MICRO-LEASING LOAN
INDIVIDUAL LOAN
TARGET MARKET
- This is a loan product that will help low-income people individuals to build and grow value-creating, sustainable business by enabling them to acquire equipment for their businesses on lease.
OBJECTIVES
- To contribute to jobs creation
- To earn non-interest income
CUSTOMER BENEFITS
- Boost existing business continued income flow after contract or in-between jobs.
REQUIREMENTS
- National IDs
- Recent color passport-size photo
- 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.
- Cessation of the equipment being bought as collateral.
- police clearance report.
- Quotation for the equipment to be bough.
THRESHOLD
- Mwk 30,000,001.00 to Mwk 250,000,000.00
TENURE
- 6 to 36 months
- Minimum grace period of 1 month may be granted.
RATES / TARIFFS
- Interest rates – 4.8%
- Processing and Administration fee – 4.0%
- Insurance – 1.0%
COLLATERAL REQUIREMENTS
- Endorsement of NEEF as title holder for the item leased
- Note of NEEF’s interest on insurance policy
- The proceeds of any of the foregoing
- Personal guarantor
GROUP LOAN
TARGET MARKET
- Low -income individuals in a group to build and grow value-creating, sustainable businesses by enabling them to acquire equipment for their businesses on lease.
OBJECTIVES
- To contribute to jobs creation.
- To earn non-interest income.
CUSTOMER BENEFITS
- Access start-ups capital members can access the loans through group solidarity.
REQUIREMENTS
- National IDs for all members
- Group color photo
- Group constitution
- Cross-guarantor-ship
- Business profile for existing enterprises/business plans for start-ups.
- Sketch map to meeting place and residence of leadership (chairman, secretary, treasurer & Discipline enforcer)
- Group Account number
- Cessation of the equipment being bought as collateral.
- Quotation for the equipment to be bought.
THRESHOLD
- Mwk 10,000,000.00 to Mwk 250,000,000.00
TENURE
- 6 to 36 months
RATES / TARIFFS
- Interest rates – 4.8%
- Processing and Administration fee – 4.0%
- Insurance – 1.0%
COLLATERAL REQUIREMENTS
- NEEF endorsement as title holder of the item leased
- NEEF’s note of interest on the insurance policy
- The proceeds of any of the foregoing
- Personal guarantor
- Consent from spouse.
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