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Micro Loans A Phase Changing Product For Tanzania


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L-Paisa ensures that its client can access their accounts anywhere in the world right on their mobile phone.Two major financial solutions being provided by us are M-pesa and Micro Loans. Our vision is to enter all African and Asian countries and introduce everyone to our financial solutions.

Published in: Economy & Finance
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Micro Loans A Phase Changing Product For Tanzania

  1. 1. Micro loans – A Phase Changing Product For Tanzania Micro-loan is one of the finest product introduced in financial industry, still there are very less people who could understand its importance and enjoyed the benefits. One of the major reason why people are still unaware about micro-loan is lack of knowledge. Majority of people still do not know how exactly do we define micro- loan and what how it is beneficial to our lives. How we define Micro loans? Micro-loan is basically a small scale loan which can be availed by anyone and requires very less documentation. It is generally provided by non- profit organizations for a smaller period of time. Once availed, one can easily repay this loan through easy installments.
  2. 2. What is the use of Micro loans? To alleviate poverty Micro loans have supported lots of families living in Tanzania, who were facing poverty. People can now fulfill their daily necessities like food and shelter which were missing before micro-loans. To encourage small scale businesses People are utilizing the micro-loans to start some activity which will help them in earning a sufficient amount for living. To support women empowerment Women are able to provide better living to their family members living in Tanzania. They are now working, earning and saving money for their better future. To extend education Parents who are not capable enough to pay the school fee for their children are now utilizing the micro-loans to educate them at schools of Tanzania. To fight unemployment Small scale businesses started by people of Tanzania have provided employment to many in need. Credit straight away goes to the micro loans only, which acts as a strong support to these small scale businesses.
  3. 3. A few essentials that you need to consider while taking a micro loan: 1. Loan amount: The first thing you need to do before you apply for a micro loan is to decide what amount you require. L-pesa is very much flexible when it is about the loan amount. Initially you can apply for a micro loan of $10 using mobile banking. Once you repay the loan to L- pesa in time, you are then eligible to get another loan of higher amount. 2. Loan interest: Certain percentage levied on the loan amount is the only factor of revenue generation for any lender. This percentage varies from lender to lender depending upon the policies being followed and a way to pull the customer for taking loan. The L-pesa offers micro loans with zero interest rate, to its customers. This becomes a big factor for L-pesa to be an attraction among the customers who need micro loan and are living in Dar Es Salaam, Tanzania. 3. Timely installments: Always pay the loan installments on time to avoid a fine. Whenever you take a loan always keep a check on installment due date and arrange the necessary funds to make the payment on time. This helps in increasing your credibility and makes it easy to apply another loan of higher amount.
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