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Mwanga Hakika Microfinance Bank LimitedMwanga Hakika Microfinance Bank LimitedMwanga Hakika Microfinance Bank Limited
+255 22 276 0211/12
Mwanga Hakika Microfinance Bank LimitedMwanga Hakika Microfinance Bank LimitedMwanga Hakika Microfinance Bank Limited

Business Banking

Credit

  • Business loans (flat & reducing)
Eligibility criteria:
  • Maintain Account with MHBL
  • The purpose of the loan is to provide funds for expanding or increasing working capital.
  • The interest rate [if different from the base rate] shall be determined depending on business potentiality of the Customer as approved by the respective approving committee [i.e. MCC/BCIC/Board] on case to case basis.
Customer to submit the following documents:
  • Loan application letter which among issue it state the amount of loan applied
  • Board resolution
  • IDs of all Directors
  • TIN Number of the company
  • Business license and Certificate of Registration of the company
  • Certificate of incorporation
  • Tax clearance Certificates
  • BRELA Return
  • Three years audited financial statement
  • Cash flow covering the whole period of the loans
  • Collateral preparations: Either Landed Property (Valuation reports needed) or Chattel Mortgage (Will be registered under Joint ownership with the bank.
  • Any other documents requested by the Bank.
Min. loan amount (TZS):
  • 500,000/=
Max. loan amount (TZS):
  • Up to single borrower limit as per Bank Capital
Loan tenure (TZS):
  • 1 – 60 Months (for flat)
  • 24 – 60 Months (for reducing)
  • Overdraft facility
Customer to submit the following documents:
  • Loan application letter which among issue it state the amount of loan applied
  • Board resolution
  • IDs of all Directors
  • TIN Number of the company
  • Business license and Certificate of Registration of the company
  • Certificate of incorporation
  • Tax clearance Certificates
  • BRELA Return
  • Three years audited financial statement
  • Cash flow covering the whole period of the loans
  • Collateral preparations: Either Landed Property (Valuation reports needed) or Chattel Mortgage (Will be registered under Joint ownership with the bank.
  • Any other documents requested by the Bank.
Min. loan amount (TZS):
  • 1,000,000/=
Max. loan amount (TZS):
  • Up to single borrower limit as per Bank Capital
Loan tenure (TZS):
  • Up to 12 Months
  • Loans Against FDRs
Eligibility criteria:
  • You can borrow up to 80% of the cash deposit in your FDR.
  • Loan to be disbursed within 12 to 24 hours.
  • The loan will be approved by the MCC irrespective of the amount. [since it is fully secured by cash, hence no risk]
  • Flexible repayment terms from 12 months to 60 months.
  • The loan will be secured by customer's cash deposit with the bank. [i.e. Lien on FDR]
  • No need of additional security
Min. loan amount (TZS):
  • Depend on FDR with MHB
Max. loan amount (TZS):
  • Shall not exceed Single borrower limit as per bank capital
Loan tenure (TZS):
  • 3 –  60 Months
  • Bank Guarantees
Types of Guarantee:
  • Bid Guarantee
  • Performance Guarantee, and
  • Advance payment Guarantee
Eligibility criteria:
  • Bank guarantees are irrevocable undertaking by the bank to irrevocably pay the guaranteed person a specified sum of amount upon receipt of the first demand in writing accompany by a written statement stating that the guaranteed person is in breach of the Contract
  • Modalities for issuing of guarantees: The client will be issued with Guarantee Agreement that will specify all requirements and conditions necessary for issuing the Bank guarantees
Customer must adhere to the following:
  • Formal application letter clearly stating the type of bond, amount, duration, securities, employer as well as project references and location
  • The guarantee Documents showing existence of the tender or signed contracts and any other relevant documents
  • The Company business license, proof of legal existence of the company and its status with Regulatory bodies authority e.g. (CRB) Board resolution, registration, certificate of incorporation, license, MEMARTS, audited financial statement, profile of the company showing related project previously undertaken by the applicant and certificate of completion or status and other relevant documents that might be needed by the bank.
  • The applicant has to submit/provide a bank
    guarantee format (if any) to the bank/branch
  • If the bank agrees to issue the bank
    guarantee, the customer will fill in a contract form/agreement for issuing the bank guarantee and submit it to the bank. Also, the contract will include the clauses for opening of current account, paying commissions upfront, passing of all proceeds at MHB, quarterly to provide project status, allowing the bank to visit the project or inquire any information from the employer or consultant
  • Concurrently with the signing the contract/agreement the collateral shall be mortgaged for issuing the bank guarantee as stated in the credit policy
  • Commission for issuing the bank guarantee will be taken from the Customer Account [direct debit]
  • In any case the client shall first clear unpaid commission (if any), otherwise a penal charge will be charged monthly
  • All proceeds of the contract [where the bank has issued guarantee] must be routed through the customer account maintained with the bank
Min. loan amount (TZS):
  • N/A
Max. loan amount (TZS):
  • N/A
Loan tenure (TZS):
  • As specified by the Procuring Entity for each category of the Guarantee