Group Loan
Target Market
- Traders
- Cooperative Society
- Artisans
Requirement
- Duly completed account – opening form
- 2 Passport – sized photographs of the account holders and Parent/Guardian
- Satisfactory evidence of identity(Driver’s License, National ID, Voter’s Card, Sworn Affidavit, Int. Passport, Tax Clearance or Identification by Union Leader and secretary)
- 2 reference forms. One must be an external guarantor (preferably the spouse) and the other from a member of the group
- Utility Bills
- Indemnity Letter
- 1 passport photograph each of the guarantors
- Means of identification of the guarantors
- Group list and guarantee.
Features
- Group from 5 – 30 people
- People who sell within the same Neighborhood
- Members to have shop with verifiable address within the neighborhood.
- Age ( 18 – 60)
- Security deposit of 15% of loan amount
- Group Guaranty as the Security
- Weekly Repayment
- Weekly compulsory Savings for Various Loan ranges
- Tenor is maximum of 6months
- Waiting Period of 2 – 3 weeks
