Jinsi Ya Kulipa Mkopo HESLB, Pay HESLB Loan 2023/2024; The process of repaying your HESLB loan is an essential step in ensuring the sustainability and success of the Higher Education Students’ Loans Board (HESLB) program. With its inception dating back to July 1994, HESLB has been dedicated to providing financial assistance to students pursuing higher education in Tanzania.
To uphold the longevity of this program, timely loan repayment is crucial. In this comprehensive guide, we will walk you through the steps of repaying your HESLB loan while shedding light on important details, including HESLB login, loan payment forms, and more.
Understanding HESLB’s Mission
HESLB is guided by its foundational Act, specifically section 7 (i), which mandates the recovery of all outstanding loans granted to former students since 1994. This approach ensures that the funds are recycled, making them available for future students in need. By facilitating a self-sustaining loan scheme, HESLB aims to create a continuous cycle of support for higher education.
Loan Repayment Period and Terms
The repayment process kicks in after a two-year grace period following the successful completion of studies or early termination, if applicable. This grace period allows graduates to find their footing in the job market before the loan repayment obligations begin.
To initiate the loan repayment process, beneficiaries must provide specific details to the Board via email at repayment@heslb.go.tz. The required information includes:
- Full name (as used during studies)
- Name of the Higher Learning Institution attended
- Year of entry and exit
- Postal and physical address
- Mobile phone number
- Email address
- Current employment status
Calculating Repayment Amounts
The repayment amount is determined based on the beneficiary’s monthly income or salary. As a general rule, the monthly repayment should not be less than 15% of the beneficiary’s income or salary. However, for self-employed individuals, a fixed amount of Tzs. 100,000.00 is set as the minimum monthly repayment.
Diverse Repayment Modes
HESLB offers various repayment modes to accommodate the convenience of loan beneficiaries. Payments can be made through:
- Crossed Cheque: Payable to the Higher Education Students’ Loans Board.
- Bankers Direct Transfer/Standing Order/EFT: Transfers can be initiated directly from the beneficiary’s bank account to HESLB’s collection account.
- Cash Deposit: Beneficiaries can deposit cash directly into HESLB’s collection account at any of the following banks:
- NMB: Account Number: 2011100205 | SWIFT Code: NMIBTZTZ
- CRDB – Bank: Account Number: 01J1028467503 | SWIFT Code: CORVUTZTZ
- Tanzania Postal Bank: Account Number: CCA-024-00000032 | SWIFT Code: TAPBTZTZ
Successfully Completing Loan Repayment
Upon successful completion of loan repayment, beneficiaries are advised to obtain a clearance certificate from HESLB. It’s important to note that only HESLB has the authority to confirm the repayment status of your loan. The clearance certificate serves as official proof of loan repayment completion. HESLB acknowledges the completion of loan repayment by issuing this certificate, thus closing the chapter on the loan obligation.
Need Assistance? Contact HESLB
Should you have any inquiries or require further information about loan repayment, feel free to reach out to HESLB via email at repayment@heslb.go.tz. The dedicated team at HESLB is ready to address your concerns and guide you through the loan repayment process.
In conclusion, repaying your HESLB loan is not only a legal obligation but also a commitment to supporting the education of future generations.
By following the steps outlined in this guide, you can navigate the loan repayment process smoothly and contribute to the sustained success of the HESLB program. Your timely repayments enable the continuation of this noble initiative, ensuring that higher education remains accessible to Tanzanian students for years to come.
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