Frequently Asked Questions

1.Membership Requirements
Q: Do I need to be a member of Grooming Centre to apply for a small loan?
A: Yes, only registered members of Grooming Centre are eligible for loans.

 

Q: Is there a fee to become a member?
A: Yes, there is a registration fee of N1,000, and an ID card fee of N200.

 

2.Attendance and Savings
Q: How many Union meetings must I attend to qualify for a loan?
A: You must attend at least two (2) consecutive weekly Union meetings.

 

Q: Do I need to save before applying for a loan?
A: Yes, you need to save at least 10% of the amount you wish to borrow.

 

3.Loan Details
Q: What is the maximum amount I can borrow for my first small loan?
A: The maximum loan amount for a first-time small loan is N200,000.

 

Q: When do I start repaying the loan?
A: Loan repayments begin two (2) weeks after you collect the loan.

 

Q: What is the repayment schedule for the loan?
A: Repayments are made weekly over a period of 23 weeks.

 

4.Service Charges
Q: What is the service charge for the Starter Loan?
A: The service charge for a Starter Loan (N200,000 - N499,999.99) is 18%.

 

Q: What is the service charge for the Loyal Loan?
A: The service charge for a Loyal Loan (N500,000 - N700,000) is 15%.

 

5.Additional Fees
Q: Is there a risk premium for small loans?
A: Yes, there is a risk premium of 2% of the loan amount.
Q: Is there a fee for the loan application form?
A: Yes, there is a loan application form fee of N500.

 

6.Savings Interest
Q: Do I earn interest on my savings with Grooming Centre?
A: Yes, you earn 4% interest per annum on your savings.

 

7.Loan Progression
Q: Will my loan limit increase after I repay my loan?
A: Yes, upon completing repayment, your loan limit increases by N100,000.

 

8.Eligibility for Future Loans
Q: What are the requirements for applying for future loans?
A: To remain eligible, you must continue attending weekly Union meetings.

 

9.Banking Requirements
Q: Do I need a BVN and a bank account to apply for a loan?
A: Yes, you must have a valid Bank Verification Number (BVN) and a Tier 3 bank account.

 

Q: How will the loan amount be disbursed to me?
A: The loan will be directly deposited into your bank account.

 

10.Loan Repayment
Q: Where should I make my loan repayments?
A: All loan repayments should be made into Grooming Centre’s designated bank account.

 

11.Inquiries and Assistance
Q: How can I check my loan balance or make other inquiries?
A: You can use the Grooming SmartBiz online portal for your loan balance and other inquiries.

 

Q: What if I need further assistance with my loan?

A: For assistance, you can:

  • Call the toll-free Customer Care line.
  • Send an email to info@groomingcentre.org or inquiries@groomingcentre.org.
  • Ask your Credit Officer (CO) or Branch Head.

1.Loan Eligibility
Q1: Who is eligible for a loan?
A: To qualify, you must have successfully taken and repaid at least one Small Loan or Daily Loan from Grooming Centre.

 

Q2: What if I haven’t taken a Small Loan or Daily Loan before?
A: You will need to complete a successful cycle of either loan type to qualify for this loan.

 

2.Loan Amount
Q3: What is the maximum loan amount I can apply for?
A: You can apply for a loan of up to N300,000.

 

Q4: Can I get a loan amount higher than N300,000?
A: No, the current maximum loan limit is N300,000.


3.Term Deposit Requirement
Q5: Is a term deposit required?
A: Yes, a term deposit of 10% of the loan amount is required.

 

Q6: What happens to my term deposit after I repay the loan?
A: Once you repay your loan in full, your term deposit will be returned to you.

 

Q7: Why is a term deposit necessary?
A: The term deposit serves as a security measure and ensures you remain committed to timely repayments.

 

4.Loan Tenure
Q8: What is the maximum loan tenure?
A: Asset loans can be taken for a period of up to 10 months.

 

Q9: How frequently do I need to make repayments?
A: Repayments are made monthly, with one instalment due each month.

 

Q10: Can I repay my loan in less than 10 months?
A: Yes, you can repay sooner if you prefer, but monthly instalments are required until full repayment.

 

5.Service Charges and Fees
Q11: What are the service charges for the loan?
A: A monthly service charge of 2.8% is applied to the loan amount.

 

Q12: Are there additional fees involved in taking a loan?
A: Yes, you will need to pay a passbook fee of N200, a loan form fee of N500, and a risk premium of 2% of the loan amount.

 

Q13: What is the risk premium for?
A: The risk premium covers loan insurance, protecting both you and the institution.

 

Q14: When are these fees due?
A: The fees are generally deducted from your loan disbursement amount or payable during the loan application process.

 

6.Banking Requirements
Q15: What banking requirements must I fulfill?
A: You must have a valid Bank Verification Number (BVN) and a Tier 3 bank account for loan disbursement.

 

Q16: How will my loan be disbursed?
A: Loan disbursements are made directly to your bank account.

 

Q17: What is a Tier 3 bank account?
A: A Tier 3 bank account is a bank account with higher transaction limits and requires more extensive identity verification.

