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

You can Assess

• Affordable with no hidden charges
• Loan processing less than 24hrs
• Flexible loan repayment period
• Simple application processes
• Competitive interest rate