Description
Cedar Microfinance Bank
Cedar 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. Cedar Loan sizes range from ₦200,000 to ₦500,000 and have a repayment period of up to 6 months.
- Asset Financing – This is a short to medium term loan granted to customers for purchase of moveable capital assets, mainly Motor Vehicles, construction equipment, industrial plant & machinery, agricultural equipment, Office and I.T equipment.
- Group Loan – Cedar Microfinance Bank group based loans are loan facilities designed for micro-enterprise operators, who do not have conventional collateral. These loans are up to ₦200,000 and have a short tenor. To supplement collateral requirements, the loans are secured partly by cash and partly by group guarantees. To access these types of loans one has be a member of registered and unregistered groups of 5-30 members. Group lending is where individuals borrow in the group by use of co-guarantee mechanism and any other appropriate securities accepted by the bank.
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
