Over Drafts

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
    •    Manufacturing
    •    Trade
    •    Transport and communication
    •    Social (Education, Health)
    •    Building and Construction
    •    Tourism (Hotels, Restaurants)
    •    Others

General requirements 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.

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