Group loans
This facility is extended to members who have formed groups or investment clubs and are pooling funds for a specific investment.
Features
- Get up to 500 million
- An interest rate of 12%p.a on reducing balance
- Period: Up to 5 years
Plan Benefits
- Business investments and not consumptive
Requirements
- Fully completed loan application form
- Required savings - 30% of the loan principal amount
- One-off insurance fee of 1% of the loan amount
- Access to top-ups with a 1% insurance charge of the amount topped up.
- Secured by group Members’ savings and shares
- Personal guarantee by group members
