HOW TO APPLY FOR MASLOC LOANS

MASLOC is also known as microfinance and small loans centre is a financial institution that provide small businesses and start-up businesses loan to grow and expand their businesses.

In this article, let’s see how we can apply for masloc loans to improve our businesses. This institution is committed to growing and developing small and micro businesses through the provision of sustainable microfinance, small loans and business services to Ghanaian entrepreneurs. they also have some core values that help them achieve their goals such values are professionalism, integrity, team spirit, excellence and respect.

HOW TO APPLY FOR MASLOC LOANS

 You can apply through their website or by visiting their office. Follow the steps below: 

1. At any Masloc office near you, submit a properly filled out application form. State the loan amount and the purpose of the loan.
2. One of the loan officers will invite you for a preliminary assessment. They will reveal all other information you need to know about the loan to you.
3. If you qualify for the loan, they will process your application
4. As soon as they approve your application, you receive your loan within a short time.

Below are some loan services rendered by Masloc 

1. Group/micro loans
2. Car loans
3. Small loans
4. On-lending loans

Masloc group/micro loans

This scheme is focused on groups/cooperative societies, who has members between five and twenty-five. The maximum limit for an individual within a group is GHC 1000. This scheme uses the group sharing principle. The entire members of the group are liable for repaying the loan.

Basic application requirements

1. Application Letter
2. 2 Passport photograph from each individual in the same group
3. National ID card
4. Business registration Documents
5. Business plan

Masloc car loans

The Microfinance and Small Loans Centre (MASLOC) offers saloon vehicles to unemployed persons looking for work under its vehicle hire purchase program.

Through the scheme, individual taxi drivers, especially the young, who belong to taxi and drivers’ unions, will own their own vehicles after paying the loan facility within a four-year period.

Basic application requirement

1. Application Letter
2. 2 Passport photograph
3. National ID card

Masloc small loans

Individuals can apply for a minimum loan of GHC1,000 and a maximum loan of GHC10,000. They require a loan beneficiary to provide adequate security. A guarantor who can redeem the loan will be provided too.

Application requirement

6. Application Letter
7. 2 Passport photograph
8. National ID card
9. Business registration Document
10. Investment plan
11. Management Account with Two (2) years financial statement
12. Document of land ownership
13. Resolution letter from Board of Directors

Requirement for Guarantor:

1. Three (3) guarantors
2. One (1) passport picture
3. Photocopy of national ID
4. Three (3) months’ pay slip

Masloc on-lending loan

Microfinance Institutions (MFIs), Departments and Agencies (MDAs) and rural banks can get loans for business expansion. All MASLOC loans have a limited term of only 12 (twelve) months.

Application requirement

1. Application Letter
2. 2 Passport pictures
3. Photocopy of any National ID card
4. Company and Management Profile
5. All business registration Document
6. 12 months bank statement of business
7. Business plan
8. Financial Statement (2 years)
9. List of Assets
10. Document of land ownership or rental agreement document
11. Collateral
12. Copy of operational manual

Requirement for Guarantor:

1. Five (5) guarantor (Where applicable)
2. One (1) passport picture and photocopy of national ID each
3. 6 months bank statement

Visit Any Masloc loan office

For further enquiries, kindly contact the call centre on the following numbers: 

Telephone:

+233-302-782527 or +233-302-782528 or +233-302-782643

Head Office:

29 Third Circular Road, Cantonments.

Postal Address:

Private Mail Bag 261

Fax:

+233-302-782532

Email:

[email protected]

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