Boom Advance Loan

Overview

Loans for students

Boom Advance is a short-term loan designed specifically for students of higher learning institutions.  The product is intended to offer short-term financial solutions to students prior to receiving HESLB allowances.

FAQs

No, eligible customers must apply through CRDB Simbanking Application.

There are no interest charges. Only a processing fee of 4% is charged and paid on payday.

Up to 24% of Meals and Accommodation allowance from HESLB.

You can pay manually through the Simbanking Application; by log in and select BOOM Advance repayment.

Yes, by depositing money into your scholar/savings account then log into the Simbanking Application and command repayment.

Yes, the top-up is allowed up to the maximum limit of 24% of Meals and Accommodation allowances net pay. The minimum amount for each top-up is Tzs 10,000/=

You can borrow as many times as you wish once you pay fully the existing loan.

Yes, as long as a customer can access the Simbanking Application.

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