 

7.Loan Repayment
Q18: How should I make loan repayments?
A: All loan payments must be deposited into Grooming Centre’s bank account.

 

Q19: Can I pay using other methods, like mobile banking or through agents?
A: Currently, all repayments should be made directly to Grooming Centre’s bank account.

 

Q20: How do I get a receipt for my loan payment?
A: Receipts or confirmations of payment can be obtained through your bank or requested from Grooming Centre.

 

8.Inquiries and Assistance
Q21: How can I check my loan balance or loan status?
A: Use the Grooming SmartBiz online portal to check your loan balance and get other information about your loan.

 

Q22: Who do I contact for loan inquiries or issues?
A: You can call the toll-free line to speak with Customer Care, send an email to info@groomingcentre.org or inquiries@groomingcentre.org, or ask your Credit Officer (CO) or Branch Head for assistance.

 

Q23: Can I make an inquiry after business hours?
A: The SmartBiz portal is available 24/7. For phone or email inquiries, responses may be limited to business hours.

1.Eligibility
Q1: Can I apply for an Individual Loan if I am currently a Small Loan or Daily Loan client?
A: Yes, you can transition to an Individual Loan from any stage of a Small Loan or Daily Loan as long as you are a registered client.

 

Q2: Do I need to exit my current Union to qualify for an Individual Loan?
A: Yes, if you are currently registered as a Small Loan or Daily Loan client and belong to a Union, you must be willing to exit the Union to transition to an Individual Loan.

 

2.Banking Requirements
Q3: What are the banking requirements for an Individual Loan?
A: You must have a valid Bank Verification Number (BVN) and a Tier 3 bank account to be eligible for loan disbursements.

 

Q4: How will I receive my loan disbursement?
A: Loan disbursements will be made directly to your bank account, so it is essential to have an active bank account that meets the specified requirements.

 

3.Term Deposit Requirement
Q5: Is there a term deposit requirement for Individual Loans?
A: Yes, you are required to deposit 10% of the loan amount as a term deposit.

 

Q6: When will I receive my term deposit back?
A: Your term deposit will be returned to you after you have fully repaid the loan.

 

4.Loan Amount and Fees
Q7: How much can I borrow with an Individual Loan?
A: You can access an Individual Loan of up to N10,000,000, subject to eligibility and approval.

 

Q8: Are there any registration fees for new SME clients?
A: Yes, there is a registration fee of N3,000 for new SME clients.

 

Q9: What is the service charge for the Individual Loan?
A: A service charge of 3% per month is applied to the loan amount.

 

Q10: Is there an administration fee for the Individual Loan?
A: Yes, an administration fee of 1% of the loan amount is applicable.

 

Q11: Are there any additional fees?
A: Yes, a risk premium of 2% of the loan amount is charged, though the loan form itself is free of charge.

 

5.Loan Repayment
Q12: What is the repayment schedule for the Individual Loan?
A: The loan must be repaid in equal instalments over a period of 1 to 12 months.

 

Q13: Where should I make my loan payments?
A: All loan payments should be made into Grooming Centre’s bank account to ensure proper tracking of your payments.

 

6.Penalties and Early Liquidation
Q14: Are there penalties for late payments?
A: Yes, a penalty of 2.5% per month will apply to any overdue principal and service charge amounts.

 

Q15: What happens if I repay the loan early?
A: If you choose to repay the loan early, any undue service charges will be waived. However, a waiver fee of 5% will be charged on the undue principal balance.

 

7.Inquiries and Assistance
Q16: How can I check my loan balance or make inquiries?
A: You can use the Grooming SmartBiz online portal to check your loan balance and access other account-related information.

 

Q17: Who can I contact for assistance with my loan?
A: You can reach out through the following channels:

  • Call the toll-free Customer Care line.
  • Send an email to info@groomingcentre.org or inquiries@groomingcentre.org.
  • Contact your Account Loan Manager (ALM) or Branch Head for further assistance.

1.Eligibility
Q1: Can I apply for an Individual Loan if I am currently a Small Loan or Daily Loan client?
A: Yes, you can transition to an Individual Loan from any stage of a Small Loan or Daily Loan as long as you are a registered client.

 

Q2: Do I need to exit my current Union to qualify for an Individual Loan?
A: Yes, if you are currently registered as a Small Loan or Daily Loan client and belong to a Union, you must be willing to exit the Union to transition to an Individual Loan.

 

2.Banking Requirements
Q3: What are the banking requirements for an Individual Loan?
A: You must have a valid Bank Verification Number (BVN) and a Tier 3 bank account to be eligible for loan disbursements.

 

Q4: How will I receive my loan disbursement?
A: Loan disbursements will be made directly to your bank account, so it is essential to have an active bank account that meets the specified requirements.

 

3.Term Deposit Requirement
Q5: Is there a term deposit requirement for Individual Loans?
A: Yes, you are required to deposit 10% of the loan amount as a term deposit.

 

Q6: When will I receive my term deposit back?
A: Your term deposit will be returned to you after you have fully repaid the loan.

 

4.Loan Amount and Fees
Q7: How much can I borrow with an Individual Loan?
A: You can access an Individual Loan of up to N10,000,000, subject to eligibility and approval.

