Loan Products

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:

ITEMS PRICE
Folder N300.00
Identity card N450.00
Manual N300.00
Loan form N150.00
Passbook N200.00
Registration N100.00
Savings N350.00
Admin Charges N150.00
Total for new members N2000.00


MSP Loan


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:

  • Tenor/Duration: 40weeks
  • Repayment: Weekly
  • Service Charge: 15%
  • Savings: 10%- 35% of loan amount
  • Disbursement Fee: 1% flat payable upfront
  • Group Formation: Minimum of 10, maximum of 30 members
  • 2 passport photographs/Upload on System and specify the gender
  • Health Insurance, compulsory for N200,000 and above, optional for N50,000- N150,000.
  • One external guarantor and 6 guarantors within the group must be provided
  • Minimum of 2weeks waiting period
  • One week moratorium.
Also below is a list of the terms and conditions that applies to various loan cycles:
LOAN CYCLES LOAN AMOUNT RANGE REQUIRED SAVINGS DEPOSIT
1ST LOAN 10,000 - 50,000 10%
2ND LOAN 51,000 – 100,000 15%
3RD LOAN 101,000 – 150,000 20%
4TH LOAN 151,000 – 250,000 25%
5TH LOAN 251,000 - 400,000 30%
6TH LOAN 401,000 & Above 35%



Monthly Loan


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:

  • LOAN AMOUNT: The Minimum accessible amount is N50,000 for 1st Loan while the maximum is N200,000 for the 4th Loan
  • SAVINGS: 20% of loan amount
  • SERVICE CHARGE: 10%
  • TENOR/DURATION: 6 MONTHS
  • REPAYMENT PATTERN: MONTHLY
  • DISBURSEMENT FEE: 1% of Loan Amount, payable upfront.
  • Two passports photographs/Upload on System and Specify Gender
  • GUARANTEE: Guarantors(2) must be people of integrity, high networth, must pledge tangible items and have valid means of identification which should be (National ID, Drivers License, International Passport or Voters Card)
  • Group of 5 members
  • Health Insurance is compulsory for N200,000. Loan of N50,000-N150,000 would pay for Health Ticket and DSP
  • Loan is for new Members duly registered.
It is also of importance to note the terms and conditions to obtain a monthly loan as a existing SEAP member:
  • New members not allowed
  • Loan Amount: Minimum of N100,000 & Maximum of N200,000
  • Service Charge: 10%
  • Disbursement fee: 1% flat of loan amount payable upfront
  • Passbook: N200(2)
  • Applicants(MSP) Savings not less than 20%
  • DSP and Health insurance should be renewed
  • Guarantors(2) must pledge tangible assets and have valid means of identification such as (National ID, Drivers License, International passport, OR Voters Card)
  • Loan cycle must be observed.


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:

  • Loan Amount: Minimum of N250,000 Maximum of N1m
  • Processing Fee: 1% of Loan Amount
  • Savings: 20%
  • Service charge: 20%
  • Disbursement fee: 1% flat of loan amount payable upfront
  • Tenor: 12 months with 1 month moratorium
  • Repayment: 11months period
  • Applicant must bring (2) guarantors that must be credit worthy, show commitment to pay, must issue postdated cheques, pledge tangible assets and have valid means of identification
  • Applicant would pledge tangible items such as title documents of landed properties, must issue postdated cheques and have valid means of identification
  • Guarantors must guarantee and issue post dated cheque in favour of SEAP MFI to the tune of 50% loan amount
  • Submission of Feasibility Report and Cash Flow Analysis or Income Statement.
  • Submission of Business Registration Document
  • Search to be conducted on Registration documents and assessment of the business premises
  • Valuation of Property pledged as security, cost to be borne by applicant
  • Cost of search/verification to be borne by applicant
  • Processing time is within 24hrs of completion of documentation.
In the case of self guarantee:
  • 150% post dated cheque in favour of SEAP MFI shall be issued by the applicant
  • Six months statement of account to be submitted by the applicant
  • Receipt of offer letter by the applicant and submission of acceptance of offer duly executed
  • Other SEAP products such as DSP, BMF and Health insurance. (Compulsory)
  • Insurance of goods with a reputable insurance company for Loan above N1m.


Education 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:

  • Tenure: One academic calendar
  • Registration: N1000
  • Savings: Nil for existing, Savings 10%(new members)
  • Loan Amount: Between N10,000 and 300,000
  • Service charge: 12%
  • Repayment: weekly
  • Execute Personal Guarantee Form.
Below is a comprehensive list of the terms and conditions that must be agreed to inorder to qualify for a Student Education Loan :
  • Student must be in Distinction/First class grade
  • Loan Amount: Depending on the School Bill
  • Guarantee: Education institution must be willing to release’s candidate original certificate to SEAP MFI after graduation
  • Repayment: By candidate when he/she starts working
  • Application to be directed to the office of the Executive Programmes Director-EPD.


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 :

  • Registration: 2000 to 20,000 Naira
  • Processing Fees: 1% of loan amount
  • Loan Amount: N100,000 to N10m
  • Savings : 20% with SEAP MFB/MFI
  • Service charge: 10% per annum
  • Duration: 1 to 5years
  • Landed property to be financed must have a title document
  • Valuation of property/Stages of Property Development
  • Transfer of Original title document to SEAP MFI( to be returned after the full repayment of the loan sum)
  • Moratorium: 2 months
  • Repayment period – 1-5 years depending on loan amount
  • 4 Guarantors who are landlords and landowners required
  • Each of the guarantors must pledge a property, with title documents, Deed of Conveyance, C of O or Deed of assignment of the land. The organization lawyer will help to write a letter, which the applicant will sign that he/she has transferred the ownership to SEAP, throughout the tenor of the facility
  • Consent Form to be filled by Applican
  • Disbursement in Stages
  • Student must be in Distinction/First class grade
  • Loan Amount: Depending on the School Bill
  • Submission of survey & building plan, bill of quantity.


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:

  • Registration: 1% of loan strictly
  • Savings: 10% of Loan Amount
  • Duration: 1 to 3 years(for manufacturing, production, agric and distributors and viable business etc
  • Exceptional target group: Responsible Exco members to access N50,000-N100,000 for 1 year
  • Service Charge: 9%
  • Repayment period: 24-36months (at the discretion of mgt)
  • Application in writing with submission of feasibility studies/proposal and cash flow projections
  • Submission of Business Registration Documents
  • 6 Months Bank Statement bearing the Company’s Name
  • Disbursement and Repayment: Through Banks/MFB
  • Guarantors: Guarantors(2) must be people of integrity, show commitment to pay, pledge tangible items and have valid means of identification
  • Issuance of post dated cheque by the applicant in favour of SEAP MFI to cover the duration of the loan
  • Post dated Cheques must be registered
  • Inspection of the business premises must be conducted, before any of the above loans can be given
  • Association/Cooperatives are under this Scheme


Agricultural Loan


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.


Transportation Loan


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.


Production Loan


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.


Equipment Loan


This loan product is obtainable under the investment scheme and the requirements are the same as in the Transportation loan above.


SME Weekly


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.


SME Monthly


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.


Group Investment


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.


Dorcas Loan


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.