CIT MFB Group Lending
GROUP LENDING is a lending methodology that subscribes to advancing credits to individuals within a group structure. It involves a group of people coming together to take a loan, for the common purpose of expanding their businesses. They are people who live or trade within the same neighborhood.
A group can consist of minimum of 10 people who trust each other to make good their pledges to repay the loan granted when due.
» Tenor is between 120- 180 days.
» Group Guarantee is in place
» Monthly Interest rate is 3.5%
» Upfront fees is 3%
» Guaranteed Trust Fund is 7.5%
» Geared towards women, but men are also allowed. With common interest (in the same neighborhood, market or trade, association or union).
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