The Easy loan is intended to serve clients who want loan between the amount 50,000 – 120,000LRD. Customers will be served in a Triangular form. Three clients are to form themselves into a group. The group members will serve as guarantors to each other. But they will all take individual loans and most likely in the same amount.
It is a short-term loan for new and repeat micro-micro business customers to finance their financial needs.
Target
The target beneficiaries of Easy Loan are mainly petty traders. Micro clients form at the very lower end of the economy.
Other Conditions
- Guarantors: members in the triangle + spouse or a relative
- Processing time: 3-4 days maximum
Features
- Facility range: USD 600 (minimum) to USD 7,000 (maximum)
- Methodology: Individual lending and liability
- Duration: 6 months to 24 months
- Repayment frequency: Monthly
- Clients must be Responsible
Benefits
- Access to funds for business expansion
- Access to other business loan products to strengthen client’s enterprise
- Flexible repayment structure
- Training on basic financial management, business planning and customer relations
- Low interest rate
- Expert financial advice available
Documentation
- Duly completed application form
- 2 guarantors
- 2 recent passport-size photographs
- A valid means of ID (national ID, driver’s license, voter’s card or passport)
- Proof of business ownership and income