and equity release loans more accessible.

The bank’s head of marketing, Dedrey Mutimutema, told businessdaily that the new products offer loans at extremely competitive rates and terms.

“The MBCA home improvement loan is a facility for those who already own a property and would like to improve or modernise it,” she said adding that clients can now increase the value of their properties.

“We have also introduced equity release loans which enable our clients to unlock opportunities, giving them the means to turn their dreams into reality. With the MBCA Equity release loan, clients can get up to 30 percent of the value of their immovable properties,” she added.

Mutimutema noted that clients may apply for equity release loans for various purposes as long as it is legal.

“This loan is accessible to clients whose properties are fully paid up, but where owners would like to access funding. The equity release loan attracts an interest rate of 15 percent per annum and we do not require a deposit for one to access the loan,” she said.

According to MBCA, clients can get a loan tenure of up to 10 years and this should be within the retirement age of 65 years.

This facility is insured through Old Mutual, and premiums will be factored in monthly instalments.

In the full year to December 2015, MBCA — a subsidiary of South Africa’s Nedbank Group — saw its profits increasing by eight percent to $5, 835 million from $5,4 million registered in 2014 largely from net interest income which increased by 10 percent to $14,753 million.

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