Do you need some loans? Then try microfinance banks, they grant loans to individuals and small scale enterprises (SMEs) which is to be paid back in small installments with a little interest.
It true that the roles of microfinance banks in the development and growth of a country’s economy cannot be overemphasized. Their services play key roles in poverty alleviation, agricultural development, and increase in small scale businesses and so on. Today, we will be focusing on grooming microfinance bank in Nigeria and how to get their loans.
In case you are a business man or woman, a petty trader or an individual in need of financial assistance, Grooming microfinance bank have a primary objective of giving credit facilities to applicants who fall into this category.
And for those who don’t know about them, Grooming Microfinance Bank is an off-shoot of Grooming Centre, a pro-poor development institution committed to the empowerment of economically active poor through tailored made financial services delivered to their doorstep using proven and best methodology. This Grooming Centre has about 600 branches, with an asset base of 58 billion naira (₦58,000,000,000) as at the end of September 2019. They have been rated among the top 5 best Microfinance institutions in the world according to MicroRate (October 2018).
This Grooming Microfinance bank is a Central Bank of Nigeria (CBN) licensed, state microfinance bank which began operations in July 2018 in Oyo State, Nigeria. However, within one year, the Bank has been able to raise its total asset from 150 Million naira (₦150,000,000) to over a billion naira (₦1,000,000,000) as at September 2019. This Bank is already a player in the electronic payment platform via her mobile and internet banking solutions.
Their Market Focus, Products And Services
This Microfinance Bank provides a range of tailor-made financial products for micro, small and medium scale entrepreneurs. Below are their product range:
- Savings products
- Fixed deposit
- Free loans
- Micro loans
- Asset loans
- SME loans
- Salary Advance
This financial institution believes that creating and sustaining access to tailor-made financial services is a critical tool for micro, small and medium entrepreneurs engaged in economic activities that leads to livelihood enhancement and poverty eradication in line with the United Nations’ Sustainable Development Goal (SDG), which is reducing to the barest minimum, poverty in all its manifestations.
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The Features, repayment plan and other info
Weekly Savings & Installment Repayment (Equal flat repayment of Interest and Principal)
The Initial deposit:
20% of Desired Loan Amount
The Loan Purpose:
An asset Acquisition & others as deemed fit by the Bank
The Loan Duration:
About 5-10 Months
The Early repayments:
It is suitable for the client
The Loan Amount:
From ₦ 1 – ₦ 300,000
The Disbursement Mode:
Paid directly into the client’s GMFB Account
The Loan Requirements
- Applicants must be engaged in income generating activities
- A duly completed Loan Request form
- Provide 2 Recent passport-size photographs
- A Credit Officer’s Recommendation
- Provide 1 eligible guarantor capable of repaying the loan in the event the client cannot repay
- Provide a valid means of ID (national ID, driver’s license, Permanent voter’s card or international passport) for the guarantor
- Applicants must be 18 to 55Years
Their Charges, Interest Rate And Loan Period
The Loan Form:
The Credit Risk Premium:
2% of Loan Amount
The Grace Period: