Over the years VIRL developed a number of loan products that are delivered through the Community Banking Methodology for micro enterprises and the Individual Lending Methodology to SMEs.
The Market Segments that are serviced:
|Segment||Loan Sizes||Lending Methodology|
|Micro Enterprises||$300 to $ 3000||Individual/Group Lending|
|Small Businesses||From $3,001 to $10,000||Individual Lending|
- Agricultural loans– This is the Agricultural loan including Inputs Loans and targeting small holder farmers
- Life Enhancement Loans– This is the Life Enhancement loan to cover short term needs such as medical expenses, education, emergency loans, household needs.
- Assert Finance – Work Smarter not harder. Assert finance enables you to automate your business production and improves efficiency.
- Working Capital Loans – This loan targets all other business/commercial activities in the various sectors of the economy, outside agriculture, designed to grow business and assist with such things as restocking and daily business activities..
- 1 to 12 months depending on the loan type and on the cash flows of the business.
- Signed Application form stating the amount required, period, purpose and proposed collateral .
- Copy of ID or Driver’s Licence or Valid Passport.
- One Passport Size Photograph.
- Proof of residence – (not more than 3 months old).
- Business records (Sales records or receipt books for the last 6 months and details of stock on hand and any other business information).
- Bank statements for the past 6 months.
- Business Licences and Council Licences for corporate clients.
- Letter from employer confirming employment status.
- Guarantor particulars.
NB: We do not finance start-up businesses, but those which have been running, with documented evidence and records, for at least 6 months
This depends on the customer segment and amount borrowed and takes the form of:-
- Pledge/Cession of household goods.
- Title Deeds or Motor Vehicles.
- Third party guarantee.
- Group Guarantee.
N.B Collateral will depend on the amount to be borrowed.