{"id":2252,"date":"2022-08-22T13:11:50","date_gmt":"2022-08-22T13:11:50","guid":{"rendered":"https:\/\/thegenius.co\/wp\/finlon\/live\/?post_type=finlon_service&p=2252"},"modified":"2025-02-11T12:12:14","modified_gmt":"2025-02-11T12:12:14","slug":"vifaa-loan","status":"publish","type":"finlon_service","link":"https:\/\/elctndsaccos.org\/public\/service\/vifaa-loan\/","title":{"rendered":"Vifaa Loan"},"content":{"rendered":"\t\t
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The Vifaa Loan<\/strong> is a specialized loan product offered by ELCT ND SACCOS<\/strong> to support members in acquiring essential equipment for business, farming, or personal use. This loan is available exclusively to qualified members who have fully paid the minimum share requirement of TZS 500,000<\/strong>. The loan amount granted is up to three (3) times the member\u2019s savings<\/strong>, ensuring financial stability while promoting responsible borrowing.<\/p><\/div>\r\n\t\t\t\t\t<\/div>\r\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t

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Key Features<\/strong><\/p>

  • Loan Type:<\/strong> Equipment Loan (Vifaa Loan)<\/li>
  • Eligibility:<\/strong> Open to members who have fully paid the minimum share of TZS 500,000<\/strong><\/li>
  • Loan Amount:<\/strong> Up to 3 times<\/strong> the member\u2019s savings<\/li>
  • Purpose:<\/strong> Financing the purchase of equipment such as agricultural tools, machinery, office equipment, or other essential work-related assets<\/li>
  • Repayment Period:<\/strong> Three years<\/li>
  • Collateral:<\/strong> Savings and additional security as per ELCT ND SACCOS credit or lending policy<\/li>
  • Interest Rate:<\/strong> Determined as per ELCT ND SACCOS lending policy<\/li><\/ul>

    Procedures to Acquire a Vifaa Loan<\/strong><\/p>

    1. Membership Qualification<\/strong><\/p>

      • The applicant must be an active member<\/strong> of ELCT ND SACCOS and have fully paid the minimum share capital of TZS 500,000<\/strong>.<\/li>
      • The member must have sufficient savings to qualify for the loan (loan amount will be up to three times the savings).<\/li><\/ul><\/li>

      • Loan Application Submission<\/strong><\/p>

        • The member fills out a Vifaa Loan application form<\/strong> obtained from the SACCOS office or online portal.<\/li><\/ul><\/li>

        • Review and Approval by the Credit Officer<\/strong><\/p>

          • The Credit Officer<\/strong> reviews the application to ensure compliance with lending criteria.<\/li><\/ul><\/li>

          • Approval Process<\/strong><\/p>

            • The Manager<\/strong> evaluates the loan application based on savings, repayment ability, and creditworthiness.<\/li>
            • If approved, the loan is forwarded to the Accountant<\/strong> for processing.<\/li><\/ul><\/li>

            • Loan Disbursement<\/strong><\/p>

              • Once all approvals are completed, the loan amount<\/strong> is disbursed, either directly to the equipment vendor or to the borrower based on agreed terms.<\/li>
              • The member is notified through email or SMS<\/strong> about the loan status.<\/li><\/ul><\/li>

              • Loan Repayment<\/strong><\/p>

                • The member repays the loan based on the agreed repayment schedule.<\/li><\/ul><\/li><\/ol>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

                  This includes home accessories, building, transport and farm equipment’s.<\/p>\n","protected":false},"author":1,"featured_media":3851,"template":"","class_list":["post-2252","finlon_service","type-finlon_service","status-publish","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/elctndsaccos.org\/public\/wp-json\/wp\/v2\/finlon_service\/2252","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/elctndsaccos.org\/public\/wp-json\/wp\/v2\/finlon_service"}],"about":[{"href":"https:\/\/elctndsaccos.org\/public\/wp-json\/wp\/v2\/types\/finlon_service"}],"author":[{"embeddable":true,"href":"https:\/\/elctndsaccos.org\/public\/wp-json\/wp\/v2\/users\/1"}],"version-history":[{"count":30,"href":"https:\/\/elctndsaccos.org\/public\/wp-json\/wp\/v2\/finlon_service\/2252\/revisions"}],"predecessor-version":[{"id":4608,"href":"https:\/\/elctndsaccos.org\/public\/wp-json\/wp\/v2\/finlon_service\/2252\/revisions\/4608"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/elctndsaccos.org\/public\/wp-json\/wp\/v2\/media\/3851"}],"wp:attachment":[{"href":"https:\/\/elctndsaccos.org\/public\/wp-json\/wp\/v2\/media?parent=2252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}