Salary Loan

This is Salary loan product for private and government sector employees, which employer has been entered into an agreement with Serene Microfinance Ltd to provide loans and advances for their employee’s subject to irrevocable deduction from employee’s salary and other benefits in order to service the monthly or lump sum Installment agreed as per the loan contract with Serene Microfinance Ltd.

Eligibility – Employee

• Tanzanian citizens between the age of 18 years and 60 years.
• Permanent/ contract employees of private sectors and Government sector
• Memorandum of Understanding with the Employer to deduct and transfer the loan rental and terminal benefits to recover financial obligations to Serene Microfinance Ltd
• If the employee is on a contract basis, a minimum of one year of experience in the same institution will be considered. The loan repayment is to be restricted for the remaining period of the contract.
• Serene Microfinance Ltd should get direct credit from the employer

Eligibility – Employer

• Should be a registered business in Tanzania with minimum 3 years in the business operation
• Business scope should be acceptable to credit policy of Serene Microfinance Ltd
• Company should process minimum 2 years audited financials / Management accounts, Tax clearance and bank statements
• Company should have a registered office in Dar as Salaam
• MOU between employer & Serene Microfinance Ltd

Product Features