Best Banks to take unsecured loans in Tanzania


There are best Tanzanian banks where you can apply for unsecured loan, a loan that doesn’t require security. Unsecured loan can be termed as a soft loan or salary advance and usually helps to rescue one with emergency spending.

Several banks in Tanzania offer unsecured loans, but here are the best banks to apply for this loan.


NIC Bank Tanzania is regarded as one of the most stable banks in the country. You can apply for unsecured loan and receive it within 48 hours of application.

Procedure and conditions for getting the loan are as follows:

What are the features and benefits of our personal loan?

  1. It is Easy:
    • No tangible security required
    • Flexible repayment period of up to 72 months*
    • Convenience and easy access; service at your doorstep.
  1. It is Fast:
    • Quick loan processing and disbursement
  1. It has Added Value:
    • Embedded Credit Life (death and Disability) & Retrenchment Insurance cover
  1. It is in line with your needs
    • Higher loan amount of up-to Kes 4,000,000*

All these benefits at very competitive rates * Terms & Conditions Apply   What are the loan requirements? At loan application, you will need to provide the following documents to facilitate processing of your facility

  • Original and copy of ID / passport
  • Last 6 months bank statement (non-NIC Bank customers)
  • Proof of income
  • Original and copy of KRA Pin certificate
  • Original and copy of utility bill (residential address confirmation)
  • Introduction letter from employer on company letterhead (salaried)

I have a loan with another financial institution, can you advance me a loan and take over the existing facility? Yes we can. We do have a balance transfer facility meaning that we pay off a loan that you have with another bank and advance you more money subject to repayment capacity.   Do I have to have an account with NIC Bank to apply for a credit facility? No, we do however recommend that you open an account with NIC Bank to enjoy our wide range of banking solutions. If your employer has an arrangement with NIC Bank for check off which is a direct deduction of the loan repayment from your salary account, you do not need to open an account to take up a loan. If your employer does not have an arrangement with NIC Bank for check off, you will need to open an account with us and channel your salary to the Bank to facilitate loan repayment. We can reprocess your loan after sighting one salary credit into your account.


CBA Bank is another financial institution where to get unsecured loan in Tanzania.

The procedure of getting the loan is:

Unsecured Loan


  • You can borrow in Tanzania Shillings or in major foreign currencies such as USD, EURO and GBP (if your income/salary is in a foreign currency)
  • The application process is short and simple
  • There is no penalty for early repayment
  • Loan protection insurance to cover your repayments in case of accidental death or accidental permanent disability


  • The minimum amount you can borrow is TZS 5,000,000; the maximum is TZS 30,000,000
  • We offer flexible repayment options and you get up to five years to repay the loan
  • We charge interest on a reducing balance basis

Application Requirements:

  • Your pay slips for the previous three months
  • Certified copies of bank statements for the previous six months
  • A personal financial statement (if not salaried)
  • A letter of reference from your current employer

Secured Loan


  • You can use your Tanzania Shillings or foreign currency deposits such as USD, EURO and GBP and borrow up to 90% of the deposit amounts
  • Flexible borrowing options
  • The application process is short and simple
  • Loan protection insurance


  • The minimum loan amount TZS 5,000,000
  • The maximum loan amount is TZS 50,000,000
  • The maximum loan amount depends on the value of your security and ability to pay
  • Interest is charged on a reducing balance basis

Acceptable securities:

  • Deposits held at CBA
  • Government securities
  • Fully paid stocks and shares quoted in the Nairobi Stock Exchange
  • Property titles with the first legal charge on the bank

Application Requirements:

  • Your pay slips for the previous three months
  • Certified copies of bank statements for the previous six months
  • A personal financial statement (if not salaried)
  • A letter of reference from your current employer


Bank of India Tanzania offers low interest unsecured loans for people having accounts in those banks.

Bank of India Personal Loan is the easiest way to make your dreams come true, and at Bank of India, you can walk out with the loan few hours after you make application.


