The loan is intended for short term financing to enable owners improve the school’s buildings, surroundings and bridge the working capital gap.
Features for School Loan
- Loan Amount, Minimum is Tzs. 10,000,000/= and Maximum for first time borrower is Tzs. 30,000,0000/=
- Loan Duration, Minimum of three (3) months and Maximum of six (6) months. Loan of period of below 3 months will call for higher interest rate.
- Collaterals accepted are Vehicle and landed property. (Not school).
- Loan payments to commence thirty (30) days after disbursement
- Grace period of maximum of 2 (two) months will be allowed
- Loan payment can be done quarterly.
- For renovation and improvement of surrounding, breakdown of expenses is required.
- Proposals for the Respective Project must be presented to AEL Financial Services Ltd.