This is a type of loan designed for groups of individuals who borrow collectively and support each other in repayment. To apply for this loan, a minimum of 5 people is allowed to be in one group. These may include, but are not limited to, farming community, church groups, village banks etc.
An agreement is entered into between Nyasa Capital Finance and the group. Repayments are managed by the group Treasurer.
LOAN REQUIREMENTS
- National IDs (including witnesses)
- Last 3 months Bank, TNM Mpamba, or Airtel Money Statements
- Utility Bills
- Original copies of the Collateral
- Blue book for Motor Vehicle
- Vehicle must be of not less than 10 years
- Title deeds for Land or House
- Blue book for Motor Vehicle
- Valuation report of collateral
- Cash flow statements
- Business Registration Certificate
- Group confirmed by Village Head
- Group members must also be confirmed by Village Head
- Financial interest clause (on comprehensive insurance)
- Repayment plan and financial projections
The names of the contact individuals, including the Chairperson, Treasurer, and Secretary of the group, and their IDs should be included in the application for the loan facility.
We establish and value the asset base of each member of the group and we monitor the group regularly to ensure it doesn’t get dissolved.
Group Loans range from K200,000 to a maximum of K5,000,000