  • Achieve the flexibility to buy almost anything you want.
  • You can spread the cost to suit your budget, with fixed monthly repayments to meet your needs.
  • To meet personal requirement of any nature
  • Easy maximum instalments
  • Interest maximum 20% p.a for secured loans and 21% p.a for unsecured loans



Barclays Bank Uganda also offers you opportunity to apply for a personal loan, which include unsecured loans. Application details and conditions are as follows:

Loan Amount
Up to 80 Million

Loan Term
From 6 to 60 months of convenient equal monthly instalment

Debt-Service Ratio
Up to 55% of gross monthly salary

Interest Rate

Open Barclays Salary Account for monthly salary

Salary Segmentations:

Personal Segment:

Salary: 200,000/= – 2,000,000/=
Max Amount: 35,000,000.00
Instalment Value: 858,759.88
Term: 5 years
DSR: 50%
Interest Rate: 22%

Prestige Segment:

Salary: 2,000,001/= – 6,000,000/=
Max Amount: 70,000,000.00
Instalment Value: 1,717,519.75
Term: 5 years
DSR: 50%
Interest Rate: 22%

Premier segment:

Salary: 6,000,000/= – and above
Max Amount: 80,000,000.00
Instalment Value: 1,962,879.72
Term: 5 years
DSR: 50%
Interest Rate: 22%

Employer Benefits:

  • Enhances Company’s standing through a customised offering unique to your employees
  • Minimises workforce disruption as accounts are processed at your premises
  • Helps achieve improved staff satisfaction, thereby enabling your Company to become an employer of choice
  • Wages/salaries are paid electronically directly to the employee salary account, therefore maximizing productivity as they do not need to deposit cheques or cash during working hours
  • Eliminates the security risk associated with keeping cash on site to pay employees
  • The Bank takes over the employee loan book, minimising administrative functions and improving cash flow for the employer
  • Enhances your organisation’s benefits package for your employees
  • Comes at no extra cost to you as an employer

Minimum requirements to enrol for Barclays Loans

  • Minimum of 30 employees
  • Minimum Staff salary of 250,000/=
  • Sign Barclays Direct Agreement
  • Distribute Barclays Loan offer to Staff
  • Allow Access of Barclays Team to you
  • company’s employees

Benefits and privileges of Barclays Loans

  • A complimentary balance builds up period of 6 months.
  • Dedicated RMs and service teams.
  • Fast track processing through our entire branch network.
  • Free Platinum Debit Card.
  • Free Internet Banking
  • Free Hello money (mobile Banking)
  • Priority Pass membership giving you access to 600 airport lounges worldwide.
  • A host of rewards & privileges program with our pre-approved partners.
  • Embossed Platinum Credit Card
  • Dedicated Premier Centres
  • No minimum balance required.
  • Free Black Debit Card.
  • Preferential rates on savings and loans.
  • Dedicated Prestige Centre for exclusive
  • Credit Card opportunity
  • Extended banking hours
  • Free sms alert

Funeral Expense Cover

  • Funeral Expense Benefit provided to spouse or principal member’s genuine beneficiary in the event of death*

Retrenchment Cover

  • Retrenchments cover of up to two months instalments when customer looses employment*

*Terms and Conditions Apply


BancABC is another bank you can get a loan without security. Features of the bank’s personal loans are as follows.

Personal Loan

A personal loan is an advance extended to customers who maintain current or savings accounts with BancABC and have proof of regular income coming through the bank. The loan is repaid monthly from the customer’s current / transaction account over an agreed period.

Qualifying Criteria

  • Should have operated a transactional account with BancABC for at least 3months.
  • Salary should have been paid into the BancABC Account for at least 3 months OR if self employed, must show proof of regular income
  • Permanently employed and completed the probationary period.
  • Latest three months bank statement i.e. from another bank
  • Employed by a reputable employer that demonstrates a strong financial background OR if  self employed- must show proof of regular income and evidence of continuity of the self employment
  • Letter of undertaking from employer to channel full salary of employee until the loan is fully repaid.
  • Must be between the age of 18 and 55 years.


Qualifying Conditions

  • Minimum qualifying net salary of only TZS200,000 per month
  • Minimum loan amount of Tzs1m and Maximum loan amount of Tzs40m
  • Repayment period ranging from a minimum of 6 months to a maximum 24 months
  • Monthly loan repayment amount for an unsecured loan should not exceed 15% of net salary/income  and 30% for a  secured loan after deduction of living expenses and other loans so as to prevent borrower from over committing themselves.
  • Interest rate currently at 19%pa  for secured loans and 21%pa for unsecured loans  will be subject to change in line with changes in market conditions
  • All loans shall have a credit life insurance cover currently at a rate of 0.35% of loan amount per year.
  • Benefits
  • Purpose
  • Ease of managing own cash flow as installments are equal throughout the period of the loan
  • Source of funds to bridge unforeseen personal financial demands
  • Improves one’s liquidity position
  • Affordable repayment terms

Hereunder is the repayment schedule for illustration purpose based on a rate of 21%pa over 24 months

