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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

Personal Banking

Credit

  • Agricultural Loans
Other Details/ Requirements:
  • Agricultural Loans are all loans granted to the famers as individuals, groups, associations, company, Saccos, etc.
  • Have good borrowing records
  • Maintain Account with MHB
  • He/she must have farming experience of not less than two years
  • Loans are for supporting already planted crops and not for starting cultivation i.e. clearing the field
  • The applicant must have attained majority age i.e. 18 years
  • Loan repayment will be based harvesting basis, but it can agreed if customer wishes to clear the loan before maturity date, but in 12 months and all payments to be done at the Bank.
Min. loan amount (TZS):
  • N/A
Max. loan amount (TZS):
  • Depend to the requirements submitted and analysis by Credit Officer
Loan tenure (TZS):
  • 3 – 12 Months
  • Salary Advances (Ext. employees)
Purpose
  • This is a credit scheme which intends to cater for salaried employees’ of reputable institution to meet their short term financial needs in particular.
Maturity of the facility
  • Salary advances shall be repayable within 1 to 3 months.
Mode of repayment
  • Deduction from employee monthly salary.
Loan amount
  • 75% of net salary after all deduction including MHB loans.
Repayment date
  • To be between 22nd to 30th of each Month [to be determined on case to case basis]
Min. loan amount (TZS):
  • N/A
Max. loan amount (TZS):
  • 75% of net salary after all deduction including MHB loans.
Loan tenure (TZS):
  • 1 – 3 Months
  • Salaried Loans (Government)
For Government Employees
  • Loans offered to the salaried employees of Government organizations whose mode of salary payment is through monthly remittance of net salary by the Employer to the borrower’s salary account held at MHB
  • The product requires an agreement between the Employer and MHB. Once this is in place, you can easily apply for a loan to purchase household assets, finance incidental expenses like school fees and any other family obligations.

Note: First installment shall be on 22nd of each month determined as follows:

  • Where the loan disbursement date is from 1st to 15th then the first installment date will be 22nd of the same month;
  • Where the loan disbursement date is after 15th, then the first installment date will be 22nd of the next month.
Customer to submit the following
  • You must be employed on a permanent basis or under a contract of at least two years.
  • Employees must have worked with the employer for not less than 6 months
  • Must submit loan application letter appended with employer comments
  • At the time of application, you must have worked for your current employer for a 6 Months or longer and must be confirmed in the position.
  • Applicant must open and operate account with MHB [Can be relaxed for government employees where the deductions are received directly from Treasury]
  • At least salaries for the past 1 month must have passed through our bank
  • Must have attained majority age i.e. 18 years
  • All applications should be forwarded to the current employer for certification/ Confirmation.
  • Must submit recent Salary slip [certified copy]
Min. loan amount (TZS):
  • N/A
Max. loan amount (TZS):
  • Any amount which meets the conditions of 2/3 of deductions or the amount approved by the Bank
Loan tenure (TZS):
  • 60 Months
  • Salaried Loans (Private Sector)
For Private Sector Employees
  • Loans offered to the salaried employees of reputable organizations and/or companies whose mode of salary payment is through monthly remittance of net salary by the Employer to the borrower’s salary account held at MHB.
  • The product requires an agreement between your employer and MHB. Once this is in place, you can easily apply for a loan to purchase household assets, finance incidental expenses like school fees and any other family obligations.
  • For any Employee of the private sector will compulsory require to channel his/her salary to the Bank.
  • To reduce risk, Employees from private companies can be requested to provide additional collateral [on case-to-case basis]

Note: First installment shall be fixed between 22nd to 30th of each month.

Customer to submit the following
  • You must be employed on a permanent basis or under a contract of at least two years.
  • Employees must have worked with the employer for not less than 6 months
  • Must submit loan application letter appended with employer comments
  • At the time of application, you must have worked for your current employer for a 6 Months or longer and must be confirmed in the position.
  • Applicant must open and operate account with MHB [Can be relaxed for government employees where the deductions are received directly from Treasury]
  • At least salaries for the past 1 month must have passed through our bank
  • Must have attained majority age i.e. 18 years
  • All applications should be forwarded to the current employer for certification/ Confirmation.
  • Must submit recent Salary slip [certified copy]
Min. loan amount (TZS):
  • N/A
Max. loan amount (TZS):
  • Any amount which meets the conditions of 2/3 of deductions or the amount approved by the Bank
Loan tenure (TZS):
  • 60 Months
  • Asset Financing Loans
Eligibility Criteria
  • Applicable only for buying of new Assets/ Vehicles, and not second hand assets.
  • The buying asset/ vehicle must be used for commercial purpose [i.e. income generating activities] not for personal use [e.g. Purchase of Three Wheeler Bajaji to ferry passengers, or purchase of Construction equipment’s for commercial use by Contractors, or agriculture equipment’s etc.].
  • The financed Asset must have a life span of not less than 3 years.
  • The Buyer/ Borrower shall require to pay a minimum of 25% of the approved loan amount [which will include purchase cost of the financed asset + Fee & Commission] and the same shall require to be deposited with the Bank upfront.
  • Once the loan is approved, the bank will pay 100% purchase price of the financed asset directly to the Supplier/ Manufacturer/ Vendor.
  • The Supplier/ Vendor shall require registering the financed Asset/ Vehicle in the joint name of the bank as well as the Borrower; however the asset will remain mortgaged to the bank fully till loan repayment. Note: The Registration Card of the assets shall remain in possession of the bank till full repayment of the loan.
  • The Borrower will require to take a comprehensive insurance of the financed assets at all point in time.
  • The bank reserves the right to mark the financed assets with wording: "financed by ........ [Name & address of the bank]".
  • On case to case basis, the bank reserves it right to call for additional collateral from the Borrower to cover its risks.
  • Whenever the bank desires, the Borrower will require to provide easy access to the financed assets for the bank representative.
  • On full repayment of the loan, the bank will relinquish its ownership right in favor of the Customer/ Borrower.
Other Conditions
  • Customer/ Borrower to maintain Account with the bank.
  • The applicable interest rate shall be determined depending on tenure of the loan and 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
  • Full description of the Assets to be financed
  • Full contact details of the Supplier/Manufacturer/ Vendor.
  • KYC documents relating of the Customer [IDs/ Photo etc.]

For Corporate Customers:

  • 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
  • Any other documents requested by the Bank.
Min. loan amount (TZS):
  • TZS. 1 Million
Max. loan amount (TZS):
  • Up to single borrower limit as per Bank Capital
Loan tenure (TZS):
  • 6 – 60 Months
  • Home Improvement Loans
Eligibility Criteria
  • Maintain Account with MHBL
  • The purpose of the loan is to provide funds to MHBL clients for housing improvements and incremental building to improve standard of living.
  • The product requires an agreement between your employer and MHB. Once this is in place, you can easily apply for a loan to purchase household assets, finance incidental expenses like school fees and any other family obligations.
  • Customer must have business which will cater for installment payments in which its assessment will done as for Business loans
Min. loan amount (TZS):
  • TZS. 3 Million
Max. loan amount (TZS):
  • Up to single borrower limit as per Capital
Loan tenure (TZS):
  • 3 – 60 Months