Group Loan

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.


  • 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


  • 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


  • 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)

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