This was revealed yesterday by GEL Loan Officer Musa Sultani in an interview with parents and students at an ongoing university exhibition at Mnazi Mmoja in Dar es Salaam.
He said the loans are given to students who wish to study certificates, diplomas, degrees and doctorates, adding that this comes after GEL reached an agreement with Amana Bank for such funding.
He said that the loan program for students studying abroad started in 2018 and they provide loans ranging from 50 to 70 of the annual costs of the training program to the candidate.
He said repayment of the loans has been positive as they have not recorded any defaults.
He said in 2018 they received 150 loan applications but only 80 qualified as some lacked proper documentation.
“We are pleased to report that the majority of our loan recipients repay their loan smoothly, so we invite other applicants who are in financial difficulty to take this opportunity to fund their child’s education abroad,” he said. he declared.
According to him, if the application form is filled in correctly, the loan is issued within 48 hours.
Amana Bank public relations officer Aziz Sangali said the bank attended the exhibitions to inform the general public, among other things, about the existence of such a funding opportunity.
He said for those who need the loan, they are required to meet with GEL officials for all application procedures including the necessary documents required.
“The parent or guardian should contact GEL officials for consultations on the type of course they need their children to study, the university and country they prefer to go to and if the required documents are complete, they will be forwarded to Amana Bank for loan access,” he said.
He said most applicants have applied for loans of up to 25m/- with the bank allowing them to repay in installments within eight months and they are given a two-month grace period after the loan is granted. .
“The loan is insured by life insurance, so if the beneficiary is permanently disabled or dies, the insurance covers the risks,” Sangali said.