|
Loan Charge Description |
Charges |
3.1.1 |
Interest Rate on Loan amount |
The Interest rate chargeable shall be:
- 5% for loans of 1 and 2 days.
- 8% for loans of up to 7 days.
- 11% for loans of up to 14 days.
- 13% for loans of 21 days.
- 15% for loans of 30 days.
|
3.1.2 |
Loan appraisal fee on fresh application |
All new loans will attract a processing fee as indicated below: |
3.1.3 |
|
- Below 1000 -> 25
- 1001- 2500 -> 40
- 2501 – 5000 -> 55
- 5001 – 7500 -> 75
- 7501 – 10000 -> 100
- 10001 – 25000 ->150
- 25001 – 50000 ->200
- Above 50000 -> 300
|
3.14 |
Renewal fees |
Any customer who renews a loan must settle the minimum amount which comprises of the interest, processing fee, late fees if any and renewal fee. The renewed amount, referred to as new principle, attracts a new interest and new processing fee. The renew amount increases every time a customer renews the loan without paying the principle. It goes to the original renewal fee if whole loan is repaid and the customer chooses to renew the subsequent loan. The renew fee can be viewed on the loan summary by clicking on renew loan button. |
3.15 |
Excise Duty |
An excise duty of 20% will be charged on the Loan Processing fee and Loan Renewal fee respectively starting October 2019. |