Group Business Microloans
(Titakake Gulu)
Helps Savings Groups and cooperatives (VSLAs, SACCOs, business cooperatives) access formal finance and grow together.
Lending is subject to approval. Fees and charges are reviewed annually. Ts&Cs apply.
Insurance cover included
Key Features & Benefits
- Flexible repayment plans aligned with business cash flow: monthly, quarterly, bi-annual, or annual
- Grace periods available based on loan purpose and Credit Committee approval
- Repayments allowed from multiple income sources
- Affordable and accessible to low-income and rural communities
- Insurance cover provides peace of mind in case of borrower death
Transparent pricing
Rates & Charges
| Detail | Information |
|---|---|
| Term | 3-12 months (new); 24 months (re-loans) |
| Amount | K300,000 - K20,000,000 |
| Interest Rate | 5% per month on a reducing balance |
| Insurance | Credit Life Insurance is mandatory |
Am I eligible?
Eligibility
- Minimum of 4 and Maximum 20 members per group
Requirements
- Citizen of Malawi with a valid National ID card
- Individual clients and individual members in a group should have his/her own or rented land with provable information in case of production financing
- The group should have a strong governance structure, good at record keeping with a minimum of 12 months of existence
- Club/Cooperative CenteSave Savings account or willing to open one
- Group constitution and resolution/letter to borrow
- Upfront Payment of all required LSS, fees and charges
- Mutual Guarantees by members
- Individual members in a group to have or open a Centenary bank account
- Applicants must be residents within the branch-designated area
- Consent from spouse/guardian for each individual in a group
Locate a Branch
Find your preferred Branch easily. Just enter your location and we will show you the nearest outlet!
Plan your repayments
Loan Calculator
/-
Min 300,000 · Max 20,000,000
%
Indicative; the actual rate depends on your credit assessment.
Min 3 mo · Max 24 mo
Total Payment
012345678901234567890123456789,012345678901234567890123456789 /-
- Total Interest Payable
- 106,171
- Monthly Installment
- 33,848
- Term
- 12 months
Illustration only. Actual repayments depend on credit assessment, fees, and prevailing rates. Subject to Centenary Bank Terms & Conditions.