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Micro Enterprise Development Initiative (MIDI) Program
MIDI is one of the six sectors of financing by the Company. Under this program MFL provides financing facilities in the form of Term loan for the purpose of fixed and working capital requirement for expansion of existing ones. Basic terms and conditions of the loan are
Legal Entity
Proprietorship
Partnership
Private Limited Company
Loan Size
Tk.500,000/- to Tk.1,000,000/--
Rate of Service Charge
15.5% to 17% p.a. MFL shall have absolute right to revise (increase or decrease) the rate of interest at any point of time in future.
Loan Repayment Period
Maximum 4 Years
Mode of Repayment
Equal Monthly Installment (EMI)
Incentive on Repayment
Rebate @ 5% of interest for timely repayment of loan amount
Security of the Loan
Personal Guarantee of the Sponsor (s) AND
Third party guarantee of one/two responsible person (s) for any loan to MFL
Spouse Guarantee
No collateral security needed (up to Tk.750,000/-)
Mortgage of property (Tk.750,000/- above)
Lien of Term Deposit Receipt (TDR)
Loan Application Fee
Tk.300/- (Taka Three Hundred)
CIB Fee from Borrower and Guarantor(s)
500/- (Taka Five Hundred)
Service Fee
@ 0.5% of the loan amount
Special Features of the Product
Relatively short processing time
Competitive Pricing for production unit
Incentive on Service charge for Timely Repayment
Loan up to Tk.750,000/- is collateral free
Flexible repayment (monthly reducing)
SPECIAL Interest rate at @ 10% for Woman Entrepreneurs & Agro processing industries
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