This loan product is designed to operate on a group (union) methodology. A union is a self-selected group of people who access loans individually, but have group guarantees. Regular Loan is created to help meet the working capital needs of clients that run small businesses.
Features
- Facility range: N25,000 (minimum) to N150,000 (maximum)
- Methodology: Individual lending but group liability
- Duration: 8 months
- Grace period: 2 weeks
- Repayment frequency: Weekly
- Clients must belong to a union
Benefits
- No collateral
- Access to funds for business expansion
- Access to other business loan products to strengthen client’s enterprise.
- Flexible repayment structure
- Training on basic financial management, business planning and customer relations
- Low interest rate
- Expert financial advice available
Requirements
- Duly completed application form
- 2 guarantors
- Duly executed Global Standing Instruction
- A valid means of ID (national ID, driver’s license, voter’s card or international passport)
- Current utility bill
- 2 recent passport-size photographs