 

Q8: Are there any registration fees for new SME clients?
A: Yes, there is a registration fee of N3,000 for new SME clients.

 

Q9: What is the service charge for the Individual Loan?
A: A service charge of 3% per month is applied to the loan amount.

 

Q10: Is there an administration fee for the Individual Loan?
A: Yes, an administration fee of 1% of the loan amount is applicable.

 

Q11: Are there any additional fees?
A: Yes, a risk premium of 2% of the loan amount is charged, though the loan form itself is free of charge.

 

5.Loan Repayment
Q12: What is the repayment schedule for the Individual Loan?
A: The loan must be repaid in equal instalments over a period of 1 to 12 months.

 

Q13: Where should I make my loan payments?
A: All loan payments should be made into Grooming Centre’s bank account to ensure proper tracking of your payments.

 

6.Penalties and Early Liquidation
Q14: Are there penalties for late payments?
A: Yes, a penalty of 2.5% per month will apply to any overdue principal and service charge amounts.

 

Q15: What happens if I repay the loan early?
A: If you choose to repay the loan early, any undue service charges will be waived. However, a waiver fee of 5% will be charged on the undue principal balance.

 

7.Inquiries and Assistance
Q16: How can I check my loan balance or make inquiries?
A: You can use the Grooming SmartBiz online portal to check your loan balance and access other account-related information.

 

Q17: Who can I contact for assistance with my loan?
A: You can reach out through the following channels:

  • Call the toll-free Customer Care line.
  • Send an email to info@groomingcentre.org or inquiries@groomingcentre.org.
  • Contact your Account Loan Manager (ALM) or Branch Head for further assistance.

1.Eligibility
Q1: Can I apply for an SME loan if I am a new client at Grooming Centre?
Yes, you can access the SME loan even if you are new to Grooming Centre and have not previously taken a Small Loan or Daily Loan.

 

Q2: Are there any pre-qualification loans required before I can apply for an SME loan?
No prior loan history with Grooming Centre is required to apply for an SME loan.

 

2.Banking Requirements
Q3: What banking information do I need to apply for the SME loan?
You must have a valid Bank Verification Number (BVN) and a Tier 3 bank account to apply for the SME loan.

 

Q4: How will the loan be disbursed?
All loan disbursements will be made directly to your bank account.

 

3.Term Deposit Requirement
Q5: Is there a term deposit requirement for the SME loan?
Yes, you are required to deposit 10% of the loan amount as a term deposit.


Q6: When will my term deposit be returned?
The term deposit will be returned to you after the full repayment of the loan.

 

4.Loan Amount and Fees
Q7: What is the maximum loan amount I can access through the SME loan?
You can apply for an SME loan of up to N10,000,000.

 

Q8: What fees apply to new SME loan clients?
New SME clients will need to pay a registration fee of N3,000.

 

Q9: Is there a monthly service charge on the loan?
Yes, a service charge of 3% per month applies.

 

Q10: Are there any other charges associated with the loan?
In addition to the service charge, there is a 1% administration fee and a 2% risk premium applied to the loan amount.

 

Q11: Do I have to pay for the loan application form?
No, the loan form is provided free of charge.

 

5.Loan Repayment
Q12: How long do I have to repay the loan?
The loan must be repaid in equal instalments over a period of 1 to 12 months.

 

Q13: Where should I make my loan payments?
All loan payments should be made into Grooming Centre’s bank account.

 

6.Penalties and Early Liquidation
Q14: What happens if I make a late payment?
A penalty of 2.5% per month on the principal and the service charge due will apply for late payments.

 

Q15: Is there a fee if I repay the loan early?
Yes, if you choose to repay the loan early, any undue service charges will be waived. However, a waiver fee of 5% on the undue principal balance will apply.

 

7.Inquiries and Assistance
Q16: How can I check my loan balance or make inquiries?
A: You can use the Grooming SmartBiz online portal to check your loan balance and access other account-related information.

 

Q17: Who can I contact for assistance with my loan?

A: You can reach out through the following channels:

  • Call the toll-free Customer Care line.
  • Send an email to info@groomingcentre.org or inquiries@groomingcentre.org.
  • Contact your Account Loan Manager (ALM) or Branch Head for further assistance. 

1.Eligibility
Q1: Who is eligible for a Daily Loan?
A: To qualify, you must be a registered member of Grooming Centre.

 

Q2: Are there any fees for registration?
A: Yes, there is a registration fee of N1,000, and an ID card fee of N200.

 

2.Savings Requirement
Q3: Do I need to save a certain amount before applying for a Daily Loan?
A: Yes, you must save at least 10% of your desired loan amount.

 

3.Loan Amount and Terms
Q4:  What is the maximum amount I can borrow as a Daily Loan?
A: The maximum loan amount available is N200,000.

 

Q5:  When do I start repaying the loan?
A: Repayment begins two days after the loan collection date.

 

Q6:  What is the loan repayment period?
A: You can repay the loan over a period ranging from 1 to 50 working days.

