Individual Loans
NON –PAYROLL LOANS
De-mwananchi provide short term loans to individuals who are in employment or have proof of regular income. These types of products are issued to individuals requiring funding to meet emergency needs which may include school fees, medical bills, acquiring assets, building or expanding your home , Refinancing loans and many other unforeseen expenses that fall under emergency
Know Your Customer documents for applicant
Proof of regular income by customer
3 months bank statements
Proper information coordination
Security (Land or property.)
KEY FEATURES FOR SALARY LOANS.
Short term in nature, means to finance short term needs that Banks typically do not finance.
Loan repayment period is from 1 month to 60 months
Top ups available after 50% payment of the of the initial loan.
No collateral required.
Early Loan repayment allowed.
Loan size depends on Employee’s salary and tenure of loan
Our standard affordability criteria is that the employee should remain with at least 30% of Gross pay as take-home pay after all statutory, employer and third-party deductions.
HOW SALARY LOAN WORKS
Sign MOU Between De-mwananchi and Employer.
Employer agrees to facilitate De-mwananchi loan deduction from payroll
Employer agrees to remit deduction schedule and payment to De-mwananchi
Employee Application
- Three (3) latest pay slips.
- Financial card & National ID.
- Three(3) latest bank statements
• Introductory letter from the employer/recommendation.
De-mwananchi Review of Application.
- Check that employees pay is within MOU conditions.
- Credit reference Bureau check.
- Reconfirms employment status.
- Loan approved.
- Loan disbursed within 24 hours.
Repayment of Loan at the end of Month
- De-mwananchi submits loan repayment schedule on agreed date.
- Employer uploads deductions on payroll.
- Employer transfers deductions with deduction schedule to De-mwananchi.
• De-mwananchi uploads repayments on system and loan is fully paid off
ADVANTAGES OF SALARY LOAN TO EMPLOYEE
- Access to quick and easy financing
- Finance for education, personal development and other short-term funding needs
- Interest rates are fixed over the tenor of the loan thereby providing peace of mind
- Short turnaround time between 1hour to 24hours
- Existing Loan Refinance (Replace existing facilities with new loans)
We provide short term loans to individuals in formal employment. We offer this service with a short turnaround time. The procedure is simple and straightforward in addition funds are disbursed within the short turnaround time of 24 hours or less upon successful completion of application forms and supervision by team.
INSTANT SALARY ADVANCES
De-Mwananchi issues out loans to ONLY civil servant in regard to the above. The steps take to attain this loan is as simple as explained below:
- Three latest pay slips stamped by employer
- Three latest bank statements (stamped by bank)
- Introduction letter from Employer
- Copy of valid National Identity card.
- Three passport photos