Higher BOZ lending rates cripple civil servants

Dear Editor,
May I on behalf of other Civil Servants express our disgust at the way Indo-Bank Zambia Limited is deducting our monies. I got a loan from Indo-Bank Zambia Ndola main Branch at Jacaranda Mall in Ndola amounting to K75,000 and this was based on account that at least 60% of an employee’s net pay should be retained after deductions. The agreed amount of money to be deducted on a monthly basis was K2,400. To my surprise Indo-Zambia Bank Limited have increased the amount deducted to K2,900 every month. I went to inquire as to why they have increased the amount deducted , I was informed that the lending rate as determined by BOZ has being increased. What I know is that most Banks maintains the amount to be deducted monthly but increases on the number of Months to liquidate the loan. This has caused a lot of uproar among most Civil servants and i hope they will look into this issue as soon as possible.
Disgusted Indo-Bank customer.

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