1.
BUSINESS LOAN (BIASHARA LOAN)
This is a group loan for the purpose of doing business to generate regular income that comes monthly, weekly or daily. The purpose
of this product is to serve low income earners who have very little or no
value collateral.
Main
features
- Minimum
loan amount Tshs. 50,000/= to Tshs. 400,000/=
- Maximum
loan amount of up to Tshs. 5,000,000
- Collateral
is managed by the group
- No
charged fee
- Repayments
are done once every month
- Interest
charged at competitive rate
Basic
Requirements
- The
group should be 6 to 25 members or more
- Must
know other members of the group very well
- Must
come from the same area
- Must
not involve family members in the group
- Must
be a Tanzanian
2. CAPITAL
LOAN (JIENDELEZE LOAN)
This is a group loan for the purpose of serving clients whose income level is more than the "Business Loan" borrowers, but they still do not have good collateral for their
loans.
Main
Features
- Minimum
loan amount Tshs. 500,000/= to Tshs. 700,000/=
- Maximum
loan amount of up to Tshs. 5,000,000/=
- No
charged fee
- Repayments
are done monthly
- Interest
charged at competitive rate
Basic
Requirements
- The
group should be 3 to 5 members
- Must
know other members of the group very well
- Must
come from the same area
- Must
not involve family members in the group
- Must
be a Tanzanian
3. INDIVIDUAL
LOAN (KITITA LOAN)
This is an individual loan that is intended to finance borrowers who have
more established small or medium businesses. Potential borrowers can include those
who are from group products.
Main
Features
- Minimum
loan amount Tshs. 1,000,000/= to Tshs. 2,000,000/=
- Maximum
loan amount of up to Tshs. 10,000,000/=
- No
charged fee
- Repayments
are done after 6 months or 1 year
- Interest
charged at competitive rate
Basic
Requirements
- A
VFT mature client OR new client with a good character
- Must
have an external guarantor
- Must
have a verifiable business
- Must
have an affidavit on the pledged collaterals
4.
AGRICULTURE LOAN (MKOMBOZI LOAN)
This is a group loan that is specifically designed for smallholder farmers.
Main
Features
- Minimum
loan amount Tshs. 100,000/= to 250,000/=
- Maximum
loan amount of up to Tshs. 3,000,000/=
- No
charged fee
- Repayments
are done maturity
- Interest
charged at competitive rate
Basic
Requirements
- The
group should be 6 to 30 members or more
- Must
know other members of the group very well
- Must
come from the same area
- Must
not involve family members in the group
- Must
be a Tanzanian
CASHLESS
MOBILE BANKING
VisionFund Tanzania uses the mobile
banking system known as ‘VFT Vap,” the fastest means for receiving and repaying your loan. This is a new technology that operates to provide financial
services at a lower cost. With VFT Vap, clients are able to receive loans, pay back loans and save through their registered mobile number.
Benefits
of VFT Vap
- Client
is able to access his/her balance information with their mobile anywhere there
is a mobile signal
- Clients
are able to take out loans, pay back loans and save without travelling to the VFT branch that might be far from their home
- Reduces
security risks and time commitment
- Increased
outreach to the rural population
TABLETS
SERVICES
VFT has also developed a tablet-based
solution that will make the internal processes, including the loan and savings account application processes, paperless. The system also GPS marks and
biometrically tags all clients and internal transactions to reduce opportunities
for fraud.