Grooming Microfinance Bank

Creating Value, Increasing Access.

Home Loan

SALAD

Targeted at employee of reputable organizations and High Net-worth individuals (HNIs) who receive regular monthly salary.

FEATURES AND BENEFITS

  • Duration: 12 Months.
  • Maximum Loan Amount of N2,000,000
  • School Must have a running account relationship with Grooming MFB.
  • Available to Private Schools that are duly registered with CAC with Government Approval.
  • School must have a minimum number of 100 students.
  • Rate: 3% flat.
  • Credit life Insurance 2% flat.
  • No collateral
  • Convenient for financing working capital
  • Flexible repayment structure

REQUIREMENTS

  • Application Letter.
  • Duly completed loan application form.
  • Salary Account must be domiciled with Grooming MFB.
  • Confirmed staff whose salary have run for at least six months.

ACADA Loan

Individuals (School fees payment) and Private Schools (prep, primary, and secondary Schools, registered with both State Ministry of Education and Corporate Affairs Commission), that require short term funds for running of the School Operation.

FEATURES AND BENEFITS

  • Duration: 12 Months.
  • Maximum Loan Amount of N2,000,000
  • School Must have a running account relationship with Grooming MFB.
  • Available to Private Schools that are duly registered with CAC with Government Approval.
  • School must have a minimum number of 100 students.
  • Rate: 3% flat.
  • Credit life Insurance 2% flat.
  • No collateral
  • Convenient for financing working capital
  • Flexible repayment structure

REQUIREMENTS

  • Application Letter
  • Duly Completed loan Application Form.
  • 6 months Bank Statement
  • Evidence of Government Approval of School.
  • Document showing the number of students in the school.
  • Any other documents as might be required by the bank

INTEREST FREE Loan

Targeted to the non-interest customers mainly for interest free account of the bank i.e.(G-FREE)

FEATURES AND BENEFITS

  • Duration: 5months
  • Maximum Loan Amount: N1,000,000.
  • Customer must have banking relationship with Grooming MFB for a minimum period of 3 Months.
  • Attracts management fee of 3.5% flat
  • Processing fee of 3.5% flat.
  • Credit life Insurance 2% flat.
  • Commitment fee 3% flat.
  • No collateral
  • No interest charges
  • To enable customers meet up with their immediate needs

REQUIREMENTS

  • Application Letter
  • Duly Completed Loan Application Form.
  • Any other documents as might be required by the bank.

ASSET Loan

A credit facility to enable customers acquire assets of their choice, ranging from Electronics, Electrical appliances.

FEATURES AND BENEFITS

  • Customer must have banking relationship with GMFB for a minimum period of 3 Months.
  • Maximum Loan Amount, not exceeding #400,000
  • accessible in 2 buckets of 5 and 10 months (at the rates of 12.5% and 25% respectively for Individual).
  • Rate: 3% flat.
  • Credit life Insurance 2% flat
  • No collateral
  • Group-migrated customers must have completed a cycle of the Micro Credit while Individual customers present a 6 months activity report from any commercial Bank.

REQUIREMENTS

  • Application Letter
  • Duly Completed Loan Application Form.
  • Any other documents as might be required by the bank.

MICRO Credit

Micro scheme for our customers who are involved in petit trading.

FEATURES AND BENEFITS

  • Duration: 23 weeks (6 months)
  • Maximum Loan Amount, not exceeding N360,000.
  • Rate: 15% flat (2.5% monthly)
  • Credit life Insurance 2% flat
  • No collateral
  • Customers must be engaged in income generating activities.

REQUIREMENTS

  • Application Letter
  • Duly Completed Loan Application Form.
  • Any other documents as might be required by the bank.

SME Loan

Targeted at Small and Medium Entrepreneurs to boost their businesses.

FEATURES AND BENEFITS

  • Duration: 12 Months.
  • Maximum Loan Amount of ₦5,000,000.00.
  • Group-migrated customers must have completed 2 cycles of the Micro Credit/Asset Loan while Individual customers present a 6 months activity report from any commercial Bank.
  • Availability of duly registered documents with CAC.
  • Rate: 2.5 – 3% flat.
  • To create unfettered access to credit facility for the growth of our customers businesses.
  • Availability of duly registered documents with CAC (for Corporate Customers).

REQUIREMENTS

  • Application Letter which must on company letter head.
  • Duly Completed loan Application Form.
  • 6 months Bank Statement from any bank if relationship with the is not up to 3months.
  • Board resolution if applicable.
  • Any other documents that maybe required by the bank.

AGRIC Loan

Targeted at small and medium entrepreneurs that are into Farming, Animal Husbandry etc. ranging from: Poultry Farming, Fish Farming; Snail Farming; Juice Production; Hatchery operation; Honey Production.

FEATURES AND BENEFITS

  • Duration: 12 Months
  • Rate: 3% flat
  • Maximum loan amount of ₦2,000,000
  • Credit life Insurance 2% flat
  • To allow access to credit facility for the expansion of the aforementioned types of Agric loan under covered.

REQUIREMENTS

  • Application Letter
  • Duly completed loan Application form.
  • 6 months Bank statements
  • Any other documents that maybe required by the bank.

INSTANTA Loan

Online credit solution for all, irrespective of where customers account is domiciled.

FEATURES AND BENEFITS

  • Maximum Loan Amount #20,000 for first request. With an increment of 50%.
  • Duration: One off payment
  • Attracts Mgt fee of 1.5%
  • Processing fee of 1.5%
  • Rate 5% flat.
  • Credit life Insurance 2% flat.

REQUIREMENTS

  • Applicants must have a Bank Verification Number (BVN)