BPR CEO Maurice Toroitich
Banque Populaire du Rwanda Plc (“BPR”) has announced changes in the Loan offering to its personal banking customers.
As part of its overall strategy, the bank aims to make it easy for customers to access credit from the bank. It has therefore since reviewed and amended the main credit access conditions for personal banking loans including Home loans, Personal loans, Home Equity and Vehicle loans.
The key adjustments made include:
- The Unsecured personal loans limit has been increased from Frw 15 Million up to Frw 30 Million.
- Monthly installments on Home, Personal and Vehicle loans will be up to 50% of the customer’s net monthly disposable income up from the existing limit of 35% of the customer’s net monthly income.
- The amount the bank can lend in form of Home Equity will be up to 70% of the assessed market value of the property.
- A customer with an existing loan in the bank and has repayment capacity as stated above is eligible to access top ups on their current loan balance.
Commenting on the announcement, Banque Populaire Du Rwanda Plc, Managing Director, Mr. Maurice K. Toroitich said that the move is part of the bank’s strategic initiative to make it easy for our customers to do business with us. Reviewing and adjusting our existing loan conditions is therefore aimed at simplifying and making it possible for our customers to achieve their goals.
“We exist as a bank to make it possible for all our stakeholders to achieve their goals, and we are always looking for those barriers in policies, processes and systems that make it difficult especially for our customers to do business with us, so that we redefine them to become simpler and easier to serve our customers. That’s why we have reviewed our existing credit access conditions to be able to offer a compelling value propositions to our customers to enable them to make progress” Said Mr. Toroitich.
Both new and existing BPR customers with a stable monthly income are eligible to access up to Frw 30 Million in unsecured personal loans, if they fulfill all the terms and conditions. Under the new criteria, BPR customers with an existing loan facility will also be eligible for a loan top up.
Commenting on the development, Xavier Shema MUGISHA, the bank’s Chief Business Officer, said that by increasing the limit on unsecured personal loans, and increasing the monthly repayment limit up to 50% of the customer’s net monthly income, the bank is striving to improve the livelihoods of its clients after identifying that the existing conditions were challenging to a big number of customers.
“The previous Unsecured Loan limit of Frw 15M often limited consumers’ options in acquiring assets or other needs. For example, “customers taking out loans to purchase assets such as land or a vehicle, the previous amount limited options for the acquisition but now with the new changes, customers will have the opportunity and freedom to do more and improve their ways of living” Noted Mr. MUGISHA.
