SCIL Group/Solidarity lending.
Group/Solidarity lending is a lending practice where small groups borrow collectively and group members encourage one another to repay.
"It takes place through solidarity groups", these groups act as a distribution channel used primarily to deliver microcredit to unregistered and unbanked business individuals
It is referred to as steady Lite.
It has an equity contribution of 10% of approved loan amount which is accessible by the end of the loan tenure.
It has a maximum tenor of 27 weeks for the weekly repayment plan and a 6 months duration for the monthly repayment plan.
it has a minimum of 5 persons and a maximum of 10 persons per group.
They will be expected to elect 3 (three) executives from the member group to handle their affairs.
It is structured for both weekly and monthly repayment pattern.
Access up to ₦300,000.00 for less than 20% on annual percentage rates.
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REQUIREMENTS & DOCUMENTATIONS
- Executed (Applicant, Next of Kin & Guarantor) forms
- Completed spousal consent form.(if married)
- 4 recent passport photograph of applicant
- 1 recent passport photograph of Next of Kin and Guarantor
- 1 of the under listed valid means of Identification (Applicant, Next of Kin & Guarantor);
- Driver’s License
- Voter’s Card
- National ID Card or
- International Passport
- Utility bill (Shop/Office or Residence) for the applicant and Guarantor.
- Applicant’s 6 Months Bank Statements.
- Guarantor’s 3 months Bank Statement
- Certificate of registration of business name where required