MICRO / GROUP LOANS

MICRO LOAN

Micro loans are small loans specifically designed to assist individual entrepreneurs in expanding their businesses. Ultimate Microfinance Bank distinguishes itself through its unparalleled efficiency and accessibility to credit facilities.

Key Features of Ultimate Microfinance Bank:
Flexible documentation and collateral requirements, making it easier for ....entrepreneurs to secure funding compared to other institutions in the Nigerian ....Microfinance sector.
Guaranteed loan disbursement within 72 hours upon submission of all required ....documents.
Loans currently range from N50,000.00 to N500,000.00
Repeat customers have the opportunity to apply for amounts up to N500,000.00 ....under micro loans.
For larger loan sizes, customers are encouraged to visit the SME section.

Required Documentations:
A/C opening required
Viable business
2 Guarantor
Six month’s Statement of account
Current utility bill
A valid means of ID (National ID, Driver's License, Voter's Card or International ....Passport)
And any other document that might be requested for by Ultimate MFB

Fees:
Processing fee 2% of disbursed amount
Legal fee 2% of disbursed amount >br> Security / Equity fee 10% of disbursed amount (This Equity is owned by the customer but not accessible until last repayment date).
Interest Rate Monthly interest rate of 4.5% flat rate
Repayment period minimum of 30 days

Note: Kindly note that all applications undergo an on-site assessment by one of our lending staff prior to a committee decision.

Target Market: Individual

Coverage: Lagos and neighbouring towns in Ogun State.

GROUP LOAN

Group loans are provided to collectives, promoting mutual guarantees among members while fostering a sense of collective responsibility and support. This unique lending approach is designed to empower groups through shared resources and accountability.

✓ Ultimate Microfinance Bank Distinct Advantage:
....What sets Ultimate Microfinance Bank apart from the competition is its unmatched ....efficiency and accessibility when it comes to credit facilities. The bank has streamlined ....the loan application process, making it easier for groups to secure financing.

Flexible Documentation and Collateral Requirements:
....Unlike many other institutions in Nigeria's microfinance sector, Ultimate Microfinance ....Bank offers significantly more flexible documentation and collateral requirements. This ....flexibility is crucial for groups looking to access funds quickly and with minimal barriers.

Loan Disbursement Process;
....Once the group meets the necessary criteria for securing a group loan, the funds are ....disbursed to the designated group member. This straightforward process ensures that ....members can promptly benefit from the financial support they need to achieve their ....goals.

Required Documentations:
A/C opening required
Viable business
2 Guarantor
Facility range: N50,000 (minimum) to N300,000 (maximum)
Methodology: Individual lending but group liability
Charitable Trusts
Grace period: 2 weeks
Repayment frequency: Weekly
Clients must belong to a union
Current utility bill
A valid means of ID (National ID, Driver's License, Voter's Card or International ....Passport)
And any other document that might be requested for by Ultimate MFB

Note: Kindly note that all applications undergo an on-site assessment by one of our lending staff prior to a committee decision.

Target Market: Individual & Businesses

Coverage: Lagos and neighbouring towns in Ogun State.