PRODUCT 1- STUDENTS’S SCHOLARSHIP/LOAN SCHEME:
This class of loan is expected to be the outcome of our collaboration with state and local government councils. The bank will cover and offer upfront bursaries and scholarships on behalf of the participating governments. This is expected to be guaranteed by revenue allocation accruing to such government; shall have a maximum duration of 2 months.
PRODUCT 2- MICRO ENTERPRISE SPONSORED LOAN:
This class of loan is expected to be an outcome of our collaboration with state and local government councils as well as international agencies. The bank will serve as the disbursement/recovery agent of the participating government/bodies. Funds are provided by governments and international donor agencies for disbursement to approved recipients. Tenure is determined by the underlying programmer/fund provider.
PRODUCT 3- MIRCO ENTERPRISE LOAN:
This class is available to small medium scale enterprises as well as cooperative societies seeking funds for investment. Security will be guaranteed as specified in the Maranatha Microfinance policy.
PRODUCT 4 – LPO & CONTRACT FINANCING LOAN:
This class of loan is meant for registered small contractors and suppliers working for Union or Institutions of the Union and the Conferences. It will be granted to finance contracts duly awarded by the Unions, Conferences, and Institutions and to help the affected contractors beat necessary deadlines. The loan will be secured by the LPO issued by Union, Conferences, and Institutions respectively.
PRODUCT 5 – CONSUMER LOAN
This class of loan will support loan granted to qualifying staff of the Unions, Conferences, and Institutions of the church, for the purchase of household appliances, motor vehicle, and to rent a residential apartment. It shall have a maximum duration of 3 years. The loan shall have approval and mandate of the Union and relevant Conferences and Institutions authority and shall be secured by the monthly salaries of benefiting staff.
PRODUCT 6 -STUDENT LOAN
This class of product is expected to serve the need of students; and will be backed-up by guarantees from parents, guardians and senior staff of the Union, Conference, and Institutions. The maturity period shall be between 6months to 2years and will be on a rolling basis. The loan shall cover Nursery, Primary, Secondary undergraduate and postgraduate students.
PRODUCT 7 – YOUTH AND NAAC LOAN
This product is expected to take care of the active youths and members of the National Association of Adventist Coppers for the development of entrepreneurial micro-businesses. The loan will be guaranteed by the respective organizations that will monitor such projects for the proper utilization of funds.
PRODUCT 8 – OVERDRAFT
Overdraft shall be granted to customers on application based on the existing cash flow in the customer’s account and the regularity of cash inflow to the customers. The rate of interest shall be at the ruling market rate of interest.