Personal Loan Repayment Schedules
    Interest Rate 21%
  Number of months over which loan is repaid
Years 1 2  
Months 12                            24  
Loan amount Monthly Repayment Amount
1,000,000 TZS 93,113.77 TZS 51,385.65  
2,500,000 TZS 232,784.43 TZS 128,464.13  
5,000,000 TZS 465,568.87 TZS 256,928.25  
7,500,000 TZS 698,353.30 TZS 385,392.38  
10,000,000 TZS 931,137.74 TZS 513,856.51  
12,500,000 TZS 1,163,922.17 TZS 642,320.64  
15,000,000 TZS 1,396,706.61 TZS 770,784.76  

To Apply for Personal Loan

Simply bring the following to any of our branches:

  • Submit proof of income i.e., latest 3 months salary slips
  • Positive Identification i.e., Employer ID, Valid passport, Voters ID
  • Six months bank statement
  • Proof of residence, i.e., Utility bills, lease agreement, letter from local executive ward.


Below are features of Equity Bank loans in Tanzania

Consumer Loans

Salary advance

The loan is advanced up to four (4) times the average monthly net salary to help the salaried customers meet emergency needs. It is a facility afforded to salaried employed for securing small amounts of short-term credit to finance emergency needs.

Benefits/Features Eligibility Pricing
Automatic debits from customers accounts for repayments (on instruction), no need to travel to the bank and queue. All salaried customers whose salaries are channeled through Equity Bank Interest rate of 2% flat per month


No security requirements up to Tshs 2,000,000 Identification document e.g. voting card, passport, driving license, working ID supported by introduction letter from the employer. (Original & Photocopy) LACE at 3%



It is Fast: Quick loan processing and disbursement Salary must be remitted through the account for 3 months consecutively and avail the pay slips  
 Loan insurance against death and disability. A letter from employer committing to remit salary to Equity Bank as long as the loan is outstanding.  
Advance of up to 4 times the customer’s salary which is higher than most competing products e.g. from Sacco’s    


Equi-loans (Check-off)

A loan facility available to salaried customers (Civil servants & vetted private companies) through a check-off system.


Benefits/Features Eligibility Pricing
Convenient facility for salaried employees to secure term loans for financing personal needs Equity Bank customer who must be confirmed and in permanent employment Interest rate of 16-25% reducing per annum.


No security required Pay slips for the last 3 months, identification document e.g. passport, voting card, driving  license LACE at 2%-3%



Quick loan processing and disbursement within 48hrs All employees (Public and Private Institutions),we also allow buy offs from other financial Institutions  
Repayments deducted from source through check-off arrangement with employer, no need to queue Working doc, ID supported by introduction letter from the employer (Original & Photocopy)  
Maximum amount depends on ability to repay.    


Personal Development Loan

Personal development loan is a medium term loan granted to salaried customers for purchase of capital assets mainly motor vehicles, purchase of land and development of land with title deed.

Benefits/Features Eligibility Pricing
Maximum loan amounts depends on ability to pay and security Must have operated an account with Equity Bank for at least 3 months Interest rate of 20% reducing per annum


Loan repayment period of 36 months for purchase of motor vehicle Equity Bank customer who must be confirmed and in permanent employment LACE at 2%



Loan repayment period of 48 months for purchase and development of plot    
Security will be the purchased asset    
Minimum contribution  of 20%    


 TOD (Temporary Overdraft)

A facility given to customers whose remittances pass through the account. It is salary or constant remittance based. It is recovered in the next pay period or remittance

Benefits/Features Eligibility Pricing
Immediate access to short term credit Must have operated an account with Equity Bank for at least 3 months


10% commission on the principal amount or a minimum of Tshs. 5,000


No security requirements  – based on remittance   24% interest on overdue amount for overdue period


Same day processing and disbursement    
Up to 30% of monthly average remittance, maximum Tshs. 500,000  



Bayport loans provide financial solutions for ordinary people who want to achieve extraordinary things. If you need a personal loan, a business loan or are investing in your future, Bayport offers a range of products to suit your needs. Bayport unsecured loans offer the advantage of not having to provide any guarantees through valuable assets like vehicles or property.

Applying for a Bayport loan offers you the benefits of:

  • No sureties
  • No guarantees
  • No collateral
  • No deposits
  • No post-dated cheques

Applying for a loan is easier than ever. All it takes is one visit to a Bayport branch to secure your loan. Simply visit your nearest branch or submit your details and one of our agents will contact you directly. If you are unable to reach the nearest Bayport branch, Bayport’s mobile network has a team of mobile agents who will come to you and help you apply for a loan.