This product is designed to meet the credit needs of different group and association who are in the same line of business.
Objective: To ensure each of members or group have access to credit facility in order to boost their businesses.
FEATURES:
- Minimum of 5 to 10 members
- Loan limit for individual member is N50, 000
- Tenor is 16 weeks
- Interest rate 3% flat per month on members loan account
- Loan application form is 1,000
- Credit search fee is 1,000
- 1% of the amount granted to form member’s weekly savings
- Upfront charge is 4%
- Repayment : weekly effective from the date of disbursement
- Security: 2 guarantors for each member, Group cross guarantee for each member, Pledge of tangible asset, Pledge of household items
- Loan will be duly guaranteed