Our Secured loans are designed for customers who need fast cash at the lowest interest rates, for short periods of time. This involves clients utilizing an asset (including movable assets) to collaterise a loan. The asset is usually sold to VM for the loan amount required and duration stated. Ownership of the asset will revert to status quo on fulfilment of all terms of the loan.
With a Secured Loan, VFD Microfinance Bank will keep the original documents of the car or other asset for the duration of the loan. Depending on the terms of the loan, the title on the asset documents is left as is, so transfer of ownership is guaranteed to be seamless at the end of the tenor.