1. Working Capital Loan

Working capital loan is designed for micro entrepreneurs and small business owners who desire to borrow for business purposes to enhance their business.

Features

• Flexible collateral requirements
• Competitive interest rates 4% Monthly on a reducing balance.
• Must have been in Business for at least 12 Months
• Maximum repayment period of 12 Months

2. Asset Finance Loan

Asset finance is a credit product that gives you the opportunity to own that asset you have always longed for either for Business or for Personal use such as machines, Deep freezers, personal computers and notebooks, generators, washing machines, household furniture, gas/electric cookers, electronic and electrical appliances.

Features:

• Borrower makes a minimum 30% equity contribution towards the cost of the equipment.
• Our Micro Savings Account [MSA] or the Target Savings Account (Esusu) could be used to save the 30% required equity contribution.
• The bank finances up to 70% of the cost of the equipment.
• The equipment is purchased in the bank’s name.
• Equipment purchased and a suitable guarantor is the collateral for the facility.
• Equipment purchased is insured.
• Transfer of ownership of the equipment financed will take place after full lease payment.
• 4% Monthly on a reducing balance.

3. Consumer Loan

This is designed for workers who want to use the facility for personal, family, or household purposes, or for consumable items like household appliances and payment of school fees.

Features

• Must be working in a reputable organization(Salary Earner)
• Must be confirmed staff
• Maximum Repayment period of 12 Months
• Must have been in employment for at least six months
• Issuance of post-dated Cheque against salary account
• 4% Monthly Interest rate

4. Group Loans

Group loans are designed for micro entrepreneurs, market women, self-help groups and associations that are actively in business.

Features:

• • Group size is 5-10 Members
  • Joint and several guarantees of the borrowing group members.
  • Compulsory saving by group members will be used to secure the joint and several guarantees.
  • Loan repayment will be daily, weekly or monthly
  • Interest rate 4% Monthly on a reducing balance

5. BOI-FGN:

This is designed for MSME in various field of the economy, salary earners and all economically active individuals within the MSME space who are actively in business and in need of finance. It’s also a single interest Loan.