How to apply for MASLOC loan in Ghana
What is MASLOC? Microfinance and small loans centre (MASLOC) is a microfinance institution responsible for implementing the government of Ghana’s microfinance programmes targeted at reducing poverty. MASLOC provides micro or small loans for startups or small businesses with fast, easy, and accessible microcredit to grow and expand their businesses as well as to enhance job and wealth creation.
Types of MASLOC Loans
Below are the types of loans MASLOC gives to individuals, groups, and associations.
- Small/group loans
- Vehicle loans
- Tricycle loans
- On lending loans
- Special project loans
What are the requirements for the Masloc loan?
You must meet some requirements before you become eligible to get the loan. The following are the requirements:
For Small Loans:
Photocopy of any National ID card
Two (2) passport pictures
Business registration document
Provide a management account with two (2) years’ financial statement
Get an investment plan on how you will use the loan on your business (Cost, Expenses etc.)
Provide the document of land ownership or rental agreement document
Resolution letter from Board of Directors.
Three (3) guarantors
- Get one (1) passport picture and photocopy of national ID
- Get a six (6) month bank statement or three (3) months’ pay slip. For Micro-credit or Group Loans:
- The membership of the group or cooperative society must be between 5 and 25.
- The members of the groups must be between 18 and 65 years and of sound mind.
- The group must share common production or operational interest.
- The group must have its own leaders with chairman and the Secretary. They should also have internal rules and regulations.
For Small Loans:
- The applicants for the loan must be between 18 and 65 years and of sound mind.
- They must have an ongoing business venture or project.
- They must have considerable experience in business ventures or projects and sound knowledge.
- Start-up projects or businesses that apply for the loan must be viable and capable of generating employment
What is the minimum and maximum loan amount I can get from Masloc loans?
For this loan, the major beneficiaries are cooperative societies or groups. Whereby each group comprises 5 and a maximum of 25 members. So, in these groups, each member can access a minimum of GHC100 to a maximum of GHC1000. However, they do not consider the group to have repaid their loan until every member clears their debt.
How can I apply for the Masloc loan?
In order to get the Masloc loan, you must follow certain procedures. Do the following to apply for the Masloc loan:
- Submit a written application to any of their District Offices near you. State the purpose of the loan and the loan amount.
- One of their loan officers will invite you for a preliminary assessment.
- They will advise you on best practices, such as; info about their interest rates and other information you need to know.
- They will process your loan application immediately if you qualify for the loan.
- However, for MFIs, MDAs, NGOs, Banks etc, they will require a business plan or proposal.
What is the interest rate for Masloc loan?
The interest rates of loans can help you decide to get a loan or not. This is because higher interest rates on loans make it very difficult for borrowers to repay the loans and the interests. However, the Masloc loan interest rate is 1% per month.
What is the loan duration?
Every borrower must ensure they know the loan duration or when they must repay the loan. Besides that, they must know if there are additional charges or not. This is because loan sharks would like to hide further details such as that when giving you a loan.
However, the loans MASLOC offers are for a short period. It doesn’t exceed 12 (twelve) months. That is, you must repay the loan within 12 months plus the interest. Because of this, they do not support economic activities of long gestation periods.
Micro-Finance and Small Loans Centre (MASLOC)
29 Third Circular Road, Cantonments
Private Mail Bag 261
Tel : +233 -0302- 782527, 0302-782528, 0302-782643
Call center numbers that can be contacted: 0302-769248; 0302 782622
Fax : +233 302-782532
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