1. Where can I get information about credit products of CJSC "The First Microfinance Bank"?
Information can be obtained at the nearest branches and banking service centres (BSCs) or by calling any of our branches in your area. See Branch Network for a list of our branches and BSCs along with their contact information.
2. Which credit products do you offer?
We offer various loan products to our customers for doing business, as well as for personal and household purposes:
1. Loans to small and medium enterprise;
2. Micro-loans for Business;
3. Agricultural loans;
4. Express credit;
5. Consumer loans;
6. Loans to improve housing conditions;
7. Mortgage (personal) loans;
8. Education Loans.
3. What is the term of various products you offer?
We have a short, medium and long-term loans, which depend on the credit product and the purpose of obtaining credit. The loans for working capital and acquisition of fixed assets or business expansion are available for 2 and 4 years, respectively. Consumer loans and loans to improve housing conditions are available for up to 3 years in U.S. dollars and up to 4 years in TJS. Mortgages loans are available for up to 10 years. For more information, please contact any nearest branch of our bank.
4. How long does it take to obtain loan approval?
It depends on the loan product as well as how promptly you provide us with all requested information and documents. In general, from the moment of submission of all documents and information, it will take an average time of 5 working days for small and medium business loans and an average of 3 working days for other types of loans.
5. Can we obtain loans in U.S. dollars?
Customers may obtain loans in U.S. dollars for all credit products, except agricultural loans and credit line. But the client will have to justify their creditworthiness and full capacity to repay the loan back in case of currency devaluation . For legal entities, the loan amount will be transferred to their foreign currency accounts and the use of foreign currency account will be carried out strictly within the procedures and regulations of foreign exchange control and regulation of the Republic of Tajikistan.
6. What is the maximum amount of loan the Bank can provide?
Loan amount is determined based on your loan repayment capability, but in general, the Bank's loans cannot exceed TJS 500 000 for entrepreneurial activity, TJS 250 000 for agriculture, TJS 80 000 for consumer loans and house improvement loans , and TJS 120 000 for mortgage.
7. Can I get a loan without collateral?
FMFB customers can get loan without collateral, up to US$ 1,000 or TJS 5,000.
8. What types or items of collateral are accepted by the bank?
The collateral required by the Bank depends on the loan type and amount. Larger loan amount generally requires real estate. However, the Bank also accepts miscellaneous collateral such as gold jewelry, household goods, equipment, livestock, inventories, deposit account in the bank etc. For more information, please contact the nearest branch of our Bank or our loan officers.
9. Does the Bank offer any discounts on interest rates for customers?
The Bank does offer discounts for the customers who have used our credit products for over 2 years and have a good credit history. Please contact our banking service centers and branch offices for more information in this regard.
10. How the interest is accrued on loans?
Interest will be accrued only on the outstanding balance of your loan, and payment is committed through monthly annuity payments in accordance with the loan repayment schedule.
11. What are annuity payments?
Under annuity payments, your loan will paid in equal installments over the term of the loan. Amount of payment includes a portion of the principal amount and accrued interest on the outstanding loan balance. Below is an example of annuity payments for a US$ 10,000 loan for a period of 12 months at an interest rate of 25% per annum.
12. How much commission fee should I pay to the Bank for the loan?
There is no commission fee for processing and issuance of the loan. Customers have to pay only for the interest that accrues on the loan balance at the interest rate stipulated in their loan agreement.
13. Where should I pay off my loan? Can I give money to loan officers or other employees of the bank?
You should never give money to the loan officers or other employees of the bank. Customers must repay their loans only at the bank’s branches directly at the cashier’s desks. The client can also repay their loans through transfers from other banks or by using bank’s ATMs/self service terminals installed at the branches. Do not forget to pick up a copy of your receipt for the transferred funds.
14. Can a third party make a payment on the Loan for the client? What is required for this?
Yes. The person who repays the loan should know customer’s correct name and the account number to which the loan is repaid.
