Rwandans can now get up to Rwf 30 million unsecured personal loans from Banque Populaire du Rwanda Plc (BPR).
The unsecured personal loan has doubled from Rwf 15 million as the bank wants to make it easier for its customers to access credit.
This means that both existing and new BPR customers with a stable monthly income can access the loan without collateral after fulfilling the conditions.
Maurice Toroitich, the bank’s executive director, said the move was part of the bank’s strategy to make it easier for customers to do business with the bank through ongoing policy adjustments.
“We exist as a bank to enable all of our stakeholders to achieve their goals, and we are always looking for the barriers in policies, processes and systems that make it difficult for our customers in particular to do business with us. They redefine our customers easier and easier to serve. That is why we have reviewed our existing credit eligibility requirements so that we can deliver a compelling value proposition to our customers so they can move forward, ”he said.
The modified credit access conditions for personal bank loans include home loans, personal loans, and home equity and vehicle loans.
The lender announced that monthly home, personal and car loan payments will be up to 50 percent of the customer’s monthly disposable net income, an increase from the 35 percent limit.
The amount that the bank can lend in the form of home equity is up to 70 percent of the estimated market value of the property.
Xavier Shema Mugisha, the bank’s chief business officer, said the development aims to improve the livelihoods of its customers after finding the existing conditions to be challenging for a large number of customers.
“The previous amount limited options for customers who wanted credit to purchase assets like land or a vehicle, but now with the new changes, they have the opportunity to do more and improve their way of life,” Mugisha said.
The lender will also allow a customer with an existing loan that is repayable to top up their current loan balance.
BPR’s journey began in 1975 as a community-based savings and loan program and became a full-fledged commercial bank in 2008 with a focus on retail and SME banking.
In January 2016, Atlas Mara acquired a stake in BPR, which was subsequently merged with Atlas Mara’s existing business, BRD Commercial Bank, making the merged company the second largest bank with retail, SME and corporate activities Banking became.
In August 2021, KCB Group Plc acquired the majority stake in BPR by purchasing all of the shares, making the bank a subsidiary of KCB Group Plc.
KCB Group initially intended to acquire 62.06 percent of the shares in BPR Plc owned by Atlas Mara Group and later in February to acquire 14.61 percent of the issued share capital of BPR held by Arise BV
BPR currently operates across the country through an extensive network of 137 branches, 51 ATMs and 350 bank agents, contributing to Rwanda’s socio-economic transformation.