Susu Loans
Posted on: 23 October 2022
Susu Loans
These shall be loan facilities for
operators of the Bank’s mobile banking scheme.
- Applicants shall be in active
business.
- Applicants shall operate Susu
Savings Account for at least three (3) months before being eligible for
loans.
- Loan applications shall be
evaluated by the Credit Department and forwarded to the Chief Executive
Officer for approval.
- Applicants shall contribute at
least 10% of loan amount in their Savings Account as cash lien.
- Guarantee shall be: – Two (2)
personal guarantors who have accounts with the Bank and receives their
salaries from the Bank.
- Loan repayments shall be on
monthly installment basis.
- Loan duration shall not be more
than twelve (12) months. However, borrowers shall be considered for
long-term loans at the discretion of the Chief Executive or Board.
- Borrowers shall continue to
operate the Susu Savings Account until loans are fully repaid.
- Loans shall be disbursed to
applicants within fourteen (14) days upon submission of loan applications,
approval and availability of funds.
- A commitment fee of 6% shall be
charged on loans.
- Interest Rate of 24% per semi
annum.
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To get further information, to make a complaint or to make a suggestion, please contact 0342192506/0342192507 or use the contact button.