Daraja loan targets entrepreneurs that form together into groups of five to ten individuals to secure capital loans to grow their buesnesses. Each individual will own a physically verifiable businesses and have business stock worth Tshs. 1,000,000 and above.
Loans are taken over a period of three to twelve months. The minimum loan amount Tshs. 500,000, with a maximum loan amount of up to Tshs. 4,000,000. Loans have an application fee of Tshs. 15,000 and interest is charged on the declining balance.
Loans have flexible terms and a top up loan is available. Daraja loans are reliable and processed quickly. Information loan security is accepted and payments are made monthly.
Daraja loans require compulsory savings and both group guarantorship and personal guarantors (each member must have an external guarantor). Loan approval includes an inspection of collateral and business assessment. movable/immovable collateral may include vehicles, land, household property or business assets. To be eligible, the applicant’s business must be within the branch designated area of operation.