 

Q7:  Are there any charges associated with the loan?
A: Yes, the service charge is 0.3% per day. There is also a loan form fee of N500 and a risk premium of 2% of the loan amount, covering possible risks associated with the loan

 

4.Interest and Meetings
Q8:  Is there interest on my savings?
A: Yes, Grooming Centre offers an interest rate of 4% per annum on savings.

 

Q9:  Do I need to attend any meetings as part of the loan conditions?
A: Regular attendance at loan repayment meetings is required to qualify for subsequent loans.

 

5.Banking Requirements
Q10:  Do I need a bank account for loan disbursement?
A: Yes, you must have a Tier 3 bank account for loan disbursement.

 

Q11:  Is a Bank Verification Number (BVN) required?
A: Yes, a valid BVN is necessary to access a Daily Loan.

 

6.Penalties and Payments
Q12:  Where should I make loan repayments?
A: Loan repayments should always be made into Grooming Centre’s designated bank account.

 

Q13:  What happens if I miss a repayment?
A: Late payments incur a penalty of 2.5% per month on the outstanding principal and service charge due.

 

7.Inquiries and Assistance
Q14: How can I check my loan balance or make inquiries?
A: You can use the Grooming SmartBiz online portal to check your loan balance and access other account-related information.

 

Q15: Who can I contact for assistance with my loan?

A: You can reach out through the following channels:

  • Call the toll-free Customer Care line.
  • Send an email to info@groomingcentre.org or inquiries@groomingcentre.org.
  • Contact your Daily Loan Officer (DLO) or Branch Head for further assistance.

1.Purpose
Q1: What is the Green Energy Loan intended for?
A: The Green Energy Loan is exclusively for financing the installation of solar-powered inverters and energy-efficient appliances for both businesses and individuals.

 

2.Eligibility and Savings Requirements
Q2: What are the eligibility requirements to access a Green Energy Loan?
A: Clients must contribute 10% of the total cost of the solar device, and the Loan Security Fund cannot be withdrawn until the loan is fully repaid. Additionally, a minimum of 10% of the loan balance must be maintained in the client’s savings account at all times.

 

Q3: Do I earn interest on the savings associated with the loan?
A: Yes, your savings account will earn an interest of 4% per annum.

 

Q4: Can I withdraw from my Loan Security Fund while repaying the loan?
A: No, the Loan Security Fund is locked until the loan is completely repaid.

 

3.Loan Amount
Q5: What is the minimum loan amount I can apply for?
A: The minimum loan amount is N100,000.

 

Q6: What is the maximum loan amount I can apply for?
A: The maximum loan amount is N10,000,000.

 

4.Charges and Fees
Q7: What service charges apply to the Green Energy Loan?
A: A service charge of 27% per annum is applied on a reducing balance basis.

 

Q8: Are there additional fees associated with this loan?
A: Yes, the loan includes a 2% risk premium, a 1% administrative charge, and a 1.5% commitment charge, all based on the cost of the solar device.

 

Q9: What is the purpose of the commitment charge?
A: The commitment charge is a standard fee for securing the loan and financing the solar device purchase.

 

5.Loan Tenure and Repayment
Q10: What is the minimum loan tenure for the Green Energy Loan?
A: The minimum loan tenure is 1 month.

 

Q11: What is the maximum loan tenure for the Green Energy Loan?
A: The maximum loan tenure is 24 months.

 

Q12: How frequently must I make loan repayments?
A: Repayments are due monthly.

 

Q13: How is the loan repayment calculated?
A: Repayments are calculated on a reducing balance basis, meaning that interest is applied only to the remaining principal balance.

 

6.Penalties
Q14: Is there a penalty for late payments?
A: Yes, a late payment penalty of 2.25% will be charged on overdue instalments for each month of non-payment.


Q15: Is there a grace period for late payments?
A: Yes, there is a 5-day grace period from the due date.

 

7.Loan Security and Requirements
Q16: What security is required for loans below N5 million?
A: For loans below N5 million, you must provide 1 guarantor, 2 post-dated cheques, and a lien on the financed asset.

 

Q17: What security is required for loans above N5 million?
A: For loans above N5 million, you must provide 2 guarantors, 4 post-dated cheques, and a lien on the financed asset.

 

Q18: Why are guarantors and post-dated cheques required?
A: These measures help to ensure loan repayment and provide additional security for the loan.

 

8.Disbursement and Banking
Q19: How is the loan amount disbursed?
A: The loan amount is disbursed directly to the client’s bank account.

 

Q20: What are the banking requirements for receiving a Green Energy Loan?
A: You must have a valid Bank Verification Number (BVN) and a Tier 3 bank account to receive the loan.

 

9.Inquiries and Assistance
Q21: How can I check my loan balance or make inquiries?
A: You can use the Grooming SmartBiz online portal to check your loan balance and access other account-related information.

 

Q22: Who can I contact for assistance with my loan?
A: You can reach out through the following channels:

  • Call the toll-free Customer Care line.
  • Send an email to info@groomingcentre.org or inquiries@groomingcentre.org.
  • Contact your Loan Officer or Branch Head for further assistance.

1.Eligibility
Q1: Who is eligible for a Solar Loan?
A: To qualify for a Solar Loan, you must have taken and repaid at least one of the following loan types: Small Loan, Daily Loan, Individual Loan, or SME Loan.

