Micro Loans The intending customer shall pay an Administrative fee N2,000 to obtain the loan form. Interest on Loan shall attract a monthly interest rate of 10% deductible upfront. All loans shall be for a period of three (3) months only for now and shall be deductible on equal instalment. Any Monthly default shall attract a penalty charge of 5% on the default monthly amount. The maximum microloan is N100,000. Any amount above N100,000 shall be subject to the recommendation of the Loan Credit Committee.
Collaterals: The loan shall be subject to either of the following:
An acceptable guarantor who may have an equivalent deposit with the Microcredit Cooperative or deposit an undated blank cheque in the name of Maranatha Microcredit Cooperative Limited.
In the case of salary worker, to be guaranteed by the Chief financial officer of the employer who will sign a guarantee to deduct and pay the equivalent monthly instalment to the Microcredit Cooperative.
Equipment Credit The intending shall obtain a form of the intent of N2,000. The completed application form shall be accompanied with a proforma invoice from a dealer approved by the Microcredit Cooperative. The repayment tenor shall be 3 equal instalments up to N100,000 worth of equipment and a maximum tenor of 6 monthly instalments for equipment above N100,000 up to a maximum of N250,000. Collateral shall be as in Microloan above. This product shall be for household equipment like gas cookers, refrigerator, televisions, generators, home theatres and
Cooperative Purchases An intending participant will pay an annual registration fee of N5,000 This will entitle the participant to participate in the purchase of food items and agricultural products. The products to be purchased at any point in time will be advertised for at least 2 weeks to enable members to indicate interest and make their payment.
Every participant should pay in full before the delivery of the goods. Or where the participants fail to pay it shall then be ranked as a loan and will be subject to the condition for microloan.
