CRDB Bank has simplified high learning loan procedures and reduces it to 15 minutes from three weeks soon after a student finalising application processes.
The simplified system was created by the bank and Higher Education Students' Loans Board (HESLB), goes on trial yesterday. The system was launched at Institute of Finance Management (IFM).
CRDB Managing Director Dr Charles Kimei said that the first phase started at IFM and would later be rolled out to other colleges and universities. “The new system reduces application time, after completing necessary procedures, to 15 minutes and set to clear the number of challenges which students faced previously,” he said.
The new loan application process was jointly worked out by CRDB and HESLB in a bid to reduce hurdles and hassles for students when applying for education loans.
The expats from both sides enabled their system to integrated and producing student information at the click of the button. The system will not only reduce application procedures but also cut down workload for board’s loan officers, hence increase efficiency.
“This system is efficient and reliable and created by experts from both sides taking into account the previous challenges,” Dr Kimei said.
HESLB Director General Abdul-razaq Badru said during the launch that the new system would enable students to receive their loans on time and cut down massively time wastage on casing the loan.
“Students used to take two to three weeks to process the loan before receiving on their accounts,” Mr Badru said. He added: “We thank CRDB for this innovation.
The bank’s innovation will enable students to spend more time on their studies,” IFM Head of Research Dr Emmanuel Mnzava thanked the bank and the board for selecting the college as the pilot scheme for the new system.
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