Invoice Discounting Loan (IDL)
Interest Rate: Company's Standard Rate/Negotiable
Invoice discounting is a product that exists for suppliers of supermarkets, hospitals, schools, etc.Requirements
To qualify, the applicant must:- Be a supplier who has issued an invoice and is waiting for payment at some future date but not later than 30 days from the date of application for the loan.
- Be able to supply a commitment from the person to whom the invoice has been issued undertaking to channel payment(s) for the invoice through the Company
- Furnish a certified copy of a valid ID (driving licence, national ID, voter's ID).
- Furnish a certified copy of TIN.
- Furnish one recent colour passport sized photograph.
- Furnish a certified copy of the certificate of incorporation/registration (if the group has been registered).
- Sign the requisite loan agreement.
Terms
- Repayment period ranges from 1 to 2 months (maximum).
- There are no penalties where the borrower opts to discharge financial liability before the end of the contract term.
Amount
75% of the value of the invoice to the maximum loan amount of TZS. 25,000,000.00
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.