It is a short term facility offered by KCBL for a period of one year to customers (Co-operatives, Individuals, Companies and other organizations) for the business at the maximum level of cash (overdraft limit) that allows current account holders to write cheques or make withdrawals.
Benefits of KCBL Overdrafts
• Easy and quick to arrange.
• It is cheap.
• Flexibility to withdraw money at a time you need it.
• It enables clients to conduct their business transactions smoothly.
• Safe payments through cheques.
Conditions and Requirements for Overdraft Facility.
• The customer must have a current account with KCBL.
• Application letter.
• Member/Board Resolution to borrow ( in case of groups, companies and co-operatives).
• Audited financial Statements for the last/previous financial year.
• Affordable security.
• Existing Business
KCBL Overdrafts are provided to all economic sectors in Kilimanjaro region such as:
• Agriculture sectors
• Transport and communication
• Social (Education, Health)
• Building and Construction
• Tourism (Hotels, Restaurants)
GENERAL REQUIREMENT TO OBTAIN A CREDIT FACILITY
A KCBL customer who has a desire to apply for a loan in the institution must fulfill the below requirements before writing application letter.
• Must have at least 3months well serviced saving account according to his or her business operations.
• Must have a continued/existing registered business/economic project.
• Must have a collateral (registered immovable property /house with deed) to secure his/her loan.
• Must have good history in other Financial Institutions.
• Visit to his /her business site and collateral.
Coupled with the above requirements later the client will need to submit the following documents:
• Audited accounts of his business
• Valid insurance for his/her collateral /property.
• Land rent for his/her collateral
• Fill the Spouse/Owner’s Consent form
• Register his /her collateral in favor of KCBL.
Without delay ,a client will get the loan as soon as possible after he/she completed the above requirements and documentation.