Take advantage of the UPMFB loans and
savings product to enhance your life.
- Education
Advancement Loan
- Seasons
Loan
- House
improvement Loan
- Wedding
Loan
- Children
Education Account
- Workers
Loan
- Agricultural
Loan
- Small
Business Loan
- Small
and Medium Scale Business
- Salary
Advance
- Easy
Savings account
- Savings
Account
- Share
Acquisition Loan
Education Advancement Loan
Civil servants desiring to further their
education and enhance their chances of promotion at work can borrow money from
UP-MFB. Parents and guardians in formal employment can also borrow money for
their children?s education.
- Loan
is for education purpose only
- Loan
is disbursed at the start of school session.
- Loan
tenure spans through once academic term
- Loan
size is the amount of school fees evidenced by prospectus or letter of
admission.
- Employers
assignment of salary letter
Seasons Loan
As a result of
unprecedented demand for business loans during festive seasons such as
Christmas, and other festivals, this product is designed for our clients to
fund their business during the period.
- Clients must have serviced at least 3
loans cycles
- Loan must be for Christmas business
only
- Loan disbursement is from
October-November each year
- Maximum Loan amount is the average of
all loans so far taken
- Loan tenure is three months with three
weeks moratorium
- Repayment is weekly
- Loan is serviced concurrently with
other UP-MFB Loan
House Improvement Loan
This loan is
designed to assist clients renovate or improve their houses.
- House maybe commercial or residential
- Loan size is the cost of renovation or
improvement evident by bill of quantity
- Security is the C of O on building or
land
- Loan term is 24 months maximum with
two months moratorium
- Repayment is monthly either from
proceeds of the house or from other sources
- Guarantee of 2 UP-MPB current account
holders
- Guarantors must guarantee up to 50% of
loan plus interest
Wedding Loan
This product is
designed for intending couples to wed without financial difficulties.
- Intending couples must fulfill Church
and Court Conditions for wedding
- At least one of the parent must be in
formal employment
- Loan amount must not exceed four month?s
salary
- An assignment of salary letter duly
signed by the employer
- Guarantee of 2 UP-MPB current account
holders
- Tenure is twelve months
- Repayment is monthly and commences
from next salary date after the wedding
Children Education Account
This product is
designed to enable families save for their children?s primary, secondary and
tertiary education during the family?s positive cash flows.
- Total budget for children?s education
is estimated
- Date for commencement of school is
determined
- Weekly or monthly savings is
determined for deposits and interests to accumulate to required budget for
children?s education
- Computation of future sum is by
annuity method
- Savings is not accessible until
commencement of school session
- One Account can be used to save for
several children
- Account can generate funds for UP-MFB
long-term investment
Workers Loan
This product is
designed for low income earners in formal employment.
·
Loan
is used for household consumption only
·
Maximum
loan size is 60% of annual salary
·
Twelve
Months tenure and two weeks grace period
·
Repayment
is on monthly basis
·
Security
is assignment of salary letter duly signed by the employer
·
2
guarantors are required
Agricultural Loan
This product is
designed to enable farmers fund their farming projects. Starts up farmers are
not funded.
- Loan is disbursed during planting
season
- Tenure is six to twelve months with
two to four months moratorium
- Repayment is weekly
- Prospects must provide two UP-MFB
current account holders
- Guarantors must guarantee up to 50% of
loan plus interest
- Loan is secured on the farm project
- Rebates is refunded on completion of
repayment
Small Business Loans
This product is
targeted at clients operating micro businesses such as petty traders and
farmers who require little amount of money to set up a small business.
- Loan is disbursed during to a group of
5-30 persons
- Group guarantees loan on the event of
default by members
- Maximum Loan amount is
N 100,000
per member
- Tenure is 3-6 months with two weeks
moratorium
- Repayment is weekly
- Group members each must save up to 10%
of loan before disburse loan disbursement
- The 10% is refunded on completion of
repayment
Small & Medium Scale Enterprise Loan
This product is
targeted at small and medium scale entrepreneurs who require relatively large
fund to establish their businesses.
- Loan is disbursed to individual small
scale entrepreneurs
- Security includes share certificates,
LPOs and mortgage depending on the loan amount requested
- Deposits of 20% of loan amount
- Loan amount is from
N 100,000 ?
N 500,000
- Tenure is twelve months with one month
moratorium
- Repayment is monthly commencing after
moratorium
Salary Advance
This product is
designed to enable civil servants meet their pressing needs and obligations
before their salary date.
- Clients must open salary account with
UP-MFB
- Civil servants can borrow up to 60% of
their monthly salary anytime before the next salary date.
- Repayment is one lump sum and deducted
directly from the clients salary
- Civil servants and persons in public
and private employment are qualified to take a loan
Easy Savings Account
Customers can
operate account without visiting the bank for withdrawals
- Minimum deposits is
N 2,000
- Account is operated with a cheque
- Cheque book is
different from that of current account
- Cheque does not pass
through clearing
- Cheque is honoured if presented for payment by a third party
- Cheque can only be
deposited into another UP-MFM account
- Interest is higher in any month
account balance is
N 50,000 & above
Savings Account
·
Minimum
deposits is N 2,000
·
Account
is operated with a pass book
·
Clients
must be physically present to make withdrawals
Shares Acquisition Loan
This product is
designed to provide prospective investors with stream of funds to invest in
shares.
- Clients must have serviced at least
two UP-MFB loans
- Loan is for investment in companies
shares only
- Clients must have viable means of
livelihood
- Security is the share certificate
- Letter of assignment of shares to
UP-MFB signed by clients
- The shares certificate must be lodged
with UP-MFB
- Certificates will be released to
clients upon completion of repayment.
- Maximum loan is the average of loans
so far taken
- Repayment is monthly for clients in
formal employment and weekly for other clients.
- Tenure is six months with no
moratorium
