Description
Loan to groups consisting of 15 to 40 members. The loan is divided into sub loans made to individual members that are managed by the group all guaranteeing the other.
Benefits
- No collateral needed
- Guaranteed by fellow group members
- Quick loan processing
- Free business management training
- Flexible repayment terms
Requirements
- Group members should have unifying factors (e.g., place of residence or business)
- Be 18 years and above
- Applicant must be in the branch designated area of operation
- Must have collateral security (e.g., chattels, land agreements, land titles, motor vehicle log book)
- Two guarantors with two passport size photos each
- The client should reside within Hofokam’s operational area
- Applicant must possess reliable income sources