With its centre of operations based in Oyo state, the Grooming Microfinance Bank was founded with Small medium enterprises (SMEs) in mind. Its establishment is tailored towards helping small-scale business entrepreneurs save gradually up to any financial height they desire, and also helps them, scout, for loans at a reduced risk cost factor.
The Grooming Microfinance bank is fully registered with the Cooperate Affairs Commission (CAC) as well as the National Association of Microfinance Banks (NAMB) in Nigeria, in addition to a state-issued license to back up its legal existence.
Grooming MFB is a technology-driven industry with the burning desire to satisfactorily meet the expectations of its customers with top-notch and classical treats that knits the customers closely with cooperation.
Having been birthed by \”GROOMING CENTRE\”, the Grooming MFB is laden with numerous Products coming in diverse forms to allow beneficiaries to lay hold unto the particular package that suits their interest. These products are known to be cost-reducing and flexible in their manner of operation.
Grooming microfinance bank products cover a wide variety of different kinds of loans and their acquisitions, as seen below.
- Association loan
- Quick loan
- SME loan
- Individual loans
- Daily loan
- Small loans
- Asset loan
- Green energy loan
- Solar loan
Association Loan
The Association loan is targeted at meeting and resolving the financial demands of registered Trade Association Members.
With a friendly repayment plan that covers for a period of 12 months, the association loan is the best fit for intending and already existing association members.
Members are eligible to access between N100,000 to N1,000,000.00 with a 2.5% service charge monthly.
Quick Loan
With it\’s swift and easy manner of access, the quick loan can be accessed within a space of roughly 3 hours, with a service charge of 2.6% per month, pegged unto it.
Civil servants are the right category of persons who have this product rightly designed to close in on their financial lapses and loop holes.
Meanwhile, repayment is made in equal monthly installments over 18 months period. This product is open for access between N20,000 to a maximum of N100,000.
SME Loan
The SME loan comes in handy for accessing larger credit facilities at Small and Medium Enterprise levels. The loan has a flexible repayment plan covering a maximum of 12 months in equal instalments.
Access for this loan comes within the range of N500,000 to N5,000,000 and has a 2.5% service charge per month.
Individual Loans
Individuals looking to be independent of external help from family and friends, and build lasting enterprises can access the individual loan designed to meet their individual working capital requirements as micro-entrepreneurs.
Pegged at a 2.5% service charge per month with a repayment spaced across 12 months in equal monthly instalments, Individuals can access between N200,000 to N3,000,000 to meet their working capital needs.
Daily Loan
Small Micro-scale business owners, who are in need of support to back their daily trade activities and expenses, are covered by the daily loan as it is perfectly tailored to suit their taste.
You can access between N10,000 to N100,000 with a service charge of 0.3% per day. For a period of over 50 working days, repayment is flexible and made in equal daily instalments
Small Loan
The small loan is a facility with the intent of meeting the financing demands of economically active self-employed businesses to improve their self-reliance and business visibility.
The loan sizes range from N140,000 to N340,000 with a 15% service charge and a repayment spread across equal instalments cutting through q period of 23 weeks.
Asset Loan
SMEs can opt for Asset loans, to enable them to acquire productive assets which will in turn aid their business expansion and productivity. With a loan size of N300,000 with a 15% service charge. Repayment covers over 10 months in equal instalments.
Green Energy Loan
Are you in search of a source of renewable energy for your home and business outlet, then the Green energy loan is the best place to direct your search?
With packages ranging from N100,000 to N10,000,000.00 with a 27% annual service charge, you can make your choice. Repayment can be made in equal monthly instalments spanning 24 months/2 years.
Solar Loan
The aim here is to accelerate access to fast and renewable energy by providing solar-powered lighting products to clients who have no access to them earlier on.
The loan grants you access to cater for the purchase of solar units ranging from N3,000 to N50,000, it comes with a 7.5% service charge, and repayment is made in equal weekly instalments over a period of a 12-week loan term.
Meanwhile, remember now that at the beginning we told you how the grooming Microfinance bank helps you to save as well as acquire loans, having seen the loans aspect, a quick glance at the Savings aspect of Grooming Microfinance Bank, will do justice to this article.
To get started with these loans, the following application process is duly to be observed;
- Choose a package based on the amount of cash you need over time.
- Speak to an agent for financial advisory benefits as well as excellent decision-making.
- Upon review and approval of your loan request by a credit officer, your loan will be disbursed.
Basically, here are a few savings Opportunities open with the Grooming MFB:
G-Free Account
If you are a user that desires to own a non-interest savings account, then the G-Free account ends your search. It requires a minimum opening balance of N1000 and direct access to the loan/facility.
Requirements
- A passport photograph
- BVN
- Valid ID card (voters card, driver’s license, national ID card or International passport)
- A recent copy of a utility bill not later than 3 months or 90 days
Online application is open in this phase.
G-Pro Account
A savings account is open for everyone in whatever sense, it is viewed, be it entrepreneurs, artisans, self-employed individuals, employees and domestic staff are eligible.
This account doesn\’t require an opening a balance, to get Registered, but here you have access to loans and other credit facilities.
G-Heritage Account
Hey parents, listen up! Do you desire a well-provided system that caters for your growing kids, then this account is what you need, to be opened and run by you as a parent/guardian until your child is 18+.
It requires a minimum of N500 opening balance, N1000 minimum operating balance, internet banking is enabled, then you have ultimate access to the ACADA loan
Requirements
- A copy of the passport photograph of each of the parent and the child
- BVN of the parent/guardian
- Valid ID card as listed above
- Recent utility bill and a
- Birth certificate
G-Deluxe Account
This is a savings account is streamed towards high net worth customers either employed or running private owned business. It has a minimum opening and operating balance of N1,000, access to loan and other facilities are made Possible in this phase.
Requirements
- Passport photograph
- BVN
- Valid ID
- Recent copy of a utility bill
G-SAL (Current/Savings Account)
Dear Salary earners, your financial security is guaranteed with the help of this savings account. It has a zero opening balance with a minimum operating balance of N500, you can have access to salary advance anytime.
Requirements
- Employee ID
- Letter of introduction from employer
- Passport photograph
- Recent utility bill and your
- BVN
GABS (Grooming Association Business Savings) Account
Cooperate associations either registered or un-registered like business associations, hotels, schools, churches, etc are welcome to open an account on this platform.
With an opening balance of N10,000 with a minimum operating balance of N1,000 and access to SME loan.
Requirements
- Passport photograph
- BVN
- Valid ID card
- Utility bill
- Certificate of registration/incorporation
- CBN licensed documents
- Letter of introduction (for association)
- Minutes of the last meeting (for association)
- Board resolution (for association)
- Constitution (for association)
Individual Current Account
As the name and nature imply, it is a personal current account targeted at customers who are looking to explore the full functionality of a current account.
Presently, it is Pegged at a required opening balance of N2,000.
Requirements
- Passport photograph
- BVN
- Valid ID
- Recent utility bill
- Two current account Reference
Corporate Current Account
It has an Opening balance of N10,000 and it applies with a zero minimum operating balance. Access is granted for SME loans.
Requirements
- Passport photograph
- BVN
- Valid ID
- Two references strictly corporate account owners
- Certificate of registration/incorporation
- CBN licensed documents
- Board resolution
- Minutes of last meeting (for association)
- Constitution (for association)
- Company seal.
Conclusion:
Since its establishment, the Grooming MFB has maintained its lifelong thread of Integrity. The goal has always been to improve and empower the financial state of those who run under her canopy for coverage, and this, grooming MFB has maintained and is committed to maintaining as long as the cooperation lasts.