Micro Finance Express Loans

Micro Finance Express Loans
Personal Loans

 

Loan Requirements

• Proof of permanent employment

• Current proof of residence

• Copies of latest 3 consecutive pay-slips

• Guarantor documents

• Company guarantee letter

• Original loan application for facility signed by applicant

• Copy of National I.D

Target Market

Civil Servants earning and not earning their salaries through POSB to cater for:

• General living expenses

• Asset acquisition and

• Emergencies

Conditions

Establishment Fees 5%
Insurance Fees 3% once off
Interest Rate (per month) 5% p.m.
Max. Loan Tenor (months) 12 months
Loan Limit (USD) Up to a Maximum $5,000.00
Repayments Monthly
Age Limit 18 - 68 years
Minimum number of salary credits nil
Loan application fee (NON-REFUNDABLE) $15.00
Loan clearing fee (NON-REFUNDABLE) $7.00 For frst time applicants $3.00 For repeat applicants
Payroll/Employer-Backed Loan

Requirements

• Proof of permanent employment

• Current proof of residence

• Copies of latest 3 consecutive pay-slips

• Guarantor documents

• Company guarantee letter

• Original loan application for facility signed by applicant

• Copy of National I.D

Target Market

Salaried individual undertaking for payroll deductions and guaranteed by salaried bank customers or civil servants/ employees who are backed/guaranteed by their employers. Private sector employees earning through POSB, guaranteed by salaried customers of the Bank or civil servants.

Loan Conditions

Establishment Fees 3%
Insurance Fee 2.5% Once off
Interest Rate Up to 12% p.a
Max. Loan Tenor (months) Up to 48 months
Loan Limit (USD) Up to 8x gross monthly salary
Repayments Monthly
Maximum unsecured loan amount $10,000.00
Age Limit 18 - 68 years
Minimum number of salary credits nil
Loan application fee (NON-REFUNDABLE) $5.00
Loan clearing fee (NON-REFUNDABLE) $5.00 For 1st Time Applicants $3.00 For Repeat Applicants
School Fees Loans

Minimum Requirements

Requirements

• Proof of permanent employment

• Proof of residence

• Copies of latest 3 consecutive pay-slips

• Guarantor documents

• Company guarantee letter

• Original loan application for facility signed by applicant

• Copy of National I.D

Target Market

For individuals who require assistance with payment of school fees expenses. Payments should/will be made directly to school/ College/ University

Loan Conditions

Establishment Fees 5%
Interest Rate (per month) 5% p.m.
Max. Loan Tenor (months) 3 months
Loan Limit (USD) $100 - $1 500.00
Repayments Monthly or Self Liquidating single repayment
Minimum number of salary credits nil
Loan application fee (NON-REFUNDABLE) $15
Loan clearing fee (NON-REFUNDABLE) $ 7.00 For 1st Time Applicants $3.00 For Repeat Applicants
Benevolent Loan/ Emergency Services Loan

Minimum Requirements

• Proof of permanent employment

• Proof of residence

• Copies of latest 3 consecutive pay-slips

• Guarantor documents

• Company guarantee letter

• Original loan application for facility signed by applicant

Target Market

For individuals covering funeral expenses, organised into a maximum number of 3 people or Individuals covering unforeseen medical expenses. These can be organised into a maximum number of 3 people. Payments should be made directly to Medical Practitioner/Hospital.

Loan Conditions

Establishment Fees 5%
Interest Rate (per month) 5% p.m.
Max. Loan Tenor (months) 6 months
Loan Limit (USD) Up to Maximum of $2,500.00 (for medical) Up to Maximum of $1,500.00 ( for benevolent)
Repayments Monthly or Self Liquidating single repayment
Minimum number of salary credits nil
Loan application fee (NON-REFUNDABLE) $15 per group member
Loan clearing fee (NON-REFUNDABLE) $ 7.00 For 1st Time Applicants $3.00 For Repeat Applicants
POSB School Mortgage Loans

POSB offers mortgages loans for purchasing, buildings and for refnance purposes. The Bank recommends provision of separate appropriate residential properties as security which is not the School premises. This is because education is a social good and therefore foreclosing/selling the school premises to recover a mortgage is not permitted under the laws of this country and is also regarded as anti-social behaviour.

School Mortgage Building Loan Requirements

• An account with POSB

• Copies of School registration documents

• School Profle which include directors’ qualifcations, school administrators, skills and references,

• Copy of ID card for the selected representatives

• Minutes of a meeting resolving to borrow and security being used for the application

• Copy of title deed of unencumbered residential property which will be used as security for the loan

• Bank Statements for the past 6months (for non-POSB accounts),

• 3 years fnancial statements

• Current management accounts

• Current aged debtors and creditors reports

• Income Projection Statements for 1 year,

• Schedule of other Bank credit facilities,

• Fully completed Mortgage Loan Application Form,

• Application fees $200.00 (required upfront)

• Valuation fees 1% of loan applied (required upfront)

• Copy of Approved Building Plans,

• Quotation for materials from reputable suppliers and labour,

• Bill of Quantities

• Signed stage form (where construction has already commenced)

• Completed mortgage application form

POSB Diaspora Mortgages

POSB offers diaspora mortgages to Zimbabweans living and working abroad.

Terms

• Tenure- up to 10 years

• Interest rate- 12% per annum

• 15% commitment to income

• 2% loan administration fees General Requirements• A notarized afdavit signed by a notary public confrming identity, residence and work status

• Letter from employer confrming salary, retirement age and contract of employment which should be long enough to cover loan tenor

• Valid Work permit (covering at least tenure of mortgage)

• Residence permit

• 6 month bank statement from a bank into which salary is paid

• Credit Report (From local credit bureaus and diaspora credit bureaus)

• An active POSB bank account from which loan repayments will be deducted. Client may be funding the account monthly through transfers from their foreign bank.

• A local address to which the bank (POSB in this case) will serve documents

• Special power of attorney for person signing the documents on behalf of applicant and their key documents.

• Certifed Copy of Valid Zimbabwean Passport

• Certifed Copy of Zimbabwean National ID

• Certifed Copy of Zimbabwean National ID for power of attorney

• Application fees US$50.00 ( non-refundable)

• An account with POSB (at least 3months)

• Valuation fees 1% of loan

• Valid tax clearance (ZIMRA)

• Letter stating how repayments will be made Additional Requirements when:

a. Purchasing

• Free debit card

• 40% deposit

• Copy of title deeds for property to be mortgaged

• Agreement of sale

b. Building

• Copy of Title Deed of the stand

• Copy of Approved Building Plans

• Quotation for materials from reputable suppliers and labour,

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