Group Loan
The Group loan product is designed to help individual member of a group (union). A member is a self-selected by the union with group guarantees. Group Loan is created to help meet the working capital needs of clients that run small businesses within the same environment.
Features
- Facility range: N30,000 (minimum) to N200,000 (maximum)
- Methodology: Individual lending but group liability
- Duration: 6 months
- Charitable Trusts
- Grace period: 1 weeks
- Repayment frequency: Weekly
- Clients must be a member of the union
Benefits
- No collateral
- Access to funds for business expansion
- Access to other business loan products to strengthen client’s enterprise, e.g. Mid-term and Asset loan
- Flexible repayment structure
- Relying on basic financial management, business planning and customer relations
- Low interest rate
- Expert financial advice available
Documentation
- Completion of account opening documentation.
- Duly completed application form by the Group
- Cross guarantees of executive members
- Letter of recommendation from the union duly endorsed by the chairman and one other executive member.
- Recent passport-size of the Applicant and Guarantor
- Current electricity bill
- A valid means of ID (national ID, driver’s license, voter’s card or international passport)