AfricaPress-Tanzania: THE Dar es Salaam-based Microfinance institution, Faidika has allocated over 50bn/- for lending to government employees and certified institutions
Speaking yesterday, Faidika’s Chief Executive officer Baraka Munisi said the borrowers are able to be granted processed loans within three days after complying with the set terms and conditions.
“All you have to do to qualify for a loan is to produce your employer’s Identification, one passport-size photograph, your latest one-month salary slip, and your bank account statement at least for the past two months,” said Munisi.
He explained that Faidika has decided to allocate that relatively huge sum of money aiming at improving the living conditions of Tanzanians.
Munisi said under the new lending scheme, Faidika is able, willing, and ready to issue loans ranging from 200,000/- to 70m/- to lend to eligible Tanzanians, and repayment in full is made from within 6 to 84 months, depending on the size of the loan.
He also said that Faidika has reduced the interest rate to 3% only which is very low when compared to other microfinance institutions and has increased repayment period to provide relief to their customers and improve their lives.
“Faidika Microfinance believes that everyone deserves access to financial products and services, therefore by using some of the available sophisticated technology systems, we are committed to reaching all Tanzanians with a view to improving their lives,” Munisi said, brimming with confidence.
He went on to say that, Faidika will provide a top-up loan to its customers as well as buying loans from other financial institutions while offering a new loan at a low-interest rate which is three (3) percent.
Munisi said the benefit of a loan is to enable Tanzanians to improve their lives in the areas of education, health, and agriculture.
He said they also, issue special discounted loans to the members who meet their criteria and conditions.
Apart from that Munisi also said that repayment of loans are canceled if and when a debtor dies.
In addition to this, Faidika Microfinance will provide up to 200, 000/- to the late borrower’s family by way of condolence.
“Our institution aims to continue with improving the lives of Tanzanians. We, therefore, urge all eligible citizens to undertake these great opportunities,” he said.
