This is a unique loan product designed
mainly for micro customers who have regular source of income from their business and requires financial support.
Features
· The customer must have a savings account with the bank
· Loan amount ranges between ₦50,000 – ₦500,000
· Customer saves weekly
· Loan amount is determined by the equity contribution done over a given period
· The customer must have 20% equity contribution in his/her savings account with the upfront charges on the loan facility
· Loan period: 3 – 6 months
· Loan repayment could be daily or weekly
Benefits
· Helps in building customers businesses
· Improves customer’s cash flow
Fees
· Interest rate: 6%
Requirements
· Completed loan application form
· 2 passport photograph
· A valid means of Identification
· KYC form duly completed
· 1 guarantor for loan between ₦50,000 and ₦100,000
· 2 guarantors for loan above ₦100,000
· 6 months statement from the bank or a recommendation letter from XSLNCE Cooperative ( stating the credit worthiness of the customer based on business relationship)
· The customer must have a lock up shop and must show evidence of payment for the shop for 1 year.
· Rent receipt of the customer’s residence and utility bill
· Visitation report from account officer for both the residence and shop location of the customer
