This is a short term micro credit loan where small groups borrow collectively without collateral and group members encourage one another to repay.
Terms & conditions of loan
- The loan is supported by a Group Mutual Guarantee (GMG), Loan Security Savings (LSS) and a Letter from the Chief.
- Mandatory credit life insurance.
- Maximum tenor is 12 months.
- Base lending rate is 13.9%. Centenary Bank Limited’ maximum lending rate is 25.5%. The interest rate is however, subject to variation at the bank's options and shall be influenced by the economic situation prevailing in Malawi from time to time.
- Enjoy a business boost with a generous maximum loan amount that can go up to MK100,000,000.
How to apply
- Group's constitution.
- Proof of Centenary Bank Ltd account details by each member of the group.
- Proof of Loan security saving deposit and loan processing fee by each member of the group.
- Clear group Photograph.