MSP 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 but with a condition that they must have reached the 35 repayment length of their running loan and that 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.
Terms and Conditions that apply to New SEAP 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% of loan amount
- Tenor Duration: 6 Months
- Repayment Pattern: Monthly
- Disbursement Fee: 1% of Loan amount , payable upfront
- Two passports photographs/Upload on System and Specify Gender
- 2 Guarantors: 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.
Terms and Conditions that apply to 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
- 2 Passbooks: N200
- 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.