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First Capital Bank is a leading bank in Malawi. Below are the types of loans offered by the bank, how to apply, requirements, interest rates and amount:

—–Personal Loans

Designed specifically for employed individuals or individuals with a regular income whether you want to make a major purchase, finance a wedding or pay school fees, apply for a Personal Loan Facility to help you get where you’re going.

Features

✅ Minimum loan amount of K 50,000
✅ Maximum loan amount of K 4,000,000
✅ Maximum term of 72 months
✅ Ideal for education, medical expenses, furniture and appliances, home computers, motor vehicles, property, holidays, stock market
✅ Applications appraised within 48 hours

Requirements

  • Applicants should note that all applications are assessed based on credit score ratings
  • Original National Identity Card and a copy
  • Original PIN Certificate and a copy
  • No specific minimum net salary is required
  • Salary pay slips for the last 3 months
  • Filled in loan application form

—-Civil Servant Loans

Loan Features

  • Application appraised within 48 hours from document submission
  • Maximum loan amount of MK5,000,000.00
  • Maximum term of 60 months.
  • Deducted through payroll or scheme arrangements
  • Can consolidate loans from other financial institutions.

Eligibility

  • Citizen of Malawi.
  • Salaried employees in the Public Sector; Landboards, Councils, Tribal Admin and Pensioners from selected funds.
  • Minimum age of 18 years
  • Maximum age of 58 years
  • Employed for a minimum period of 6 months
  • Without pending disciplinary action

Requirements

  • Proof of ID
  • Confirmation of employment with physical and postal address
  • Bank statement for the previous 3 months

—-Working Capital Finance

As a business we understand it’s critical that you maintain a healthy cash flow and how important it is to meet your future working capital needs, such as financing the purchase of raw materials and meeting overheads. We offer a range of options that will sustain a positive cash flow and enable you to concentrate on running your business and optimising productivity. The choice of product and level of borrowing is tailored to suit the cash flow requirements of your business.

We offer the following products tailored to meet the short-term funding needs of business:

  • Overdrafts – enabling the business to meet short term financing requirements
  • Pro forma / Invoice financing – ensuring timely payment of your invoices
  • Local Purchase Order (LPO) financing – enabling your business to meet the financial commitments of secured capital intensive projects

TO FIND OUT MORE.

Visit your nearest branch and speak to one of our Customer Service Representatives – or fill out the enquiry form and we will be in touch.

—-Asset Finance

We offer a wide range of asset financing products such as Straight Financial Leases, Lease Backs, Discounted Leases, Block Discounted Leases, Operating Leases and Master Finance Leases. With our experience of dealing across all market sectors, we have a team of experts to guide you through the most suitable financing solution for your business.

With First Capital Bank Asset Finance, you are assured of:

✅A simple application process
✅ Reasonable costs
✅ Tax benefits
✅ Personalized relationship management
✅ Quick processing

Requirements for Asset Finance

• Duly completed Asset Finance application form.
• Pro forma Invoice from dealer/vendor
• Company PIN Certificate
• Certificate of Incorporation
• Memorandum & Articles of Association
• Latest 6 month bank statements (* 12 months if business is seasonal in nature)
• Copies of contract where asset sought is to meet contractual requirements
• Latest 3 year audited accounts, annual returns and cash flow projections
• Company / Business profile

—–Leasing

Lease to buy

Allowing you to take advantage of the immediate cash flow benefits of leasing, this funding solution gives your company the opportunity to buy the asset outright for a nominal fee at the end of the agreed term. You can choose the agreement, terms and interest rate structure that best suits your requirements, including the amount of initial deposit you wish to make.

Operating Lease

Our operating lease allows a lessee to use an asset over a specific period of time in return for periodic payments based on the partial payout of the capital cost of the asset. It does not convey the right of ownership of the asset.

Asset classes that can be leased:
• Motor vehicles
• IT equipment
• Supermarket equipment
• Construction equipment
• Furniture, fixtures, and fittings
• Medical equipment
• Industrial equipment

Features and benefits

✅ Flexibility in lease structuring
✅ Full lease rental is an operating expense thus providing a tax benefit
✅ Allows flexibility at the end of the lease term such as an extension on the lease or replacement of old assets for new
✅ No involvement in the disposal of the asset at the end of the lease term
✅ VAT on the asset leased is spread over the lease term of the asset
✅ Rental payments are not based on 100% cost of the asset.
✅ Financial ratio benefits as assets are off-balance sheet.
✅ No large asset registers required as assets not owned

—–Receivables Financing

Take control of your cash flow with our Receivables Financing solutions.

At First Capital Bank we believe that strong businesses need a robust cash flow. Our receivables finance solutions help you free up working capital to keep your business running smoothly. Our facilities ensure the availability of cash within 24 hours of issuing an invoice. It is important to note that while improving your cash flow, you could also have your credit control and sales ledger expertly managed by us. Your international sales are protected from bad debts for added peace of mind.

We offer a number of options for Receivables Financing:

  • Invoice Discounting: raise cash from your invoices while keeping control of your sales ledger
  • Factoring: Improve your cash flow and free up more time to focus on running your business
  • Export Invoice Finance: Raise cash from your overseas invoices to help you compete with local suppliers

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February 17, 2024

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