Compare personal loans in Tanzania
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Rate published
CRDB Personal Loan
★★★★☆
Unsecured personal loan for salaried employees
Loan Type
Licensed bank on the Bank of Tanzania register of licensed institutions
Licence
Salaried borrowers who want a long term and a rate they can check before applying
Best For
bank
Type
Pros
- CRDB publishes the rate and both fees, so you can work out the cost before applying
- Interest is charged on a reducing balance, not on the original amount
- No collateral required, life insurance included, and early repayment is allowed with written notice
Cons
- Only open to employees of government or selected private institutions — not the self-employed
- The facility and insurance fees are charged on top of interest and reduce what you actually receive
- A ten-year term on a consumer loan means a great deal of interest overall, even at the headline rate
Fees, eligibility & documents
Fees
Interest rateFrom 16% a year on a reducing balance, per CRDB's product page
Facility and insurance feesFacility fee 1.25% of the loan amount plus an insurance fee of 0.75%, per CRDB's product page
Eligibility
- Employee of a government or selected private institution, on contract or permanent terms
- Aged between 18 and 60
- Loan sizes from TZS 100,000 to TZS 250,000,000, with terms of up to 120 months
Documents needed
- Salary slips for the last three months
- Proof of identity: employee ID and a valid government-issued ID
- Introduction letter from your employer, appointment and confirmation letters, and your employment contract on renewal
Stanbic Bank Tanzania Unsecured Personal Loan
★★★★☆
Unsecured personal loan with redraw, for salaried customers
Loan Type
Licensed banking institution under the Banking and Financial Institutions Act 2006, registration CB A 0006
Licence
Existing Stanbic customers who want digital application and the option to redraw
Best For
bank
Type
Pros
- Application and disbursement can be done entirely in internet banking or the SmartApp
- Redraw is available once you have repaid 3% of the initial loan, subject to good conduct
- Optional disability, death and retrenchment cover can be added
Cons
- The interest rate is not published — Stanbic only says rates are personalised, so you cannot compare before applying
- The 2% facility fee is charged again on every top-up or redraw, which makes repeated redraws costly
- Settling early attracts a penalty of 8% of the remaining balance, which punishes exactly the behaviour that saves you interest
Fees, eligibility & documents
Fees
Facility fee2% of the loan amount, charged at disbursement and on each top-up or redraw (Stanbic product page)
Early settlement penalty8% of the remaining balance (Stanbic product page)
Eligibility
- Tanzanian citizen aged 18 or over with a valid ID or passport
- Minimum net monthly income of TZS 100,000, per Stanbic's page
- Active Stanbic account holder for at least three months
Documents needed
- Valid National ID or passport
- Two passport-size photographs
- Bank statements for the last six months and proof of residence no older than three months
Instant, one month
CRDB Salary Advance
★★★★☆
Short-term salary advance, repaid in a single month
Loan Type
Licensed bank on the Bank of Tanzania register of licensed institutions
Licence
A genuine one-off gap before payday, not recurring borrowing
Best For
digital
Type
Pros
- Disbursed within seconds through SimBanking, with no paperwork or guarantors
- Repayment is automatic when your salary lands, so there is nothing to remember
- Available by USSD (*150*03#) as well as the app
Cons
- The interest charge is not disclosed on the product page — you find out the cost at application
- The maximum term is one month, so a charge that looks small is very high in annual terms
- Automatic deduction on payday can leave you short and pull you into borrowing again the next month
Fees, eligibility & documents
Fees
Interest chargeNot published on the page — CRDB states only that the interest charge is collected on payday. Ask for the exact shilling cost before you accept
Advance sizeTZS 1,000,000 to TZS 3,000,000 and up to 50% of your salary, per CRDB's product page
Eligibility
- Government or private-sector employee receiving your salary through CRDB Bank
- Registered on SimBanking
