This loan product is designed for those clients who come together, are trained, guarantee each other so as to be able to access credit facilities as individuals.
Basic requirements for group loan
- Must have an active savings account and must hold shares on that A/C.
- Group members shall pledge individual collateral security.
- Individual borrowers with active businesses
- Applicant must be 18 years and above
- At least 6 months of business existence and activity
- Group solidarity
- Groups with a minimum of 5 members willing to make a joint guarantee
- Valid Individual documentation e.g; National I.D, Passport and or Driving Permit
Benefits of Perfect Group Loan
- Credit facility of up to Shs. 5 Million
- The group is self-managed
- Group meets with its own determined schedule
- Flexible repayment terms and periods of 3 – 6 months
- Faster loan processing time (48 hours or less)
- Loans are approved by group members
- You can easily pay back using MTN and Airtel services