Registration Charges(New Members)
We consider knowing the registration charges for you as client very important as this will guide you when you are ready to be part of the SEAP family.
Below is a comprehensive detail of the registration charges:
Total for new members
This is a loan disbursed to individual members of a group with repayment tenure of 40 weeks. Interest rate 15% with one week moratorium.
Below is a comprehensive breakdown of terms and conditions for MSP Weekly loan:
LOAN AMOUNT RANGE
REQUIRED SAVINGS DEPOSIT
10,000 - 50,000
51,000 – 100,000
101,000 – 150,000
151,000 – 250,000
251,000 - 400,000
401,000 & Above
This is a special loan designed in such a way that existing SEAP clients who are currently having active loans can still apply for this
loan loan product but with a condition that they must have reached the 35 repayment length of their running loan and there will not be any
need to raise additional savings deposit in as much as their current savings is up to 10% of the MSP Monthly loan that they are applying for.
New members can also apply for this loan but such will have to get registered under any of our branches and savings deposit for this category of persons is 20% of the loan amount applied for which the minimum is 50,000 naira.
Below is a comprehensive list of terms and conditions to qualify for a monthly loan as a new member:
Individual or Medium Enterprise Loan
Below is a comprehensive list of the terms and conditions that must be agreed to inorder to qualify for a individual/Enterprise loan:
SEAP offers two scheme of Education Loan: Regular loan scheme and the Student loan scheme.
To qualify for the Regular Education loan scheme, the following terms and conditions must be agreed to:
Mortgage Loan- Housing Loan
SEAP also helps to make the dream of becoming a house ownner a reality and supporting other kinds of building projects like schools,churches etc.
Below is a comprehensive list of the terms and conditions that must be agreed to inorder to qualify for a Mortgage Loan :
CBN/SEAP Business Development Scheme
The CBN/SEAP business development loan amount is between N100,000 t0 N10m.
Below is a comprehensive list of the terms and conditions that must be agreed to inorder to qualify for the CBN/SEAP business development scheme where LOAN amount is N1m and above:
SEAP gives loan to farmers that are into poultry or fishing or piggery, savings deposit is 25% and 30% for any amount above N300,000
while interest rate is 15%.
The moratorium (grace period) for this product is 2 months while repayment mode can be either weekly or monthly depending on the nature of agriculture business. Repayment period is 10 months (40 weeks) and lLoan applicant must have started the poultry, fishery, or piggery business becaust feasibility study will be conducted. To access this loan, 2 guarantors are expected one and must be a civil servant minimum of level 12 grade.
Registration is required just as the other loan product with 40% savings deposit. Loan applicant must belong to Road Transport
Union or National Road Transport Union because there must be a letter from the unon that is he is a good member.
Also from the loan applicant, MSP branch should also send a letter to show that he is a good client.
Interest rate on this product 18% per year, one(1) month moratorium and repayment length is 11 months. If it is 2 years loan period], the interest rate is 36% and repayment period is 23 months. two(2) guarantors are required. Comprehensive Insurance of the vehicle will be made, also SEAP logo will be inscribed on it.
This loan is designed to assist those who are into productions of materials, savings deposit for this loan type varies in accordance
to the amount of loan required as detailed.
50,000 and above: savings deposit is 25%.
100,000 to 199,000: savings deposit is 30%.
200,000 and above: savings deposit is 40%.
The interest rate for weekly repayment is 10% with 24 weeks repayment period while interest rate for monthly repayment is 18% with repayment period of five(5) months. To access this loan, two(2) guarantors are needed, one civil servant, minimum level 12, all the necessary documents must be checked.
This loan product is obtainable under the investment scheme and the requirements are the same as in the Transportation loan above.
This is another loan product kind that is designed to suit targeted business type. The savings deposit also varies corresponding to the amount of loan on focus. Interest rate is 10% and repayment pwriod is 24 weeks. Two(2) guarantors are also required for which one of them must be a civil servant with minimum of level 12 in service.
The structure of this loan product is similar to the SME Weekly above except that its repayment mode is monthly which is to meet the business trend of those whose businesses cannot fit into the weekly repayment mode. Repayment period is five(5) months with one month moratorium, interest rate is 20%. Interest rate -20%, two(2) guarantors are also required for which one of them must be a civil servant with minimum of level 12 in service.
THis is a group loan product as the MSP Weekly except that its repayment mode is structured to 24 weeks with 10% interest. two(2) guarantors are also required for which one of them must be a civil servant with minimum of level 12 in service. MSP clients who want to access investment loan must sign the investment loan agreement form from his/her MSP Branch and other due deligence had to be carried out.
This special loan product is designed for widows so as to afford them to lay their hands a business that can sustain them and their children. Interested widows are expected to form themselves into a group having a minimum of 10 persons. Registration is also required and the savings deposit is just like MSP Weekly. Interest is 10% with repayment length of 40 weeks meanwhile death certificate/court affidavit of the husband is a very important document to tender to qualify anyone for this loan product.