Group Loan (M-Kajola)
Our group loan is an arrangement by individual with or without collateral to form groups with an aim of obtaining loan from Memphis microfinance bank. As part of micro objective to help and develop active pool who are actively ready to work but they have little or no collateral.
FEATURES |
¤ The group must consist of 3 to 5 members |
¤ The group must have a leader |
¤ The must be holding weekly and monthly meeting |
¤ The leader must indemnify his member for the loan |
¤ Each Members must sign undertaken that they are liable severally and jointly |
REQUIREMENTS |
¤ Members to open group account and individual |
¤ Each member must provide primary ID |
¤ Each member must provide BVN |
¤ Each member must provide utility bill |
¤ Each members must open their saving account with N2000 |
¤ Each member must provide Guarantors |
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