Description
Capstone Microfinance Bank
Capstone Microfinance Bank is a CBN licensed institution offering loans for multiple purposes in Nigeria.
Products
- Micro loans – This is for entrepreneurs, traders and students to access for existing businesses. Micro lending is the provision of financial services for people who don’t have access to traditional financial services such as banks. The loans are aimed at individuals who were previously considered “unbankable” by larger banking institutions. These are borrowers who are possibly dealing in small amounts of money each day, living in hard-to-access areas, without credit histories or who don’t meet “traditional requirements” within the banking sector.
- Salary Advance – This is the bridging gap finance to meet the financial needs of those in paid employment with reputable companies. Features: Loan up to 50% of monthly salary, Evidence of payment e.g. pay slip, Facility to be cleaned up maximum of three (3) months after draw down.
- Vehicle – The loan is to support transportation assets like cars, tricycles and motorcycles. It is open to individual and groups. Equity contribution of 30% to be purchased in the name of CMFB from reputable dealers with warrant. A comprehensive insurance cover with CMFB noted as first lost payee with a maximum tenor of 12months and flexible repayment arrangement.
- Asset Financing – The loan is for traders, artisans and low income earners in paid employment for acquisition of assets like generator, electronics, kitchen and other household products.
Pros
- Flexible loan conditions
- Competitive rate
Cons
- Geographic restrictions to Lagos
- Guarantor required
- Low Maximum loan amount
Requirements
- Letter of employment
- Staff identity card
- Pay slip
- 6 months statement of account
- Other forms of identification (National Identity card, international passport, etc)
- Utility bill
- Provide a guarantor
- Loan period of 180days
- Flexible repayment an arrangement
- Comprehensive Insurance