 

Q2: What if I haven’t taken any previous loans?
A: You’ll need to complete and repay one loan cycle in one of the eligible loan categories before qualifying for a Solar Loan.

 

2.Loan Amount
Q3: What is the maximum loan amount available for a Solar Loan?
A: You can access Solar Loan products for up to N200,000.

 

Q4: Can I apply for a Solar Loan amount higher than N200,000?
A: No, the current maximum limit for Solar Loans is N200,000.

 

3.Service Charges and Fees
Q5: What is the service charge for the Solar Loan?
A: The service charge is 10% of the loan amount.

 

Q6: Are there any additional fees associated with the Solar Loan?
A: Yes, a passbook fee of N100 and a loan form fee of N500 are required. There is no risk premium for Solar Loans.

 

Q7: When are the fees due?
A: These fees are typically paid during the loan application process or may be deducted from your loan disbursement.

 

4.Repayment Terms
Q8: How long do I have to repay the Solar Loan?
A: The loan can be repaid in equal instalments over a period of 1 to 4 months (1–16 weeks).

 

Q9: Can I repay the loan early?
A: Yes, you may repay the loan early, though equal instalments are due based on the selected repayment period.

 

Q10: Are there penalties for early repayment?
A: There are typically no penalties for early repayment. Check with your branch for specific details.

 

5.Disbursement and Deposit
Q11: Is a term deposit required for the Solar Loan?
A: No, a term deposit is not required for the Solar Loan.

 

Q12: How will the loan amount be disbursed?
A: The loan disbursement is made by supplying the Solar product of your choice rather than a cash disbursement.

 

Q13: Can I receive the loan disbursement as cash instead of a Solar product?
A: No, the Solar Loan is designed specifically to provide Solar products directly rather than a cash disbursement.

 

6.Loan Repayment
Q14: Where should I make my loan repayments?
A: All loan payments must be made into Grooming Centre’s bank account.

 

Q15: Can I use alternative payment methods?
A: Currently, repayments should be made directly to Grooming Centre’s bank account.

 

Q16: How will I receive a confirmation of my loan payment?
A: Payment receipts or confirmations can be obtained from your bank or requested from Grooming Centre.

 

7.Inquiries and Assistance
Q17: How can I check my loan balance or make inquiries?
A: You can use the Grooming SmartBiz online portal to check your loan balance and access other account-related information.

 

Q18: Who can I contact for assistance with my loan?

A: You can reach out through the following channels:

  • Call the toll-free Customer Care line.
  • Send an email to info@groomingcentre.org or inquiries@groomingcentre.org.
  • Contact your Credit Officer (CO), Daily Loan Officer (DLO), or Branch Head for further assistance.

1.Eligibility
Q1: Who is eligible for a Top-Up Loan?
A: To qualify, you must have previously taken and fully repaid a Small Loan, Daily Loan, Individual Loan, or SME Loan with Grooming Centre.

 

Q2: What if I have not taken or repaid any of these loan types?
A: You will need to complete and fully repay at least one of these loan types to be eligible for a Top-Up Loan.

 

2.Loan Amount
Q3: What is the maximum amount I can borrow with a Top-Up Loan?
A: You can access a loan amount of up to N200,000.

 

Q4: Can I apply for an amount higher than N200,000?
A: No, the maximum loan amount for a Top-Up Loan is currently capped at N200,000.

 

3.Service Charge
Q5: What is the service charge for a Top-Up Loan?
A: For Small Loan/Daily Loan clients, the service charge is 0.5% per week. For SME/Individual Loan clients, the service charge is 2% per month.

 

Q6: How is the service charge applied?
A: The service charge is calculated based on the loan amount and applied weekly or monthly, depending on your loan type.

 

Q7: Are there any hidden fees beyond the service charge?
A: No hidden fees are applied, but other fees such as the Loan Form Fee and Risk Premium are separate from the service charge.

 

4.Deposit Requirement
Q8: Is a term deposit required before I can receive the Top-Up Loan?
A: No, there is no term deposit requirement for a Top-Up Loan.

 

Q9: Why is there no term deposit requirement?
A: The Top-Up Loan is designed to provide quick access to funds without additional deposit requirements, making it more accessible and flexible.

 

5.Fees
Q10: Are there any fees for this loan?
A: Yes, there is a Loan Form Fee of N500 and a Risk Premium of 2% of the loan amount.

 

Q11: Is there a passbook fee for the Top-Up Loan?
A: No, there is no passbook fee for the Top-Up Loan.

 

Q12: What does the Risk Premium cover?
A: The Risk Premium is for loan insurance and protects both you and the institution.

 

6.Banking Requirements
Q13: What banking requirements must I meet to qualify for the loan?
A: You must have a valid Bank Verification Number (BVN) and a Tier 3 bank account.

 

Q14: Why is a BVN and Tier 3 bank account necessary?
A: This ensures secure identification and facilitates seamless loan disbursement to your account.

 

7.Disbursement
Q15: How will my Top-Up Loan be disbursed?
A: Your loan will be disbursed directly to your bank account.

