School Fees Loan
- Application letter
- Applicant to provide school fees bill
- Applicant who is a salary earner must provide copy of letter of employment, confirmation letter, official identity card; 3 (three) months’ pay advice, 6 (six) months’ salary account bank statement. 3 undated signed cheque leaflets for salary account.
- Maximum loan of 50% -70% of school fees value.
- Domiciliation of salary or automation of Direct debit deduction from salary account on a monthly basis or provision of undated signed cheque leaflets for salary account for monthly repayment.
- Two guarantors who are salary earners. Guarantors to submit: 3 (three) months’ pay slip, copy of official ID card, 3 undated signed cheque leaflets for monthly repayments, 1 passport photograph, 3 (three) months’ salary account bank statements and execute personal guarantee form.
- Loan to be liquidated by end of term/semester or session, maximum repayment tenor of 12 months.
- Letter of admission from the borrower’s school
- Tangible Collateral which must be at least 150% of the loan value for loan value above N500,000 (Five Hundred Thousand Naira)
Salary Earners Loan
- Application letter
- A copy of letter of employment, confirmation,
- Official identity card
- Six months pay slip and salary account bank statement.
- Undated signed cheque leaflets for salary account.
- Two guarantors who are salary earners.
- Guarantors are to submit: 6 (six) months’ statement of account, valid means of identification, 3 undated signed cheque leaflets each, 1 passport photogruph and a signed personal guarantee form provided by the Bank
- Loan amount cannot be more than a third of net of 6 month’s salary
- Maximum of 6 months’ repayment.
- Tangible Collateral which must be at least 150% of the loan value for the loan value above N500,000 ( Five Hundred Thousand Naira)
- Micro insurance cover
- Personal profile of the borrower
LPO Financing
- Application Letter
- Awarded Local Purchase Order
- Confirmation of LPO
- Confirmation that all payment of LPO proceeds wil be domiciled/paid to applicant’s account with Berachah Microfinance bank.
- Direct payment to the vendor by the bank
- Confirmation of product quality to tally with specific given standards.
- Two guarantors. Guarantors to submit: 6 months’ statement of account, valid form of identification , 3 undated signed cheque leaflets each, 1 passport photograph and a signed personal guarantee form provided by the bank
- Undated signed other bank cheques of the applicant.
- Tenor of loan is duration of LPO
- Quotation for the cost to be incurred to execute the contract
- Business and personal profile
- 30% Equity contribution
- Tangible Collateral which must be at least 150% of the loan value for loan value above N500,000 (Five Hundred Thousand)
- Micro insurance cover.
Traders Group Loan
This is a loan made available to enable traders on a group-by-group basis to make good revenue and to meet their basic financial needs.
The bank will make loans available to members of the group based on the following:
- The group has a minimum number of 10.
- Unity Savings account will be opened with a compulsory deposit of 20% of the loan value.
- The group members must have verifiable ongoing trades/skilsl.
- The loan amount is dependent on the type of trade but a maximum of N100,000.00 is for the first disbursement.
- Cross-guarantee among group members is permitted in additiom to a second independent guarantor who is not a member of the group.
- The Independent guarantor will fill out the guarantee forms, provide a passport photograph and an acceptable form of identification. He/sh will attend an interview session followed by an executed commitment to repay if the borrower defaults.
- The loan is for a period of 12-24 weeks, with one week of grace.
- Valid ID eg Voters Card, Driver’s licence, International Passport
- Homogenous grouping
- 00 (Five Hundred Nairal only) registration fee.
- BVN
Micro Lease
- Applicant to submit application
- Proforma invoice of equipment/asset to be purchased.
- 20% equity contribution
- Payment directly to vendor and purchase in the name of the bank/applicant. The original document will be in possession of the bank until after loan is fully paid off.
- Two guarantors. Two guarantors who are salary earners. Guarantors to submit 3 (three) months pay slip, copy of official ID card, 3 undated signed cheque leaflets, 1 (one) passport photograph, 3 (three) months’ salary account bank statements, completed guarantors form to be provided by the bank.
- Compressive Insurance cover for equipment.
- 6 months maximum repayment period.
- Business profile
- Tangible Collateral which must be at least 150% of the loan value for loan value above N500,000 ( Five Hundred Thousand Naira).
