Group Loan Scheme
The facility is extended to individuals who belong to an informal group in the same or different line of business. This product gives access to credit for self-selected group of people with at least 10-20 members. This helps the member to increase their working capital and business expansion.
» Small Scale Entrepreneurs
» Artisans, Organisations
» Individual Traders
» Group/Traders Association and Amalgamated Unions
Features & Benefits:
» Competitive interest rate
» Group members must be in the same location
» 10% equity contribution
» 3.5% monthly interest rate
» Maximum tenor of Six (6) months
» Group guarantee
» Two credible guarantors. (Cross guarantee of loan beneficiaries and an external guarantor each)
» Account Opening
» No account statement for applicant and guarantor.
» Applicant and guarantor valid means of identification.
» Completed Deed of Guarantee forms
» Minimum of 5 members to obtain loan from the bank at a goal.
» Cross guaranty of members as security to the facility throughout the loan tenor
Take the Next Step Towards Your Loan