Grooming Centre is a Nigerian non-governmental organization that offers financial services to small business owners and low-income earners. It provides various loan products to help individuals grow their businesses, improve their livelihoods, and become financially independent.
Types of Loans Available
Grooming Centre offers several loan options tailored to different needs:
Daily Loan: Designed for small-scale traders who need quick capital for daily operations. Loan amounts range from ₦10,000 to ₦200,000, with a daily service charge of 0.3%. Repayment is made in equal daily installments over 50 working days.
Small Loan: Targeted at economically active women to support or start self-employment ventures. Loan amounts range from ₦140,000 to ₦340,000, with a 15% service charge. Repayment is made in equal weekly installments over a 23-week period.
Individual Loan: For micro-entrepreneurs seeking larger amounts and flexible terms. Loan amounts range from ₦200,000 to ₦3,000,000, with a 2.5% monthly service charge. Repayment is made in equal monthly installments over a maximum of 12 months.
SME Loan: Aimed at small and medium enterprises requiring substantial capital. Loan amounts range from ₦500,000 to ₦5,000,000, with a 2.5% monthly service charge. Repayment is made in equal monthly installments over a maximum of 12 months.
Top-Up Loan: Available to clients with existing loans who need additional funds. Loan amounts range from ₦1,000 to ₦200,000. Eligibility depends on the performance of the current loan.
General Requirements
Each loan options has its specific requirements, however the following are general gromming centre requirements:
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Membership: You must be a registered member of Grooming Centre. Registration involves a fee of ₦1,000 and an ID card fee of ₦200.
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Savings: A minimum savings of 10% of the desired loan amount is required before loan application.
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Banking Details: A valid Bank Verification Number (BVN) and a Tier 3 bank account are necessary for loan disbursement.
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Loan Application Form: Completion of the loan application form is mandatory.
How to Apply for a Grooming Centre Loan
To access a loan from Grooming Centre, follow these steps:
- Membership Registration: Visit any Grooming Centre branch to register as a member. You must have an existing business and provide necessary documentation.
- Loan Application: Complete a loan application form and submit it along with any required documents. The Centre will assess your business to determine the appropriate loan amount.
- Guarantors: Provide one or two guarantors, depending on the loan amount. No collateral is required.
- Savings Account: Open a savings account with the Centre and deposit 10% of the initial loan amount. This account will also be used for loan repayments.
- Loan Disbursement: Upon approval, the loan amount will be disbursed to your account.
Benefits of Grooming Centre Loans
- No Collateral Required: Loans are accessible without the need for physical assets as security.
- Flexible Repayment Plans: Repayment schedules are designed to align with your business cash flow, whether daily, weekly, or monthly.
- Support for Women Entrepreneurs: Special loan products are available to empower women in business.
- Business Growth: Access to capital enables you to expand your business operations and increase income.
Conclusion
Grooming Centre provides accessible financial services to support small business owners and entrepreneurs in Nigeria. By offering various loan products with flexible terms and no collateral requirements, it empowers individuals to achieve financial independence and business growth.
For more information or to apply for a loan, visit the Grooming Centre website or contact the nearest branch.
