By Rungano Dzikira

Premier Service Medical Investment (PSMI) Micro Finance says it has repackaged and unveiled loans that have an attractive low interest rate enough to re-ignite a high uptake of its income based credit facility tailor made for civil servants.

Officiating at a joint launch of the credit facility with the Ministry of Finance and Economic Development, PSMI Micro Finance Managing Director, Paradzai Mufunda told the media that the new packaging of the loan facility appeals to civil servants.

“Our loan tenure stretches to 12 months at an incredibly low interest rate of 10%. The loans are not pegged on USD/ RTGS rates, there are just loans with no strings attached,” he said.

PSMI Micro Finance is an offshoot from the PSMI health care funders group, which was registered in 2016. The Micro Finance arm has been struggling for market share in a fierce, cut throat industry of money lending.

Speaking at the same event, Finance research Principal Director Jay Mushayi said the credit facility would go a long way to help civil servants.

“There has been stories of civil servants falling prey to loan sharks. PSMI Micro Finance credit facility will lessen the burden on those who want to borrow because of the low interest rates,” he added.