Lilongwe 07:30 – 16:30 4295
MEN ENTERPRISE LOAN

Contribute to socio-economic development. Promote job creation. Entrench entrepreneurship spirit

MEN ENTERPRISE LOAN

Group Loan

Rate: Interest - 4.8% pm Processing fee - 4.5% Life Insurance - 1.5% Collateral Insurance - TBA%

Target Market

Groups of 5 - 10 men aged above 35 years up to 75 years who want to venture into a business or are already in business

Tenure

6 to 24 months Grace period of up to 60 days from the day of loan disbursement

Thresholds

Minimum K5,000,000 to Maximum K30,000,000,1st Time borrower from K5,000,000 2nd Time borrower from K10,000,000 3rd Time borrower from K20,000,000


Objectives
  • Contribute to socio-economic development.
  • Promote job creation.
  • Entrench entrepreneurship spirit
Benefits
  • Access to cheaper capital for starter-ups and established enterprises.
Requirements
  • National IDs for all members
  • Group constitution
  • Cross-guarantorship
  • Business profile for existing enterprises/business plans for start-ups
  • Bank statement for existing business
  • Identification letter from Village Head or local leader in an urban location
  • Sketch Map to meeting place and residence of leadership (Chairman, Secretary and Treasury)
Collateral
  • Mutual Guarantee
  • Individual members’ personal assets Land (Registered and Unregistered Land)
  • Vehicles
  • Woodlot/Orchard
  • Plant and Equipment
  • Household Chattels
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