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.
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.
6 great features of our Boom Advance Loan
- Instant loan 24/7- no paperwork required
- No interest applied.
- Reasonable loan amount of up to TZS 120,000
- Option to top up loan
- Automatic repayment as soon as HESLB pays allowances.
Who is eligible for the Loan?
- A HESLB Loan beneficiary
- Student must be registered in a public or private university
- Student must have maintained an account with CRDB Bank and received HESLB allowances at least once
- Student must be registered on SimBanking App.
- Student must be on-boarded through Digital Disbursements Solution (DIDIs)
How to Apply for Boom Advance Loan
- Log in SimBanking App. Don’t have the SimBanking App? Download here
- Select Quick Loans
- Select Boom Advance
- Enter loan amount requested (You can lend from TZS 10,000 to TZS 120,000 - You are not restricted to apply for the whole amount at once, you can apply at any time you are in need.)
- Accept Terms & Condition
- Confirm Transaction
- The loan amount will be credited instantly into the borrower’s accounts.
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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