Mon - Sat 8:30am - 04:00pm
Sunday CLOSED
JRB Micro Group Loan
This is specifically designed for economically active individuals with relatively small working capital. The facility is granted to individual members within the group after undergoing financial literacy education for a couple of weeks. Each member in the group only deposits one-fifth of the loan amount required into the Micro finance group account to pave way for the registration and subsequent granting of the facility. Below are the terms and conditions related to this facility:
- The members constituting the group shall be a minimum of 5 and a maximum of 10.
- No guarantor(s) is needed to guarantee for the group to be able to access the micro-finance loan. Members of the group serve as group collateral.
- To ensure that members are not over-burdened with the payment of an uncompleted loan cycle of a deceased or incapacitated member, life insurance policy is taken to cover MF loans.
- Repayment is within a period of six(6) months.
- Upon disbursement, the group is given a grace period of twenty-eight days to start repayment of the facility.
FAQ
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