MICRO LOAN

REQUIREMENTS/CRITERIA

You need the following to be eligible for Micro Loan Module:

• Loan amount entitlement between #101,000 - #500,000.
• Loan form of 0.5% of the loan amount
• Bureau search of minimum of #1,000
• Interest rate of 4.5% monthly
• Compulsory savings is 1% and above of the loan value
• Equity contribution of 10% of the loan amount.
• No moratorium included
• Two Guarantors with Valid I.D Card and one recent passport with detailed description of the guarantor’s house and shop.
• The guarantors must be a civil/business owner.
• The civil servant will present 3 updated cheques with 3 months statement of account.
• Presentation of collateral by the borrower i.e. unexpired complete vehicle documents or landed property with survey plan and land agreement.
• Presentation of the pictures of the collateral presented.
• Passport and means of I.D card of the beneficiary
• The borrower must have a shop or business place as the major collateral and main criteria for accessing the loan.
• Presentation of the spouse passport and means of I.D card as next of kin.
• Transfer of collateral ownership to Seap Mfb
• Affidavit to be sworn on the collateral, loanee passport must be affixed on the affidavit
• Loanee's house/shop pre disbursement slip to be completed.
• Letter of undertaking to be completed by the guarantors and the account officer.
• Inspection to the borrower and the guarantors place.

REPAYMENT DETAILS

• Repayment tenor is within 6 month.
• Repayment plan on weekly basis for 26 weeks / monthly basis for 6 months.
• Default fine of 10% of the repayment amount (Non- Negotiable).

HOW TO APPLY

• Visit any of our Branches to obtain a loan form or download the form online.
• Have the filled form scan to customerservice@seapmfb.com
  
• Visit our branch for identification and verification if you downloaded the loan form online