Loan Products
The principal business of Plus One Microfinance Bank Ltd is the provision of microfinance loans. The core lending products and services of the Bank include:
Salary Advance (Salad)
- Advance against expected salaries
- Available for salary earners of acceptable organizations
- Maximum amount of loan is 50% of expected month end salary
- Maximum tenor of 30 days
- Repayable from the next available salary
- Customers are expected to domicile their salaries to the Bank, or the domiciliation of cheques of other banks drawn on their salary accounts, or as otherwise agreed
Employee Credit
- Available to staff of acceptable organizations
- Staff could get up to 50% of their 6 months salaries as loan amount
- Repayment is equal monthly repayment over a period of 6 months
Asset Acquisition/Leases
- Targeted at staff and organizations
- The Bank purchases assets on behalf of the customer
- Asset to be purchased could be generating set, refrigerator, laptop, television set, personal computer, etc
- Repayment is over 3 to 6 months
- Repayment is from regular inflows over the tenor of the facility
School Fees and School Finance
- School fees finance is available to parents of wards in an acceptable school
- The Bank pays the school fees, on behalf of the parent, direct to the school
- Parent are expected to repay the loan within 3 months, by monthly equal repayments
- School finance is directed at funding the cash flow shortfall or developmental activities of schools.
- School finance facility is available to acceptable schools on demand
Overdraft/Working Capital
- Available to current account holders
- Your current account is allowed to be overdrawn up to an agreed amount
- It is available for an agreed tenor, and it is renewable
LPO/Invoice Discounting
- Available to contractors with LPO from blue chip or acceptable companies
- Domiciliation of payment from the company is required
- Repayment is expected to be from the inflow of the invoice
Plus One Thrift Credit (Esusu)/Group Loans
- Available to traders, artisans, other small businesses, unions, clubs and groups
- Contribution and loan repayment is daily
- Minimum deposit of N200
- Collection takes place at customers' place of business daily
- Freedom to withdraw from account at anytime
- Availability of loan of up to N150,000 for individuals and N500,000 for groups, after one month of consistent daily savings
- Loan repayment spread over one month for individuals and 6 months for groups
Term Loan
- Targeted at Small and Medium Enterprises (SME) and gainfully employed individuals
- Tenor is 30 to 90 days
- Repayment is from salaries, sales proceeds or confirmed cash flow of the borrower
