Starting/Minimum loan amount of 100,000/= TSH.
Maximum loan amount 2,000,000 TSH.
Our all type of loan is for a short time loan minimum one to four month with an interest of 15%. Reducing Balance Based on creditworthiness. The amount of loan will be depend on ability of borrower to pay and borrower payment records based on previous loans offered from our institution. However, The Wallet microcredit isn’t accepting collaterals it’s solely depend on history of the borrower and its Third part (witness) Or Guarantor.
Borrower Eligibility
The borrower must meet the following eligibility requirements to be considered to secure loan from us:
- The applicant must be Tanzanian aged 18 and above
- The Applicant must have a permanent address and hold National identity card, employment identity, or any other official recognized identity card
- The Applicant must fulfill necessary basic attachment mentioned in the loan agreement foam below
- The Applicant must have and present guarantor who will be responsible to recover the amount loan plus interest in case of late payment or failure to pay.
- Employee must be employed on a permanent basis or under a contract of at least year
Fees and interest
The Wallet Microcredit will not charge loan processing fees rather it will add processing cost to the initial charges or cost of transactions if its mobile transaction after interest charged.