 

Q16: When can I expect the disbursement?
A: Once approved, disbursements are made promptly to ensure quick access to funds.

 

8.Repayment Terms
Q17: What is the repayment period for the Top-Up Loan?
A: The loan must be repaid in equal instalments within 1 to 6 months, or 1 to 24 weeks.

 

Q18: Can I choose my repayment period?
A: Yes, you can select a repayment period that fits within the 1-6 months (or 1-24 weeks) range, subject to approval.

 

Q19: Are there penalties for early repayment?
A: No penalties are applied for early repayment, so you can repay your loan ahead of schedule without additional fees.

 

9.Loan Repayment
Q20: How should I make repayments for the Top-Up Loan?
A: All loan repayments must be deposited directly into Grooming Centre’s bank account.

 

Q21: Can I make repayments through other channels?
A: Currently, repayments should be made to Grooming Centre’s bank account to ensure proper tracking and record-keeping.

 

Q22: How do I confirm my payment has been received?
A: You can request a payment confirmation through the Grooming SmartBiz portal or contact Customer Care for assistance.

 

10.Inquiries and Assistance
Q23: How can I check my loan balance or make inquiries?
A: You can use the Grooming SmartBiz online portal to check your loan balance and access other account-related information.

 

Q24: Who can I contact for assistance with my loan?

A: You can reach out through the following channels:

  • Call the toll-free Customer Care line.
  • Send an email to info@groomingcentre.org or inquiries@groomingcentre.org.
  • Contact your Credit Officer (CO), Daily Loan Officer (DLO), Asset Loan Manager (ALM), or Branch Head for further assistance.

1.Eligibility
Q1: What are the eligibility requirements for the Agricultural Equipment Loan Product?
A: To access this loan, you must close all other savings and loan accounts.

 

2.Banking Requirements
Q2: What banking information is required to access the loan?
A: You need a valid Bank Verification Number (BVN) and a Tier 3 bank account.

 

Q3: How will the loan be disbursed?
A: The loan will be disbursed directly to your bank account.

 

Q4: What is a Tier 3 bank account?
A: A Tier 3 bank account has higher transaction limits and requires more thorough identity verification than basic accounts.

 

3.Term Deposit Requirement
Q5: Is there a term deposit requirement for the loan?
A: Yes, you are required to deposit 10% of the loan amount as a term deposit.

 

Q6: When will I receive my term deposit back?
A: Your term deposit will be returned to you after you repay the loan in full.

 

4.Loan Amount and Fees
Q7: What is the maximum loan amount I can access?
A: You can apply for an Agricultural Equipment Loan of up to N10,000,000.00.

 

Q8: Are there any fees involved in this loan?

A: Yes, the fees are as follows:

  • Service charge: 36% per annum.
  • Administration fee: 1% of the loan amount.
  • Risk premium: 2% of the loan amount.
  • Agric Insurance (Upfront Payment): 1% of the loan amount.
  • Loan form: Free of charge.

 

Q9: Is there a registration fee for this loan?
A: No, there is no registration fee required.

 

Q10: Why is there an Agric Insurance fee?
A: This fee provides insurance coverage for agricultural equipment, protecting both you and the institution.

 

5.Loan Repayment
Q11: How should I repay the loan?
A: All loan payments must be made into Grooming Centre’s bank account.

 

Q12: What is the repayment period for the Agricultural Equipment Loan?
A: The loan can be repaid in equal instalments over a period of 1 to 24 months.

 

Q13: Can I repay the loan earlier than scheduled?
A: Yes, early repayment is allowed, but it can only occur one month after disbursement. Any undue service charge will be waived upon early loan payoff.

 

6.Penalties and Early Liquidation
Q14: What happens if I make a late loan payment?
A: Late payments will incur a penalty of 2.5% per month on the principal and service charge due.

 

Q15: Are there any penalties for repaying the loan early?
A: No, there are no penalties for early repayment after the first month. In fact, any undue service charge will be waived at payoff.

 

7.Inquiries and Assistance

Q16: How can I check my loan balance or get assistance?

  • A: You can request your balance or get assistance through:
  • The Grooming SmartBiz online portal
  • Calling the toll-free line for Customer Care
  • Sending an email to info@groomingcentre.org or inquiries@groomingcentre.org
  • Speaking with your Agricultural Loan Officer (ALO) or Branch Head

Q17: Is there a contact method available 24/7?
A: Yes, the SmartBiz online portal is available 24/7. Phone and email inquiries will typically be responded to during business hours.

1.Eligibility
Q1: Who is eligible for the Short-Term Agricultural Equipment Loan Product?
A: To be eligible, you must close all other savings and loan accounts with Grooming Centre.

 

Q2: Can I apply for this loan if I have an existing loan with Grooming Centre?
A: No, you need to settle all other savings and loan accounts before applying for the Agricultural Equipment Loan.

 

2.Banking Requirements
Q3: What banking requirements must I fulfill?
A: You need a valid Bank Verification Number (BVN) and a Tier 3 bank account.

 

Q4: How will my loan be disbursed?
A: The loan will be directly deposited into your bank account once approved.

