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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.

Boom Advance Loan Can now be applied via SimBanking App.

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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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