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Commercial banks in the country are dangling credit facilities to the newly-inducted cohort for the 2025-2030 period. The loans include vehicle loans, general purpose and emergency. The financial institutions displayed some of the products at the Bingu International Convention Centre in Lilongwe during the orientation of members of Parliament (MPs) last week. In an interview on Friday, Standard Bank plc chief executive Phillip Madinga said the Malawi Stock Exchange-listed bank has deepened its partnership with the government through a strategic collaboration with the Parliament of Malawi. He said: “ This initiative introduces a powerful value proposition tailored for members of Parliament, designed to support their ambitions, strengthen their financial well-being and elevate their impact as national leaders. “It is about connecting ambition to achievement and vision to impact. Our MPs proposition celebrates the success of parliamentarians and offers financial solutions that help them lead with confidence and purpose.” Among the tailored loan solutions for MPs, according to Standard Bank, include vehicle loan of up to K200 million to enhance mobility and outreach and other general purpose and emergency loans. The bank is offering general purpose loan of up to K60 million to support personal and professional goals, emergency loans of up to K20 million, which is accessible three times for urgent needs. “All loans are processed within 24 hours, with local decision-making, ensuring speed, transparency and trust,” he said. In a separate interview on Sunday, FDH Bank plc public relations manager Lorraine Chikhula said the bank is offering up to K200 million vehicle loans, adding that the first 50 MPs to access the facility stand a chance of winning some prizes. She said: “FDH Bank understands the demands of the MPs office. That is the reason why we have designed an exclusive motor vehicle loan package for the legislators. Key features include up to K200 million loan approved within 24 hours with no more than 2.284 percent interest rate per month. Chikhula said the first 50 MPs to open an FDH Bank account and receive salary throug the same, stand a chance to win K250 000 Ekhaya Foods meat voucher and the offer is valid until December 31 this year.