15. What happens if I forgot to repay the loan on time?
In case of late payment on the loan, the bank charges a penalty according to the credit policy of the bank and the loan agreement. In addition, late payments have a negative impact on the customer’s credit history and their overall eligibility for future loans (including limiting the potential for any interest rate discounts on future loans)
16. Can I make a full or partial prepayment? If yes, is there any a charge or penalty on this?
Yes you can and there is no penalty charged on early repayments. For early repayments you must fill out and submit a signed application to the bank’s office. Early closure of loan is allowed any time during the bank’s working hours on the same date that the full repayment amount is deposited into your account and the signed application is submitted to the bank office. Partial prepayment is allowed any time by depositing the fund into your deposit account, but funds will be posted to prepay the loan installment only at the nearest due date as per the loan repayment schedule. The partial prepayment is only performed according to the signed application as well.
17. I was refused a loan without explaining the reasons. Why?
The Bank has the right to refuse a loan without a detailed explanation of the reasons.
18. If my previous loan request was declined, can I expect a positive decision when applying for a new loan?
Yes, that is possible. It largely depends on whether the reasons for which the loan was denied initially are no more relevant and/ or applicable. You can get further details in this regard from the loan officers.
19. What happens to loan repayment in case of customer’s death?
In the case of the client's death, his/her outstanding repayment is transferred to his/her successor under the legislation of Tajikistan. In other cases, the obligation is transferred to the Guarantor.
20. Why are we being evaluated by other employees of the bank in addition to the credit experts?
They do not evaluate you, instead they evaluate the overall performance of the bank’s credit experts. We call these evaluators independent auditors of the bank.
21. If I have a loan in US $, can I make a repayment in TJS?
Yes, you can make it based on bank’s rate on the date of repayment.
22. Does FMFB provide loan to non-residents?
No, it does not except for Afghan refugees who have a red card provided by the government and are seeking business loans of up to US$1,000.
23. Does the bank offer any convenient method to remind clients about their loan repayments?
The bank does offer a SMS banking service, which sends an SMS reminder to clients’ mobile phones containing details on the loan repayment 2 days before the due date. Additionally, clients will receive monthly information about the outstanding balance of their account. This service is provided free of charge. In order opt in for this service, please contact our nearest branch.
24. In addition to loans, what other services does the bank offer?
The bank offers various deposit products, cash and settlement services, bank cards, money transfers (domestic and international remittances services), bank guarantees and FX services. For more information, please visit our nearest branches or contact us by phone.
25. What is the name of your bank and who are your shareholders?
The name of the bank is CJSC ‘First Microfinance Bank’ in English, ÇÀÎ “Ïåðâûé Ìèêðîôèíàíñîâûé Áàíê” in Russian and ×ÑÏ ‘Àââàëèí áîíêè ìîëèÿâèè õóðä’ in Tajik. Our shareholders are: The Aga Khan Agency for Microfinance (AKAM) The Aga Khan Foundation (AKF) Kreditanstalt für Wiederaufbau (KfW) International Finance Corporation (IFC)
26. If I have a problem with your branch or BSC in any area, whom should I contact?
You can directly contact the credit department at the bank’s head office or contact us by phone at 228 93 10/11, or by e-mail at firstname.lastname@example.org
27. What is responsibility of a guarantor?
A guarantor assumes full responsibility and obligation to repay the loan on behalf of the borrower in case the borrower fails to fulfill his/ her obligation to the bank under the terms of the Loan Agreement.
28. Up to what amount can the bank offer loans without a Guarantor?
FMFB does not require any Guarantor for loan amounts up to US$ 10 000. However , depending on the result of the credit analysis, the bank may require a Guarantor to minimize the risks.
29. Why should a client open a deposit account if he is only interested in obtaining a loan?
The bank uses a deposit account as the client’s current account for all transactions related to their loan with the bank. The repayment of loan will be carried out automatically from this account according to the loan repayment schedule and loan agreement with the Client.