- Ahoyi Loans are only available to members at preferential interest rates. The loans can be secured against members Savings Account ( Ahoyi Primary Saver Account).
- Security from other member’s APS accounts is also acceptable provided approval is granted to those members.
- Members can also provide other acceptable security to access loans from Ahoyi Africa.
- Through the Ahoyi Marketplace, members can form a special purpose group to start a new project and access a group loan. For example, mechanics, auto-electricians and spray painters starting a fully-fledged car services business.
- Loans are only issued to Ahoyi Africa Members.
- Member can apply for either a Personal Loan or Productive Loan.
- There interest rates on the above loan types differ, with Productive having lower interest rate.
- The maximum Loan Amount is determined by the member’s savings balance multiplied by a factor.
- The starting factor is 1,5.
- The factor amount can be adjusted by the Credit Committee at the time of the loan application.
- A member can access a Loan after 6 months of continuous saving.
- Repayments will be through Debit Order.
- The normal lending fees will apply (initiation fee, administration fee, credit life/Funeral Cover).
- Personal Loans – 18%.
- Productive Loans – 15%.
- Both are adjustable based on the Prime Lending Rate.
- The rates are subject to adjustments by the Credit Committee.