EMPLOYER SUPPORTED LOANS (ESL) WITH MOU
INDIVIDUAL LOANS
TARGET MARKET
- Employees of the private sector, parastatals and other government agencies not civil service payroll.
- Repayment should be directly from the source.
OBJECTIVES
- Improve economic status for employees in the private sector, paratsatals and other government agencies.
CUSTOMER BENEFITS
- There is no restriction for loan purpose.
- Requirements not restrictive.
- Processing period is very short.
REQUIREMENTS
- Employees National ID.
- Employer’s letter of confirmation of status of employment.
- Duly authenticated bank standing order in favour of NEEF.
- Company profile.
- Memorandum and articles of association for employer.
- Minimum of 10 member staff compliments.
- Financial statements for the employer.
THRESHOLD
- Depends on applicants repayment capacity.
- Mwk 500,000.00 to Mwk 30,000,000.00.
RATES/TARIFFS
- 3 to 36 Months.
- NO grace period is applicable.
TENURE
- Interest rate – 4.5%.
- Processing and admin fee – 5%.
- Insurance – 1.0%.
COLLATERAL REQUIREMENTS
- Institution guarantee that the repayment will be collected from the employee and remitted by the employer every month until fully repaid.
OPENING HOURS
MONDAY – FRIDAY
7:30 AM – 4:30 PM
CONTACT US
NATIONAL ECONOMIC EMPOWERMENT FUND
P.O BOX 779, LILONGWE
PHONE # : +265 999 941 333 | +265 999 938 333
EMAIL: info@neef.mw