GROUP LOAN

REQUIREMENTS/CRITERIA

You need the following to be eligible for Salary Advance Loan Module:

• Loan amount entitlement between #20,000 - #50,000 as the case maybe.
• Interest rate of 4% Monthly
• Account opening of group savings account with Account Opening Documentation, 2 Recent Passports, Photocopy Of NEPA Bill, Photocopy of any means of I.D Card of all executives and signatories to the group account, group stamp, application letter to open an account, minutes of the meeting and bye law.
• Group savings account to be opened with #5,000, individual savings account opening with #1,000. 4 passport photographs for each member of the group (two passports for account opening), 1 passport for loan form and 1 passport for passbook.
• Loan form of 0.5% of the loan amount
• 3 months statement of account of the beneficiary
• Bureau search of minimum of #1,000
• Loan form of 0.5% of the loan amount
• Equity contribution of 10% of the loan amount
• Group meeting must be attended for 2 weeks before disbursement
• Compulsory savings is 1% and above of the loan value
• Equity contribution of 10% of the loan amount
• Two Guarantors with Valid I.D Card and one recent passport with detailed description of the guarantor’s house and shop of the leader, where one stands for the whole group and one guarantor for other members of the group each.
• Original Receipted & Valuable House Hold Gadgets: e.g. Television Set, Generator, Refrigerator, Machine Or Motorcycle of the borrower and the guarantors

REPAYMENT DETAILS

• Group repayment of the loan.
• Repayment tenor of 6 month
• Repayment plan on weekly basis for 26 weeks
• Default fine of 10% of the repayment amount (Non- Negotiable)

HOW TO APPLY

• Visit any of our Branches to obtain a loan form or download the form online.
• Have the filled form scan to customerservice@seapmfb.com
  
• Visit our branch for identification and verification if you downloaded the loan form online