 

3.Term Deposit Requirement
Q5: Is a term deposit required for this loan?
A: Yes, a term deposit of 10% of the loan amount is required.

 

Q6: When will I get my term deposit back?
A: Your term deposit will be returned to you upon full repayment of the loan.

 

4.Loan Amount and Fees
Q7: What is the maximum loan amount available?
A: You can access up to N500,000 for the Agricultural Equipment Loan.

 

Q8: Are there any registration fees?
A: No, there are no registration fees for this loan product.

 

Q9: What are the service charges and interest rates?
A: The service charge is 30% per annum, and the interest rate is 4% per annum.

 

Q10: Are there additional fees?
A: Yes, an Administration Fee of 1% of the loan amount, Agric Insurance (Upfront Payment) of 1% of the loan amount, and a Risk Premium (Upfront Payment) of 1% are applicable.

 

Q11: When are these fees paid?
A: The administration fee, agric insurance, and risk premium are paid upfront at the time of loan disbursement.

 

5.Loan Repayment
Q12: How long do I have to repay the loan?
A: The loan repayment term is between 1 and 6 months.

 

Q13: How should I make my loan repayments?
A: All loan payments must be deposited into Grooming Centre’s bank account.

 

Q14: Can I make partial repayments?
A: The loan is structured for equal monthly instalments, so each payment should be a full instalment amount.

 

6.Penalties and Early Liquidation
Q15: What happens if I miss a repayment?
A: A penalty of 2.5% per month on the outstanding principal and service charge due will apply for late payments.

 

Q16: Can I repay the loan early?
A: Yes, early repayment is allowed, but only after one month from the disbursement date. Any undue service charges will be waived at the time of pay-off.

 

Q17: Will I be charged extra fees for early repayment?
A: No additional fees are applied for early repayment, and any unearned service charge is waived.

 

7.Inquiries and Assistance

Q18: How can I check my loan balance or make inquiries?

A: You can check your loan balance or make inquiries via:

  • The Grooming SmartBiz online portal
  • Calling the toll-free Customer Care line
  • Emailing info@groomingcentre.org or inquiries@groomingcentre.org
  • Speaking with your Area Loan Officer (ALO) or Branch Head

 

Q19: Can I receive assistance after business hours?
A: The SmartBiz portal is available 24/7. For phone and email inquiries, responses may be available only during business hours.

1.Eligibility
Q1: Who is eligible for the Loan Term Agricultural Equipment Loan Product?
A: You are eligible if you close all other existing savings and loan accounts with Grooming Centre.

 

Q2: Can I keep other loan accounts active while applying for this loan?
A: No, all other savings and loan accounts must be closed to access the Agricultural Equipment Loan Product.

 

2.Banking Requirements
Q3: What banking requirements must I meet to qualify?
A: You must have a valid Bank Verification Number (BVN) and a Tier 3 bank account for the loan disbursement.

 

Q4: How will the loan be disbursed?
A: The loan amount will be directly disbursed into your bank account.

 

Q5: What is a Tier 3 bank account?
A: A Tier 3 bank account is a bank account with higher transaction limits, typically requiring extensive identity verification.

 

3.Term Deposit Requirement
Q6: Is there a term deposit requirement for the Agricultural Equipment Loan?
A: Yes, you must deposit 10% of the loan amount as a term deposit.

 

Q7: When will my term deposit be returned?
A: Your term deposit will be returned once you fully repay the loan.

 

Q8: Why is a term deposit necessary?
A: The term deposit serves as security for the loan, ensuring a commitment to repayment.

 

4.Loan Amount and Fees
Q9: What is the maximum loan amount available under this product?
A: You can access an Agricultural Equipment loan of up to N10,000,000.

 

Q10: Are there any registration fees?
A: No, there is no registration fee for this loan product.

 

Q11: What are the service charges and interest rates?
A: The service charge is 30% per annum, and the interest rate is 4% per annum.

 

Q12: Are there any upfront charges?

A: Yes, the following upfront charges apply:

  • Admin Charge: 1% of the loan amount
  • Agric Insurance: 1% of the loan amount
  • Risk Premium: 2% of the loan amount

 

Q13: Why is an Agric Insurance fee required?
A: The Agric Insurance fee covers agricultural risks associated with your loan, ensuring added security.

 

5.Loan Repayment
Q14: How long do I have to repay the loan?
A: The loan must be repaid in equal instalments over a period of 1 to 24 months.

 

Q15: Where should I make my loan repayments?
A: All loan payments should be deposited into Grooming Centre’s bank account.

 

Q16: Can I make partial repayments?
A: Yes, instalments are structured equally, but early payoff is also allowed under specific conditions.

 

6.Penalties and Early Liquidation
Q17: Are there penalties for late payments?
A: Yes, a penalty of 2.5% per month on the principal and service charge due will be applied for late payments.

 

Q18: Can I repay the loan early?
A: Yes, early repayment is allowed only after one month from the loan disbursement date. At payoff, undue service charges will be waived.

 

Q19: Will I incur penalties for paying off my loan early?
A: No, there are no penalties for early liquidation if it occurs after one month. Any undue service charges will be waived.

