1. Loan application letter duly signed by the account holder and accompanied with a proforma invoice

2. Letter of introduction from the employer, while in case of civil servant/private sector employee same is applicable

3. Letter of domiciliation of monthly salary to Megapraise Microfinance Bank from the employer

4. Two acceptable current account holders as guarantors

5. Credit bureau report

6. Provision of guarantor’s postdated cheque

Mega Rent Loan

1. Customer saves 50% of the annual rent within 6 months to qualify

2. Loan application letter

3. Credit bureau report

4. Participant qualifies for loan within 6 months

5. 2 suitably qualified guarantors

Micro-Credit Group Loan

1. A member is qualified for loan within the first month of savings

2. Applicants can start processing loan in the second week of savings

3. All members must save a minimum of N1, 150 as initial savings in the group account and subsequently N7,350 to qualify for loan.

4. The starter loan is N50, 000 maximum for each member.

5. The maximum loan tenor is six months (23 weeks) less one week moratorium

6.From the initial deposit made, the bank will withhold 10 percent of loan amount as security deposit.

7. The interest rate shall be 2.3% flat monthly of the loan amount

8. Both the loan amount and interest are prorated for the period of 23weeks

9. A minimum compulsory weekly savings of N150 is collected along the loan and interest repayment

10. A penalty charge of 2% shall apply monthly for default in loan repayment

11. An insurance fee of 1% of the loan amount shall be charged

12. The member is at liberty to pay-off outstanding loan balance and interest, at any time to take a fresh loan.

Since all members are liable for any of their members indebtedness, Members who have cleared their loans can be allowed to benefit New loan but on the condition that the group clears the debt from their joint savings. However if such joint savings do not exist, then 10% of the outstanding members debt is to be paid as show of commitment to the joint guarantee, before new loan can be processed and approved.

LPO Financing Loan

1. Loan application letter on the company official letter headed paper

2. Duly signed application letter by Managing Director or the prime mover of the company if applicable

3. Board resolution authorizing the company to borrow from the bank if applicable

4. Two properly executed personal guarantor forms

5. Guarantee of the prime- mover/or directors of the company if applicable

6. Copy of the local purchasing order (LPO) from the issuing company

7. Copy of verification letter of the LPO

8. Copy of domiciliation letter of LPO proceeds to the bank verified by the issuing company

9. Credit bureau report

Hire Purchase

1. Account opening is with N5,000 for I BE KEKE OWNER

2. Intending beneficiaries must be a confirmed existing member of a certified Road Workers/Transport Union with letter of introduction from certified executives or Loan Field Officers must verify the validity of the applicant’s Drivers license.

3. If the intending beneficiary is not an existing member, a certified Federal Road Safety captured Drivers incense must be provided and be directed to register with the coordinating route or unit it intends to cover

4. Applicant shall within a minimum of one month period deposit N70,000 for KEKE with the bank as equity contribution with two worthy guarantors to qualify for consideration

Mini-Bus Hire Purchase Loan:

1. Account opening with N5,000 for I BE MINI BUS OWNER

2. Intending beneficiaries must be a confirmed existing member of a certified Road Workers/Transport Union with letter of introduction from certified executives or Loan Field Officers must verify the validity of the applicant’s Drivers license.

3. If the intending beneficiary is not an existing member, a certified Federal Road Safety captured Drivers license must be provided and be directed to register with the coordinating route or unit it intends to cover

4. Applicant shall within a minimum of one month period deposit N200, 000 after opening the mini bus account with the bank as equity contribution with two worthy guarantors to qualify for consideration.