Description
DavoDani Microfinance Bank
DavoDani 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. The customer must complete the Bank’s Loan application form to enable us complete loan’s tracker compliance form. Any amount from N50,000 requires security in form of supported Third Party Guarantee. Customer must provide at least 20% Equity Contribution of the loan amount being requested. Customer is responsible for Notary Stamping.
- Group Loan – Davodani 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.
- 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
- Collateral required
- Geographic restrictions to Lagos
- Guarantor required
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