Small Business Microloans
(Titakake Lite)
Accessible microloans for economically active entrepreneurs in trade, wholesale, manufacturing, transport and communication.
Lending is subject to approval. Fees and charges are reviewed annually. Ts&Cs apply.
Insurance cover included
Key Features & Benefits
- Flexible collateral requirement
- Less costly for the client than their group loan counterparts
- Offer the potential to take out larger loans and have faster application
- Additional working capital to boost one's business and expansion
- Convenient repayment plan, structured to suit cash flow - monthly, quarterly, bi-annual or annual over an agreed time frame
Transparent pricing
Rates & Charges
| Detail | Information |
|---|---|
| Term | 3-12 months (new); 24 months (re-loans) |
| Amount | K300,000 - K5,000,000 |
| Interest Rate | 5.5% per month on a reducing balance |
| Insurance | Credit Life Insurance is mandatory |
Am I eligible?
Eligibility
- Registered Properties or unregistered Properties (Residential or Commercial building) with proof of ownership
- Registered land/Estate, Motor vehicles, Business assets, Electronics household chattels
- Personal guarantees
- Fixed-term/deposit contracts, shares, Treasury bills, Insurance policies
- Registration of the equipment financed under the Personal Property Security Registry (PPSR) to the full value of the equipment
- Minimum of 150% of the approved loan value
Requirements
- Minimum of 12 months total business experience as an owner
- Business must be registered with the Malawi Government, or willing to register during loan processing
- Clear and verifiable source of income
- Business must have regular cash flow
- Applicant must be between 18 and 65 years of age
- Applicant must hold a savings or current account – those without accounts but with qualifying businesses will be advised to open accounts during the loan process
- Verified contact details
- Applicant must be a Malawian citizen with National ID or a permanent resident
- Must reside or operate within 50 km of the branch's operational area
- Capable of providing necessary guarantors and securities
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
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Min 300,000 · Max 5,000,000
%
Indicative; the actual rate depends on your credit assessment.
Min 3 mo · Max 24 mo
Total Payment
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- Total Interest Payable
- 117,705
- Monthly Installment
- 34,809
- Term
- 12 months
Illustration only. Actual repayments depend on credit assessment, fees, and prevailing rates. Subject to Centenary Bank Terms & Conditions.