Get Grooming Microfinance Bank Loans, Requirements, And Repayment Plans
Do you require any loans? Then look into microfinance banks, which provide loans to individuals and small and medium-sized organizations (SMEs) in tiny payments with minimal interest.
It is true that the importance of microfinance banks in a country's economic development and progress cannot be overstated. Their services serve critical roles in poverty reduction, agricultural growth, and the expansion of small-scale companies, among other things. Today, we will concentrate on microfinance banks in Nigeria and how to obtain their loans.
Grooming microfinance bank has a primary goal if you are a businessman or woman, a minor trader, or a person in need of financial support.
Grooming Microfinance Bank is an offshoot of Grooming Centre, a pro-poor development organisation dedicated to the empowering of economically active people through customised created financial services provided to their doorstep utilizing proven and best methods. As of the end of September 2019, this Grooming Centre had around 600 branches and an asset base of 58 billion naira (58,000,000,000). According to MicroRate, they are one of the top five best microfinance organizations in the world (October 2018).
This Grooming Microfinance Bank is a state microfinance bank regulated by the Central Bank of Nigeria (CBN) that commenced operations in Oyo State, Nigeria, in July 2018. However, in just one year, the bank's total asset increased from 150 million naira (150,000,000) to over a billion naira (1,000,000,000) as of September 2019. Through her mobile and online banking products, this bank is already a player in the electronic payment platform.
Their Market Concentration, Products, and Services
This Microfinance Bank offers a variety of tailored financial solutions to micro, small, and medium-sized businesses. Their product line is as follows:
- Savings items
- Term deposit
- Loans at no cost
- Microcredit
- Loans secured by property
- SME financing
- Advance on Salary
This financial institution believes that creating and sustaining access to tailored financial services is a critical tool for micro, small, and medium entrepreneurs engaged in economic activities that lead to livelihood enhancement and poverty eradication in accordance with the United Nations' Sustainable Development Goal (SDG), which is to reduce poverty in all of its manifestations to the bare minimum.
The characteristics, repayment plan, and other information
Individual/Complementary
Installment & Weekly Savings Compensation (Equal flat repayment of Interest and Principal)
The first deposit:
20% of the Loan Amount Desired
The Loan's Goal:
An asset acquisition, as well as others as considered appropriate by the bank
The loan term is:
5 to 10 months
Repayments in advance:
It is appropriate for the customer.
The Amount of the Loan:
From ₦ 1 – ₦ 300,000
The Mode of Payment:
Direct deposit into the client's GMFB account
The Loan Conditions
- Applicants must be involved in revenue-generating activities.
- A Loan Request form that has been correctly filled
- Please provide two recent passport-size pictures.
- Recommendation from a Credit Officer
- Provide one suitable guarantor who is capable of repaying the loan if the customer is unable to do so.
- Provide a valid form of identification for the guarantor (national ID, driver's license, Permanent voter's card, or foreign passport).
- Applicants must be between the ages of 18 and 55.
Their fees, interest rate, and loan term
The Loan Application:
₦200:00
Credit Risk Premium (CRP):
2% of the Loan Amount
The Passion:
1.5 percent each month (Flat)
The Punishment:
There is no penalty.
The Period of Grace:
1 Month.
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