GROUP LOAN
The loan can be used as capital for a micro business or other income-generating endeavors by any group of targeted Members to improve their standard of living. Lack of capital or collateral should not affect your company's expansion. Our Group Loan is a loan for which the solidarity of the group serves as a guarantee. The business owners select group members and guarantee each other. The minimum number of people in a group is 5.
Show us your business, and we'll help you grow it to new heights. We'll also figure out how much you can borrow to avoid getting into too much debt and provide expert, reputable financial and business management advice.
Products Features
- Loan amount: Up to N500,000.
- Interest rate: Reasonable rate
- Loan term: Up to 6 months
- Repayment mode: Flexibility according to cash flow
- Guarantee: The group members will act as guarantors to each other.
- Interest rate: Very competitive
- You will get guidance and training through our group meetings on how to manage your finances and business.
- Our processes and fees are transparent.
Eligibility
- Be a majority aged 18 to 60 years old
- Valid means of identification
- 6 months account statement from each member
- Group members’ interests must be tailored towards doing various/the same business, living in the same area, or doing business within the same environment.
- Have a legal business and regular income
- Have a good record and be reliable
- There should be a document from the court or Notary Public giving the group legal backing
- The Group leader will be personally accountable for ensuring that loan repayments are made when due.