These Loans are extended to people to help them expand a business or clear a bill. This particular product offers a variety of options depending on each person’s need and capacity to pay back.
Terms and Conditions
- Maximum Amount: Depends on the need and capacity to pay back
- Maximum Period: 4 months
Interest Rate: 10% reducing balance(revised from time to time) Collateral:
a) Land title,
b) Car log books,
c) Any other tangible property - Guarantors: 2 guarantors and preferably one should be a spouse (for married individuals)
- Security Valuation, Survey Reports, Caveating and Mortgaging are done before is disbursed at the client’s cost
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NOTE:
Before you decide to borrow money – whether it is to pay the bills or buy a luxury item – make sure you understand the loan agreement fully. Know what type of loan you’re receiving and whether it is tied to any collateral you own.
Agree with the lender on your repayment terms/plan: what your monthly obligation will be; how long you have to repay the loan; and the consequences of missing a payment. If any part of the agreement is unclear to you, don’t hesitate to ask for clarifications or adjustments.
Finally, be sure the loan repayments fit comfortably in your budget