Check out the list below for answers to the most frequently asked questions by our prospective clients.
- What are the services that VIRL Rural and Social Financial Services (VIRL) provides?
ANSWER: Microfinance Loans, Financial Education Training and Advisory services
- 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.
- 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
- 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.
- 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.
- 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.
- 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.