* NEEF and MEDF loans are not grants — all loans disbursed are repayable facilities and must be honoured in full and in strict compliance with the loan agreements
* Clients with outstanding loans that are not in arrears must continue servicing their loans diligently in order to avoid falling into arrears and being subjected to recovery measures
Maravi Express
Management of National Economic Empowerment Fund (NEEF) has granted a 60-period from Friday, February 6 for all clients to clear their outstanding loan balances or risk legal action and confiscation of pledged collateral made on their loans.
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In a statement issued today, February 4, warns the clients that after the 60-day repayment period, the NEEF shall “initiate serious recovery processes, that may include the legal action and the confiscation of pledged collaterals in accordance with the terms and conditions of the respective loan agreements”.
“NEEF further encourages clients with outstanding loans that are not in arrears to continue servicing their loans diligently in order to avoid falling into arrears and being subjected to recovery measures.”
The statement emphasises that the NEEF and MEDF loans “are not grants”, stressing that all loans disbursed “are repayable facilities and must be honoured in full and in strict compliance with the loan agreements”.
“NEEF remains committed to empowering Malawians economically and ensuring the sustainability of its revolving fund so that more Malawians can benefit from its loan facilities.”
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