Grooming microfinance bank

Banking

Grooming Microfinance bank, savings, loans, requirements (How to get started)

Grooming microfinance bank – Are you a residence of Oyo state and its environ looking to save gradually in your capacity or access loans to mobilize your financial quest, small business, employee, etc.

Should you fit into any of the above, Grooming microfinance bank may just be the right place for you.

You will have to pay detailed attention as you read through this guide so you can understand what is required of you and how best you can benefit from any of its services either loan or savings.

About Grooming Bank

Grooming microfinance bank is a state licensed microfinance bank in Oyo state duly registered with the CAC as well as the National Association of Microfinance Banks (NAMB) in Nigeria.

It looks to provide value driven and customer centric service to its customers with the use of technology in-line with the industry best practice.

In her mission, the bank looks to provide an all-inclusive financial services with a global perspective.

Grooming MFB is an extension of the “Grooming Centre” with products that said to be cost reducing and flexible in practice.

Beneficiaries operate their small business profitably and gradually uplift their families giving that every product is designed to specific needs.

Grooming microfinance bank products

  • 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 tailored to meet the financial demands of registered Trade Association Members who are looking to have a more personalized financial service.

Read also: How to access AB Microfinance Bank loan

In this case Trade Association Members can access loans to meet their working capital.

With a repayment plan designed in equal monthly installments over a period of 12 months.

Members can access between N100,000 to N1,000,000.00 with a 2.5% service charge monthly.

Quick loan

The quick loan is a facility designed to help the public and civil servants to bridge a shortfall in their finances.

The quick loan can be accessed within 3 hours, it’s swift and fast with a service charge of 2.6% per month, repayment is made in equal monthly installments over 18 months period.

Obligors can access between N20,000 to a maximum of N100,000.

SME loan

With the SME loan you can access larger credit facility at Small and Medium Enterprise levels. The loan has a flexible repayment plan to a maximum of 12 months in equal installments.

Obligors can access between N500,000 to N5,000,000 and has a 2.5% service charge per month.

Individual loans

The individual loan is designed to meet the individual working capital requirements of micro entrepreneurs where they look to generate additional income, build self-assets and grow into being self -reliant.

Obligors can access between N200,000 to N3,000,000 to meet their working capital needs.

The loan has a 2.5% service charge per month with a repayment spaced across 12 months in equal monthly installments.

Daily loan

If you are a micro-small scale business owner, the daily loan is tailored to support you in daily trade activities for a quick turn-over.

You can access between N10,000 to N100,000 with a service charge of 0.3% per day. Repayment is flexible and made in equal daily installments over 50 working days.

Small loan

The small loan is a facility tailored to meet the financing demands of economically active women as well create self-employment business capable to improve self-reliance and business visibility.

Read also: Lapo Microfinance bank loan, how to apply, requirements, rates, threshold, etc.

The loan sizes ranges between N140,000 to N340,000 with a 15% service charge and a repayment spread across equal installments over 23-weeks.

Asset loan

Clients from second cycle of small loan are usually given the Asset loan to acquire productive assets which aid their business expansion and productivity.

With a loan size of N300,000 with a 15% service charge.

Repayment is sprayed across 10 months in equal installments.

Green energy loan

If you are looking to provide clean, safe and renewable energy for homes and businesses, the Green energy loan will help you do just that.

You can select a package usually from N100,000 to N10,000,000.00 with a 27% annual service charge, however calculated on reducing balance (this means the more you repay the interest payable reduces).

Repayment can be made in equal monthly installments across 24 months/2 years.

Solar loan

This is a clean energy initiative tailored to accelerate access to renewable energy by providing solar powered lightening products to Glooming clients.

With the loan you can finance purchase of solar units ranging from N3,000 to N50,000 with a 7.5% service charge, repayment is made in equal weekly installments over 12 week loan term.

Now the Savings aspect of Grooming microfinance bank.

The loans have a simple application process,

  • Choose a package based on the amount of cash you need over a time
  • Speak to an agent for financial advisory benefits as well excellent decision making
  • Fund is disbursed, upon review and approval of your loan request by a credit officer your loan will be disbursed.

Now the Savings aspect of Grooming microfinance bank.

G-Free account

The G-Free account is targeted at users who desire to have a non-interest savings account.

This account requires a minimum opening balance of N1000 and a direct access to loan/facility.

Requirements

  • A passport photograph
  • BVN
  • Valid ID card (voters card, driver’s license, national ID card or International passport)
  • Recent copy of a utility bill not later than 3 months or 90 days
  • You may apply online or download form, complete and return to the bank

G-Pro Account  

This is a savings account for everyone targeted at both the banked and the un-banked in whatever sense of it, entrepreneurs, artisans, self-employed individuals, financially excluded people, employees and domestic staff are all eligible.

 To open this account you do not need opening balance and you have access to loans and other credit facilities.

G-Heritage account

This is a kid’s account usually opened and run by the parent/guardian till the child is 18+.

It requires a N500 opening balance, N1000 minimum operating balance, internet banking is enabled, then you have ultimate access to the ACADA loan

Requirements

  • A copy of passport photograph 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 targeted at high net worth customers either employed or running own business.

It has a minimum opening and operating balance of N1,000, you can access loan, and other facilities

Requirements

  • Passport photograph
  • BVN
  • Valid ID
  • Recent copy of a utility bill

G-SAL (Current/savings account)

This is an account tailored to meet financing needs of salary earners.

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

This is a product tailored for registered and un-registered businesses, associations, hotels, schools, churches, etc.

It has 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

This is a personal current account targeted at customers who are looking to explore the full functionality of a current account.

Read also: How to apply for Addosser Microfinance bank loan, interest rate, threshold, repayment, etc

There’s an opening balance of N2,000 requirement, payment of third-party chque and dividend payment into the account, you can access SME loan.

Requirements

  • Passport photograph
  • BVN
  • Valid ID
  • Recent utility bill
  • Two current account Reference

Corporate current account

Opening balance of N10,000 applies with a zero minimum operating balance. Access is granted for SME loan.

Note: Any of these accounts may be opened online or by visiting Grooming microfinance bank office.

Requirements

  • Passport photograph
  • BVN
  • Valid ID
  • Two references strictly corporate account owners
  • Certificate of registration/incorporation
  • CBN licensed documents
  • Board resolution
  • Letter of introduction (for association)
  • Minutes of last meeting (for association)
  • Constitution (for association)
  • Company seal.

Conclusion

Grooming microfinance bank addresses near absence of financial services to the large population of people who engaged in small trading and micro productive activities.

Committed to promoting financial inclusion and empowering members through creation of innovative products that change lives.

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