1) The target clients/customers are the “economically active poor” petty traders, artisans, etc.
2) Items involved are refrigerators, home appliances, motorcycles, tricycles, etc.
Features and Benefits
1) The client must be an existing customer.
2) Evidence or proof of repayment must be ascertained.
3) Can be operated by EDC and Current account holders.
4) Compulsory equity contribution of 30% of the asset/equipment’s value.
5) Receipt of the equipment/asset will be in the name of the bank/customer.
6) Compulsory insurance of the asset.
7) Interest charges are attractive.
8) No hidden charges.
9) Provide an acceptable guarantor and collateral
10) The guarantor is to provide an updated bank cheque