M-SME Loan
At Memphis microfinance bank we offers business owners of small and medium size enterprises the opportunity to access loan in a quick, and efficient way.
| FEATURES |
| Loans from NGN1,000,001 to NGN2,000,000 for existing business |
| Competitive interest Rate monthly on reducing balance |
| Disbursement fee of 1.5% of the loan amount |
| Insurance 1% p.a (payable upfront) |
| Admin 1% (payable upfront) |
| Commitment fees 1% (payable upfront) |
| Maturity period from 6 to 24 months with equal monthly installments |
| Upon submission of all required documents loan will be disbursed without delay |
| Free sms reminder for monthly repayment |
| 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 |