First Capital Bank Mocambique review

The product is aimed at public sector employees, and the bank asks for a tax number, national ID or passport, a recent original salary slip, a set of salary bank statements, proof of residence and a salary declaration. Anyone on a private or self-employed income does not meet that test. Loans run 6 to 84 at 2.92% to 3.75% for applicants who do.

Interest is 2.92% to 3.75% and fixed for the whole term, so the instalment does not drift with the market. The published example repays a loan at a fixed monthly rate in equal instalments, which makes the monthly figure easy to check before you apply. The catch is an administrative fee of 12% administrative fee, which sits on top of that rate.

Expect the interest rate of 2.92% to 3.75% plus an administrative fee of 12% administrative fee on the amount borrowed. Put the fee next to the headline rates from Cashspace at PHP 12 to PHP 36 and Monzo Flex at 10% to 23%, because the cheapest rate is not always the cheapest loan once a fee is added.

The ceiling on this personal loan is up to MZN 2,000,000, and the term runs 6 to 84, so you can clear the balance quickly or spread it over years. The range covers personal loans, so it is not a revolving credit line you can draw and repay repeatedly. A published example shows a smaller loan repaid monthly.

Funding takes 24 to 72 business hours, so plan for a wait measured in days rather than minutes. That suits a planned expense rather than an emergency, and the fixed rate means the delay costs you nothing on the price. If the money is needed urgently, this is not the product for you.

Support runs on email, phone and help centre: email, phone and a help centre. No branch or live chat service is listed, so phone or email is the route for anything time sensitive. The bank lends directly, so your questions and your paperwork go to the same place.

The lender is First Capital Bank SA, a bank founded in 2013 and based in Mozambique, and it lends directly rather than through a broker. Because the bank is the lender, the fixed rate, the 12% administrative fee fee and the document list all come from one published source.