a. Core Micro Loan
• This shall be main micro loan of the bank targeted at active poor clients engaged in trade and commerce on individual basis.
• Loan size: #10,000 minimum and #500,000 maximum
• Eligible client or borrower must have been a customer of the bank for a period not less than 3 months before the loan is granted.
• The interest rate shall be 3% per month or 36% per annum.
b. Petty Trade Micro Loan
• This category of micro loan shall be granted to individual petty traders who are operating at the lowest level of the market in which the minimum principal amount shall be #10,000 while the maximum principal shall not exceed #100,000 subject to review from time to time.
• Eligible client or borrower must have been a customer of the bank for a period not less than 3 months before the loan is granted.
• The interest rate shall be 3% per month or 36% per annum.
c. Credit Union Micro Loan
• These are loans granted to registered cooperatives or formal groups for on-lending services to their members. The maximum principal amount to each individual member under this loan shall not exceed #1,000,000.00
• The cooperative must be registered with the government.
• Minimum of 5 Members
d. Agric Micro Loan
• This shall be Agric loan of between #10,000 to #500,000. targeted at individual small farmers.
• The maximum tenor of the loan shall be twelve months.
e. Agric Group Loan
• This shall be loans targeted at group of farmers or farm unions ranging between #50,000 to #100,000.00 per Member.
• The group members must be homogenous based on geographical location and line of agric business.
f. Micro Leasing
• The bank shall purchase income generating assets of value not greater than #500,000 and lease out to eligible micro clients who shall repay over an agreed period.
g. Students Incentive Loan
• This shall be students loans of between #10,000 to #100,000 targeted at individual students of RSU (Rivers State University) only.
Terms and Conditions for the loan shall include;
o To be eligible for a client facility, the account must be operated for a minimum of 3months and the borrower must have a RSU (Rivers State University) staff or any other acceptable civil servant as guarantor.
o Interest rate: The interest rate shall be 2% per month or 24% per annum.
o Loan purpose: The purpose of the facility shall be for payment of school fees or any other reason acceptable to the bank.