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