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Loan Products

The principal business of Echo Microfinance Bank Ltd is the provision of microfinance loans. The core lending products and services of the Bank include:

Salary Advance (Salad)

  • Advance against expected salaries
  • Available for salary earners of acceptable organizations
  • Maximum amount of loan is 50% of expected month end salary
  • Maximum tenor of 30 days
  • Repayable from the next available salary
  • Customers are expected to domicile their salaries to the Bank, or the domiciliation of cheques of other banks drawn on their salary accounts, or as otherwise agreed

Employee Credit

  • Available to staff of acceptable organizations
  • Staff could get up to 50% of their 6 months salaries as loan amount
  • Repayment is equal monthly repayment over a period of 6 months

Asset Acquisition/Leases

  • Targeted at staff and organizations
  • The Bank purchases assets on behalf of the customer
  • Asset to be purchased could be generating set, refrigerator, laptop, television set, personal computer, etc
  • Repayment is over 3 to 6 months
  • Repayment is from regular inflows over the tenor of the facility

School Fees and School Finance

  • School fees finance is available to parents of wards in an acceptable school
  • The Bank pays the school fees, on behalf of the parent, direct to the school
  • Parent are expected to repay the loan within 3 months, by monthly equal repayments
  • School finance is directed at funding the cash flow shortfall or developmental activities of schools.
  • School finance facility is available to acceptable schools on demand

Overdraft/Working Capital

  • Available to current account holders
  • Your current account is allowed to be overdrawn up to an agreed amount
  • It is available for an agreed tenor, and it is renewable

LPO/Invoice Discounting

  • Available to contractors with LPO from blue chip or acceptable companies
  • Domiciliation of payment from the company is required
  • Repayment is expected to be from the inflow of the invoice

Echo Thrift Credit (Esusu)/Group Loans

  • Available to traders, artisans, other small businesses, unions, clubs and groups
  • Contribution and loan repayment is daily
  • Minimum deposit of N200
  • Collection takes place at customers' place of business daily
  • Freedom to withdraw from account at anytime
  • Availability of loan of up to N150,000 for individuals and N500,000 for groups, after one month of consistent daily savings
  • Loan repayment spread over one month for individuals and 6 months for groups

Term Loan

  • Targeted at Small and Medium Enterprises (SME) and gainfully employed individuals
  • Tenor is 30 to 90 days
  • Repayment is from salaries, sales proceeds or confirmed cash flow of the borrower