Group Loans

Group Microcredit Loan is designed to operate on a group (union), Association, Club/ Religious body etc.  A union is a self-selected group of people who access loans individually, but have group guarantees. Regular Loan is created to help meet the working capital needs of these persons businesses.

• Facility range: ₦150,000(minimum) to ₦5,000,000(maximum).
• Methodology: Individual lending but group liability.
• Duration: 12 months (Maximum).
• Grace period: two months
• Repayment frequency: Weekly (Tuesday 9:00am-2:00pm).
• Applicant must belong to a union or association.

BENEFITS:

• No collateral needed.
• Flexible repayment structure.
• Expert financial advice available.
• Training on basic financial management and business planning.
• Low interest rate of 5% per month on reducing balance.

DOCUMENTS REQUIRED:

• Duly completed Loan Application form.
• A valid ID (National ID, Driver’s license, Voter’s card or International passport).
• Current utility bill.
• Two recent passport-size photographs.
• One Guarantor each