MICRO-INSURANCE PREMIUM FINANCE LOANS
INDIVIDUAL LOANS
TARGET MARKET
- Existing borrowers with assets to be insured.
- New clients whose assets are going to be used for securing loans.
OBJECTIVES
- To cushion the institution against loss of funds from death or loss of property that is used for generating income.
CUSTOMER BENEFITS
- Provides peace of mind to the clients.
REQUIREMENTS
- National ID.
- Identification letter from village head or local leader in an urban location.
- Proof of ownership of property to be insured. Registration documents.
- Quotation from insured company.
- Sketch map to residence/business.
THRESHOLD
- Mwk 100,000 to Mwk 30,000,000.
TENURE
- 3 months to 12 months.
- NO grace period is applicable.
RATES/TARRIFS
- Interest rate 4.5% pm.
- Processing and Admin fee 3.5%.
- Insurance fee 1.0%.
COLLATERAL REQUIREMENTS
- Endorsement of NEEF as title holder of collateral item being insured if applicable.
- Charge over land property.
- Sworn affidavit over unregistered land property.
- Note to NEEF’s interest on the insurance policy.
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