Group Guaranteed Loan
Special loan products designed exclusively for whose work as a group
GUARANTOR LOAN
This loan product is designed for those clients who come together, are trained, guarantee each other so as to be able to access credit facilities as individuals.
The Loan amount varies depending on the lender and borrowers needsneeds. In the case of APTL MICROCREDIT loan amounts might range fromMWK 20,000 to MWK 1,000,000 for those who are going for guarantor loans.
The repayment term is 3 to 6 months.
Requirements for Group Guaranteed Loan?
- Have a reliable source of income.
- Have five other business persons in need of a loan.
- Attend one hour weekly meetings at our branch.
- Group solidarity
- Applicants must be 18 years and above
- National IDs
Benefits of Group Guaranteed Loan
- Loans are approved by group members
- One can borrow without traditional security such as land titles in the early loan level.
- Faster loan processing time
- Small weekly installment of loan repayment.
- Loans are insured against death and disability.
- Networking opportunities with other business people.
- The group is self-managed
Frequently Asked Questions
How long does approval take?
Approval typically takes 2-3 working days once all documents are submitted.