This is account is designed to grant loans to farmers as individuals, groups, associations, company, saccos etc
Features:
The applicant must have attained majority age of 18 yrs old
Farmer must have a farm producing non – perished crops and harvest records for at least 2 years
Have good borrowing records
Maintain account with MHB Only
This loan is eligible for supporting already planted crops and not for starting cultivation i.e. Clearing the field
Benefits:
Guaranteed safety of your cash after harvest
No maintenance fees
Access to all MHB delivery channels I.e Branches , Umoja Switch ATMs, MHB Mobile Banking and WAKALA Agents.
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)
This is a credit scheme which intends to cater for salaried employees’ of reputable institution to meet their short term financial needs in particular
Features:
Salary advances shall be repayable within 1 to 3 months
No upfront charges
Mode of repayment; deduction from employee monthly salary
Benefits:
If incase of emergence occur, may be a quick loan, Salary Advance is an inexpensive way to sort you
Registered on Mobile Banking
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
Loan offered to the salaried employees of government whose mode 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 loan to purchase household assets, finance incidental expenses like school fees and any other family Obligations.
Features:
Must have attained majority age i.e 18 years
Employee must be employed on a permanent basis or under a contract of at least two years
Employee must have worked with the employer for not less than 6 months
At least salaries for the past 1 month must have passed through MHB
Benefits:
Eligible for MHB Card
Access to salary Advance loan
Easy access of fund 24/7 days using MHB Mobile Banking, MHB Branches and MHB ATMs partnered with Umoja switch all over the country
Easy process for opening account
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
Loan offered to the salaried employees of private whose mode 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 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)
Features:
Must attained majority age i.e 18 years
Employee must be employed on a permanent basis or under a contract of at least years
Applicant must open and operate account with MHB
Employees must have worked with the employer for not less than 6 months or longer and must be confirmed in the position
Benefits:
Eligible for MHB Card
Access to salary Advance loan
Easy access of fund 24/7 days using MHB Mobile Banking, MHB Branches and MHB ATMs partnered with Umoja switch all over the country
Easy process for opening account
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
Applicable only to 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 Bajaj to ferry passengers, or purchase of construction equipment’s for commercial use by contractors or agriculture equipment’s etc.)
Features:
The Borrower required to take a comprehensive insurance of the financed assets at all point in time
Customer / Borrower to maintain account with the Bank
Eligibility (Requirements):
Loan application letter
Full description of Assets to be financed
Full contact details of the Supplier/Manufacturer/Vendor
KYC documents relating of the Customer (IDs/Photo etc.)
For Corporate Customers:
ID of all Directors
TIN Numbers of the company
Business license and certificate of Registration of the company
Certificate of incorporation
Tax clearance certificates
BRELA return
3 years audited financial statement
Cash cover to cover the whole period of the Loan
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
The purpose of this loan is to provide funds to MHB Clients for housing improvements and incremental building to improve standard of living.
Features:
Customer must have business which will cater for installment payments in which its assessment will done as for Business Loan.
Affordable interest rates
Benefits:
Loan insured with Mortgage Protection Cover (In case of death or disability)