M-Micro-Loan
Memphis microfinance offers entrepreneurs the opportunity to access quick loan, transparent and perfect financial environment.
The bank is committed to our clients in delivery quality financial services. Our loan currently range from N50, 000 to N1, 000,000, maximum duration 6 months.
| FEATURES | ||
| Name | Amount Available | Interest Payable (%) |
| Memphis Bizflexi | 15,000-100,000 | 6.5 (reducing balance) |
| Memphis Bizplus | 100,000-500,000 | 6.0 (reducing balance) |
| Memphis Bizmas | 500,000-1,000,000 | 5.8 (reducing balance) |
| FEES | ||
| Disbursement Fee | 1.5% of disbursed amount (payable upfront) | |
| Insurance | 1% p.a (payable upfront) | |
| Admin | 1% (payable upfront) | |
| Commitment fees | 1% (payable upfront) |
| DOCUMENTATION |
| ¤ Submission of memorandum and article of association (memart) |
| ¤ Submission Tax identification Number (TIN) |
| ¤ Submission of certification of incorporation |
| ¤ Submission of CAC form CO7 (particulars of Directors) |
| ¤ BVN of each signatory |
| ¤ Statement of cash flow |
| ¤ Income statement (Profit and loss account) |
| ¤ Statement of source and application of fund |
| ¤ Balance sheet |
| REQUIREMENT |
| ¤ Execution of personal guarantee form by two guarantors |
| ¤ Execution of right of entry |
| ¤ Execution floating lien |
| ¤ Submission of CAC form CO7 (particulars of Directors) |
| ¤ BVN of each signatory |
| ¤ Statement of cash flow |
| ¤ Payment of all fees and charges |
| ¤ Completion of acceptance of offer letter |