Documents needed
- No paperwork required — CRDB states the product is fully digital
- An active CRDB salary account and SimBanking registration
NBC Personal Loans
★★★★☆
Salaried group loans, deposit-secured cash cover facility, and pensioners' loans
Loan Type
NBC states National Bank of Commerce Limited is regulated by the Bank of Tanzania
Licence
Salaried employees of NBC's corporate clients and pensioners drawing a monthly pension
Best For
bank
Type
Pros
- A pensioners' loan is offered, which is uncommon and useful after retirement
- The cash cover facility lends against a deposit you already hold, which is the cheapest form of secured borrowing
- Backed by one of the country's oldest and most widely branched banks
Cons
- Neither rates, fees nor loan sizes are published on the site — you cannot compare before visiting
- Group loans are limited to employees of NBC's corporate and business banking customers
- Borrowing against your own deposit means locking that money up for the life of the loan
Fees, eligibility & documents
Fees
Interest rateNot published on NBC's site — request a written quotation before you commit
Arrangement and insurance feesNot published — ask what is deducted at disbursement
Eligibility
- Group loans: permanent, salaried employees of NBC corporate and business banking customers
- Cash cover facility: an NBC deposit to secure the borrowing against
- Pensioners' loan: a monthly pension in payment
Documents needed
- Valid ID (passport, driving licence, national ID or voter's card)
- Proof of income, such as recent payslips or pension advice
- Employer's introduction letter where the loan is employer-linked
Absa Bank Tanzania Personal Loans
★★★★☆
Unsecured and secured personal loans, plus home, renovation and vehicle finance
Loan Type
Absa states Absa Bank Tanzania Limited is regulated by the Bank of Tanzania; it appears on the BOT licensed list
Licence
Borrowers who want secured and unsecured options from the same bank
Best For
bank
Type
Pros
- A full range in one place: unsecured, secured, home, renovation and car loans
- Absa links to a tariff guide, so charges can be checked before you apply
- Insurance products can be arranged alongside the borrowing
Cons
- No rates, fees or loan limits are shown on the personal banking pages
- Smaller branch footprint than the largest Tanzanian banks
- Secured lending means putting an asset at risk — read the terms carefully
Fees, eligibility & documents
Fees
Interest rateNot published on the site — request a written quotation
Arrangement and other chargesNot published on the product pages; Absa maintains a separate tariff guide — ask for the current version
Eligibility
- Aged 18 or over with valid identification
- Verifiable income; secured products require acceptable security
Documents needed
- Valid National ID or passport
- Proof of income, such as recent payslips or bank statements
- Proof of residence
Expensive — read the cost
Nivushe Plus (Mixx by Yas)
★★★★☆
Short-term mobile wallet credit, 7 to 90 days
Loan Type
Offered through Mixx by YAS, an electronic money issuer licensed by the Bank of Tanzania under the National Payment Systems Act
Licence
A genuine short-term emergency when no cheaper option exists
Best For
mno
Type
Pros
- Yas publishes the fee range on its own page, which many digital lenders in the region do not
- Available instantly in the wallet with no paperwork, collateral or guarantor
- Small amounts are available, so you need not borrow more than you need
Cons
- Yas states fees of 9.2% to 25% for terms of 7 to 90 days — on a short tenor that is extremely expensive credit in annual terms
- Rolling one wallet loan into the next is how short-term borrowing becomes permanent debt
- The fee that applies to you depends on your profile and term, so the headline range may not be what you are offered
Fees, eligibility & documents
Fees
Loan fee9.2% to 25% depending on amount and term, per the Mixx by Yas page
Amount and termTSh 1,000 to TSh 2,000,000 over 7 to 90 days, per the Mixx by Yas page
Eligibility
- A registered Yas Tanzania SIM and an active Mixx by Yas wallet
- Qualification is based on your usage history with the operator
Documents needed
- No documents required — qualification is based on your wallet history
- Registered SIM in your own name
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