SPECIAL LOANS FOR SCHOOLS AND THEIR STAKEHOLDERS

Special circular for all schools in Dar es Salaam

Re: Special Loans for schools and their stakeholders

African Microfinance Limited (AML) is a limited liability company providing financial services to SMEs and individuals in Tanzania. Our mission is to provide financial solutions to individuals who feel denied such services by conventional banks, especially because it takes too long with too many requirements to get a loan from Banks.

As we value customer’s time, AML developed a special loan to all private schools based in Dar es Salaam and coastal regions and their stakeholders. The school loans will have a grace period for two months. This means the school will receive a loan on October and the repayment will be expected starting from January, 2016 when schools reopen.

1. Loans for schools

We understand that school fee for most schools is payable when the schools open and towards *as payment of salaries, repairand others. There might also be occasions when the parents delay paying school fee causing financial stress for schools. We have developed a special loan for schools to bridge such financial needs. We shall give out loans in October and November 2015 and the repayment will be done from January 2016, when the schools open. During this time the interest accrued will be simple interest as there will be no interest charged on the interest. Please contact us for school loans when the need arises.

2. Loan for parents for school fee

We have observed that in several occasions parents fail to make timely payments for school fees and there are some consequences of such late payments such as interruption of studies which affects the children, parents and the schools as a whole. AML has a solution for such problems. While parents are strongly advised to plan well in advance for their children’s schools fees, when for some reasons, they face financial hardships that make it hard for them to pay on time, they are welcome to come to African Microfinance limited to take a quick short term loan and We shall be happy to attend parents meeting to clarify this matter if we are invited

3. Loan for teachers

This credit facility is also known as a personal loan and it is extended to teachers and other school support staff with fixed incomes or to those with an established repayment capacity (salaries). We highly encourage all employees to have a side business and therefore teacher’s loans are meant for personal uses as well as for businesses.

4. Loans for school suppliers

We also offer loans to different kind of supplies that schools require. This is done by giving loans to suppliers to enable schools buy the schools requirement on credit from their suppliers. This will give the schools a space to collect school fees as the school operations continue. The following table provides the necessary features for each of these loan facilities.

.m for un-unsecured loans and up to 5m for secured ones Up to 6 month 7 % for employees Loans for school suppliers Up to 20m for started and 50m for repeat Up to 6 months 8%

Loan Typle Amount Tenure Interest Requirements
Loan  for parents  for school fees Up to 1.5m for un-secured loans and up to 5m for secured ones Up to 6 month 7% for employees and 8% for Business people
  1. Identification
  2. Passport size photo
  3. Letter from local government
Loan for schools Up to 20m for started and 50m for repeat Up to 6 months 8%
  1. Six months’ bank statement
  2. Collateral / Security
  3. Application fee
  4. Home / Business visit
Loan for teachers Up to 1.m for un-unsecured loans and up to 5m for secured  ones Up to 6 month 7 % for employees
  1. Salary-slip (for employee)

Business licences (for school/business )

Loans for school suppliers Up to 20m for started and 50m for repeat Up to 6 months 8%  

 

Sincerely yours,

AFRICAN MICROFINANCE

Marketing Department.

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