Loans

Loans
  • 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.
Policy loans
  • 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).
Interest rates
  • 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.