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.
- 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.
- 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