Frequently Asked Questions
Pre-Application
The loan process will be completed within three days, provided you have submitted all the required documents for the loan application.
For a Gari Jipya and Gari mtaji Loan, the car registration card will be the only collateral, for Jisalarishe loan no collateral is required only monthly deductions from the employer. FIN Tanzania will hold the car’s registration card as security, and once the loan is fully repaid, FIN will return the original registration card to you.
Your monthly installments will depend on the amount and duration of the loan you applied for and received from Fin Tanzania.
The interest rate is 3.5% using the reducing balance method (meaning you will pay interest on the remaining loan amount after each monthly installment), and this interest will be included in your monthly payments.
Yes, there are other costs that you may choose to pay separately or include in your loan. These costs may include Comprehensive Credit Life Insurance, Motor Vehicle Insurance, etc. These services are meant to protect you and your vehicle.
Post-Application
Yes, you can repay your loan before the scheduled repayment date. This will give you extra time to prepare for future payments. You can also pay off the entire loan early, even before the end date.
Yes, you can apply for an additional loan if you have made repayments for at least three months. Additionally, if your collateral and total monthly income are sufficient, you may qualify for an increased loan amount.
No, you must repay your loan according to the date specified in your contract. Late payments will incur a fine of 1% of the overdue amount for each day the payment is delayed beyond the due date.
Yes, you can change the repayment dates after the loan has been disbursed. You will need to submit a change request, and upon approval, pay the specified fee to complete the date change process.
You can verify your insurance using your car’s registration number or chassis number. To do this, enter the chassis or registration number on the TIRA Tanzania website.
Yes, you can request a statement of your loan account to get information about your loan’s status.