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 project loan and working capital loan for expansion of existing ones. Basic terms and conditions of the loan are –
Legal Entity
Proprietorship
Partnership
Private Limited Company
Loan Size
Tk.50,000/- to Tk.1,000,000/-
Loan Repayment Period
Maximum 4 Years
Mode of Repayment
Monthly
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
Corporate Guarantee, if necessary
No collateral security needed (up to Tk.750,000/-)
Mortgage of property (Tk.750,000/- above)
Lien of Term Deposit Receipt (TDR) OR
Loan Application Fee
Tk.100/- (Taka One Hundred)
Appraisal Fee
@ 1% of the loan amount for new applicants
and 0.5% of the loan amount for repeat loans.
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 (equal monthly or monthly reducing)
SPECIAL Interest rate at @ 10% for Woman Entrepreneurs
