It is a loan product purposely for financing micro enterprises in the bank’s catchment areas. It deploys the Community Support Agriculture (CSA) method to advance loans to individuals who desire credits to invest into their businesses. These persons are creditworthy but do not possess the requisite guarantee for the loans they contract. They form groups of not less than 5 members per group and are responsible to each other.
Features of the Product
- It is purposely for financing micro enterprises in the bank’s catchment areas.
- It is a group loan product
- Members of the group are liable to the debt of each member of the group
- The group have its leadership, pay group dues and have a meeting day
- Every activity of the group is held at the group meeting
- Loan term and other condition are as stipulated in the bank’s credit policy
- No need to have operated an account with the bank before accessing the loan
Requirements
- Beneficiaries of the loan product should belong to a group of not less than five members
- Each member of the group shoul already be engaged in a business activity or enterprise
- Members of the group should have a fair knowledge of each group member and should reside in the same locality
- The Ghana card and passport size pictures of each member
- Customers and non- customers of the bank are eligible to form groups and access this loan
Benefits of the Product to the Customer
- An easy way to access credit without providing security or guarantee
- Customers and non-customers of the bank amidst can form a group and access this loan
- The risk per member is significantly reduced with the presence of large membership
- The insurance component on the loan takes care of the indebtedness of customers who have suffered death or any physical condition that has rendered him or her incapable of engaging in any business enterprise
MRB Financial Products
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