Six Months Loan (SML) Scheme

SML scheme targets employees both from private and public sectors and small business people. These loans are repaid in a period of six months. The procedure is that people come to the office to collect application forms that are provided for free. The forms are given out after doing desk appraisal. The applicants are allowed to take the forms to their respective homes for them to go through conditions and be able to understand them. Once the forms are brought to the office, officers do field appraisal whereby they pay visits to the applicants. Once the appraisals are done, an approval committee meeting is convened that looks at the forms.

Once the applicants are approved, they are invited to collect their cheques and told further the conditions of the loan. These loans are individual loans and they are given out on individual basis. SAILE deals directly with the employee and not employer. After they get the loans and their individual files opened, they repay the loans directly to SAILE office after getting their monthly salaries in case of employees or agreed dates on monthly basis in case of business people.

Securities for these loans are conventional ones like household items like beds, sofa sets, fridges, television sets, display cabinets etc. The other security that is used is third party guarantor whereby SAILE demands that somebody should guarantee for this loan. Normally a friend or relative guarantees the loan.

These loans are given to employees from any part of the country. However for employees that are outside Mzuzu and Lilongwe Cities, the guarantors should be from either Mzuzu or Lilongwe.

Loans range from MK 30,000 to MK 2,000,000

Please Note: There is an Administration Fee of 8.5%.