Product specification

Condition

Eligibility

Any susu contributor with ESL with a recognized residential location.

Minimum period of eligibility (new and repeat)

- The susu contributor must have saved without any delays for a minimum of 90 days.

- Must have been in business for a minimum of 6 months.

- Must have consistently contributed even after taking a loan to qualify for a new one.

Purpose

To invest into existing business.

Mode of calculation

Installments will be calculated using the flat method to be deducted on a monthly basis.

Installment/contribution

Monthly installment amount should not exceed 80% of a 30 day total contribution.

Debt/Equity

Loan amount should not exceed 100% of total equity.

Security

Collateral (compulsory saving, business and household assets) should not be less than 100% of loan amount.

Guarantor requirement

Should be in employment.

Cost

Interest rate is 3% per month, with a commission of 2.5% on initial principal for all loans.

Maturity

Loan maturity ranges from 1-6 months.

Mode of repayment

- Account for repayment of loan (also source of contribution) will be blocked for the loan period to ensure payment of loan.

- Client's daily contribution should not be less than daily contributions used for current loan assessment during repayment.

Limits

- Minimum loan amount is GHC 50.

- Maximum loan amount is GHC 1,000.

- Client can access not more than 300% of total contribution for 90 days.