Personal Loans
NON PAYROLL LOANS
Unlock Your Financial Potential with Mikalo Finance: Loans Beyond Income. Discover flexible financing options from Mikalo Finance that go beyond traditional payroll or salary-based loans. Here is a list of requirements :
Proof of regular income
KYC documents for applicant
6 months bank statements
No adverse information on your CRB report
Security (landed property or motor vehicle)
PERSONAL CREDIT-COPORATE PAYROLL
Mikalo Finance Services provides short credit facilities to employees of Companies that enter into a Memorandum of Understanding (MOU) for payroll deduct loans with MiFi. We offer superior service with a short turnaround time. The process is simple, and fund are disbursed within 5 minutes of a complete application being received. The funds are collected via monthly payroll deductions from the employer company. Here are key features of our loans:
Short term in nature, meant to finance short term needs that banks typically do not finance.
Top ups available after 3 months of performance on initial loan
No collateral required
Early loan repayment allowed
Loan size depends employee’s salary and tenure of loan
Our standard affordability criteria are that the employee should remain with at least 40% of Gross pay as take-home pay after all statutory, employer and third-party deductions.
HOW IT WORKS
MOU Signed between Employer and MiFi
- Employer agrees to facilitate Mikalo Finance Loan deduction from payroll
- Employer agrees to remint deduction schedule and payment to Mikalo
Employee Application
- NRC
- Three(3) latest pay slips
- Preapproval document form HR/Finance
- Three(3) latest bank statements
- Introductory letter
Review of Application
- Check that employees pay is within MOU conditions
- Credit reference Bureau check
- Reconfirms employment status
- Loan approved
- Loan disbursed within 5 minutes
Month End Repayment of Loan
- Mikalo Finance submits loan repayment schedule on agreed date
- Employer upload deductions on payroll
- Employer transfers consolidated deductions with deduction schedule to Mikalo Finance
- Mikalo Finance uploads repayments on system and loan is fully paid off
INSTANT SALARY ADVANCES
Mikalo Finance services provide short term credit facilities to individuals in formal employment. We offer superior services with a short turnaround time. The procedure is simple and straightforward in addition funds are disbursed within the short around time of 30 minutes or less upon successful completion application forms. The funds are collected at the end of the month through direct Debit and Credit Clearing (DDACC ) payment system. How do I qualify?
Three latest pay slips (stamped by employer)
Three latest bank statements(stamped by bank)
Introductory letter from the employer
Copy of NRC/Valid passport/ valid driver's license
Two passport size photos
Business Loans
INSTANT SALARY ADVANCES
This facility is a security-backed loan that is open to all Small and Medium Enterprises that are duly incorporated and registered with PACRA and have evidence of servicing reputable Companies.
ORDER FINANCING
SMEs who have orders with established corporate relationships can obtain short-term credit of 30 to 90 days to enable them to fulfill their supply contractual obligations.
INVOICE DISCOUNTING
SME’s that have already supplied goods and services to corporations and wish to get an advance against the amounts payable by the corporation to meet their short–term needs.
TERM LOANS
SME’s with track records and regular cash flows from servicing reputable Corporations qualify for a short-term working capital loan ranging from 1 to 12 Months.
REQUIREMENTS
PACRA documentation
12 months bank statements
Directors KYC
Copies of orders,Invoices and supply contracts
ACCEPTABLE SECURITY
Motor vehicle
Land etc.
INSTANT SALARY ADVANCES
These products are available to SME’s who provide goods/services to established corporate who have signed a Memorandum of understanding with Mikalo to facilitate payment of MIFI loan repayments directly from the off-taker. SMEs may obtain advance payments on their Supply/Service Invoices that they have already delivered on/ fulfilled, invoiced and are pending payment. This facility is only open to SME’s servicing corporates that have signed an MOU. You can simply follow this application process:
Corporate signs MOU with Mikalo Finance
SME applies for loan and credit appraisal is conducted
Mikalo Finance reconfirms invoices/supply history with corporate
Assignment of receivables by SME to Mikalo Finance
Financing advanced to SME
SME Loans
FARMERS LOANS
We provide a wide range of farming inputs such as seeds (maize soya beans, sunflower, groundnuts, etc.) fertilizer, and farming equipment such as (shellers, ploughs, tractors, water pumps, and many more). We also provide garden loans to cash-crop farmers, these are the requirements
KYC documents for applicant
Proof of regular farming history
6 months for been stationed at the same point/farm
No adverse information on your financial CRB statement Record or CRB
MARKETEERS LOANS
We provide short-term loans to Marketers who are in employment or not as long as they have proof of activity. These types of loans can be issued to marketers requiring funding to meet emergency needs which may include procuring merchandise, school fees, medical bills, acquiring assets or expanding your home, and many other unforeseen expenses. See the requirements:
KYC documents for applicant
Proof of market stand
6 months for been stationed at the same point