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Nkabom Loans

NKABOM LOANS

Nkabom Loan, as the name connotes implies loan given to a group of people and payable by same group.

Conditions/package

  • i. Group will complete an application form at prescribed fee
  • ii. Members must form a group of five (5) with a unique group name
  • iii. The group must have a leader who would facilitate documentations and recoveries

  • v. Each member guarantee for the other. That means when a member defaults, it is considered as the group’s default and the group bears the liability.
  • vi. The group loan is for a duration of Four (4) moths
  • vii. Approval of Nkabom loan is subject to the approval of the Loan Committee

Benefit

  • i. There is no cash collateral for Nkabom loan
  • ii. The group enjoys the lowest interest rate a month on reducing balance as per the standard of co-operative credit union

  • iii. Repayment of the loan is strictly on weekly bases
  • Loan is granted within 24 hours (1 days) of application

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