Frequently Asked Questions (FAQs)

Check out the list below for answers to the most frequently asked questions by our prospective clients.

  1. What are the services that VIRL Rural and Social Financial Services (VIRL) provides?
    ANSWER: Microfinance Loans, Financial Education Training and Advisory services
  2. Where can I find VIRL Rural and Social Financial Services?
    ANSWER:This depends on your location and which branch is nearest to you. VIRL currently has branches and satellites in 8 areas which are as follows; Nyika Growth point Bikita, Chitungwiza, Gwanda, Harare, Hauna in Honde Valley Mutasa, Rusape in Makoni, Nyanga and Tombo. Contact details can be found in the contact us section.
  3. What are the requirements to obtain a loan from VIRL?
    ANSWER: The applicant must be operating a business for at least 6 months and must be over eighteen years. They should be able to provide some form of security.

      Required Documents

    • Copy of National Identification or Passport
    • Proof of Residence of the borrower
    • Recent Passport size photograph
    • Fully completed application form
    • Bank statements where these are available (SMEs)
    • Any documents relating to the business activities such as business records of daily sales and expenses sheets and well as purchases
  4. How long does it take to have our loan applications approved?
    ANSWER: It takes four to five days for loan approval on receipt of all completed documents required.
  5. What is the penalty for late repayment of a loan?
    ANSWER: While we encourage that repayments always be on time, for late payment, an interest penalty fee which is between 5% and 10% above the normal interest will be charged.
  6. What is the maximum loan size and maximum repayment period?
    ANSWER: The maximum is $1 500 for micro enterprises and $5 000for SMEs. Maximum repayment period is subject to discussion with client but on average ranges between 3 -12 months.
  7. What happens when a loan is not paid?ANSWER: For non-payment, there is rigorous follow up by recoveries and the possible handing over to lawyers. Other lenders will also be notified.