Acquisition Loan (AL)
Interest Rate: Company's Standard Rate/Negotiable
A loan given to facilitate purchase of a specific asset (eg. plots, building materials, etc) or to be used for purposes that are laid out before the loan is granted.Requirements
To qualify, the applicant must:- Be a civil servant or an employee, shareholder, director or proprietor of an organization with which the Company has prior arrangement or a respectable.
- Furnish a certified copy of a valid ID (driving license, national ID, voter's ID)
- Furnish a certified copy of TIN.
- Furnish one recent colour passport sized photograph
- Furnish a copy of proforma invoice, sale agreement, etc.
- Furnish a valuation report from a valuer listed as one the Company's service providers.
- Furnish a certified copy of the certificate of incorporation/registration (for business owners only)
- Furnish certified copies of latest 3 months pay slips (for salaried employees only)
- Furnish certified copy of the employment contract (for salaried employees only) and
- Sign the requisite loan agreement.
Terms
- Repayment period ranges from 1 to 18 months (maximum).
- There are no penalties where the borrower opts to discharge financial liability before the end of the contract term.
Amounts
Minimum loan amount: TZS. 500,000.00
Maximum loan amount: TZS. 20,000,000.00
Access to Facility
The customer will be able to access the facility within 24 hours upon receiving a notice of approval which may be sent either physically or electronically.