Wekeza Loan
Wekeza loans are all loans issued to the group which engaged in credit and saving facilities. The purpose of the loan is to provide working capital for business owned and managed by micro-entrepreneurs in both rural and urban areas where Mwanga Hakika Bank Operates
Must have good credit History with MHB and other institutions
The group must be registered under District Council and submit registration Certificate
Must be groups which deal with buying of shares.
Must have an Account with MHB
Before borrowing the group shall be trained by an officer from the Bank who is dealing with micro-loans
Initial loan will depend on the shares of the group and source of Income as well as assessment of the Relationship Officer but the maximum for the first loan will not exceed TZS 7 milli
Must have attained majority age i.e. 10 years
Loan tenure is up to 12 months
Interest 22% reducing balance
Guarantee from Group leaders
Compulsory deposit of 12% of the loan amount to the maturity.
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