 

7.Inquiries and Assistance

Q20: How can I check my loan balance or make inquiries?

A: You can check your loan balance or make inquiries through:

  • The Grooming SmartBiz online portal
  • Calling the toll-free Customer Care line
  • Emailing info@groomingcentre.org or inquiries@groomingcentre.org
  • Speaking with your Agricultural Loan Officer (ALO) or Branch Head

Q21: Who do I contact if I have questions or need assistance with my loan?
A: For assistance, contact the toll-free line, send an email, or speak with your ALO or Branch Head.

1.Eligibility
Q1: Who is eligible for the State Public Sector Individual Loan?
A: To be eligible, you must be a Federal, State, or Local Government Area (LGA) civil servant with an Oracle Number or IPPIS Number.

 

Q2: Are there specific service requirements for eligibility?
A: Yes, you must have a total service duration of 35 years, with a maximum of 34 years in service, and you must have at least one year of service remaining.

 

2.Banking Requirements
Q3: What banking requirements must I fulfill to access the loan?
A: You must have a valid Bank Verification Number (BVN) and a Tier 3 bank account.

 

Q4: How will the loan amount be disbursed to me?
A: The loan amount will be directly disbursed to your registered bank account.

 

3.Term Deposit Requirement
Q5: Is a term deposit required to access this loan?
A: No, a term deposit is not applicable for the State Public Sector Individual Loan.

 

4.Loan Amount and Fees
Q6: What is the maximum loan amount I can apply for?
A: You can apply for a Public Sector Individual Loan of up to N4,000,000.

 

Q7: Are there any fees or charges for the loan?
A: Yes, the loan includes a service charge of 2.75% per month, a risk premium of 0.5% of the loan amount, an admin upfront charge of 0.5% of the loan amount, and an admin charge & processing fee of 2.0% of the loan amount.

 

Q8: What is the Debt Service Ratio (DSR) for this loan?
A: The Debt Service Ratio (DSR) is 70% of your net pay.

 

Q9: Is there a registration fee for this loan?
A: No, there is no registration fee for this loan.


5.Loan Repayment
Q10: How long do I have to repay the loan?
A: The loan must be repaid in equal instalments over a period ranging from 3 to 18 months.

 

Q11: Where should I make my loan repayments?
A: All loan payments should be made into Grooming Centre’s bank account.

 

Q12: How will repayments be made?
A: Loan repayments will be deducted directly from your salary at the source.

 

6.Penalties and Early Liquidation
Q13: Are there any penalties for early loan repayment?
A: If you choose to repay the loan early, any undue service charges will be waived, but a liquidation fee of 2% on the remaining principal balance will be charged.

 

Q14: What is the liquidation fee for early repayment?
A: The liquidation fee is 2% of the outstanding principal balance at the time of early repayment.

 

7.Inquiries and Assistance

Q15: How can I check my loan balance or make inquiries?

A: You can check your loan balance or make inquiries through the following channels:

  • Grooming SmartBiz online portal
  • Toll-free Customer Care line
  • Email: info@groomingcentre.org or inquiries@groomingcentre.org
  • By contacting your Credit Relationship Officer or Branch Head

 

Q16: What if I need assistance with my loan?
A: For assistance, you can contact Customer Care via the toll-free line, send an email, or speak with your Credit Relationship Officer or Branch Head for guidance.

1.Eligibility
Q1: Who is eligible for the Federal Public Sector Individual Loan?
A: This loan is available to Federal, State, or Local Government Area (LGA) civil servants with an Oracle Number or IPPIS Number.

 

Q2: Are there any service year requirements for eligibility?
A: Yes, the maximum total service period is 35 years, with a maximum of 34 service years allowed at the time of loan application. You must also have at least one year of service remaining in public service.

 

Q3: What if I don’t have an Oracle Number or IPPIS Number?
A: You need an Oracle Number or IPPIS Number to qualify, as these verify your public service employment status.

 

2.Banking Requirements
Q4: What banking requirements do I need to fulfill?
A: You must have a valid Bank Verification Number (BVN) and a Tier 3 bank account to receive loan disbursements.

 

Q5: How will my loan be disbursed?
A: All loan disbursements will be made directly to your bank account.

 

Q6: What is a Tier 3 bank account?
A: A Tier 3 bank account is a fully verified bank account with higher transaction limits, meeting enhanced identity verification standards.

 

3.Term Deposit Requirement
Q7: Is a term deposit required for this loan?
A: No, there is no term deposit requirement for the Federal Public Sector Individual Loan.

 

4.Loan Amount and Fees
Q8: What is the maximum loan amount I can apply for?
A: You can apply for a loan of up to N4,000,000.

 

Q9: What is the Debt Service Ratio (DSR) requirement?
A: The Debt Service Ratio should be no more than 70% of your net pay.

 

Q10: Are there any registration fees?
A: No, there is no registration fee for this loan.

 

Q11: What service charge applies to the loan?
A: A service charge of 2.75% per month applies to the loan.

 

Q12: Are there any additional fees?

  • A: Yes, there are several additional fees:
  • Risk Premium Upfront: 0.5% of the loan amount
  • Admin Upfront Fee: 1.5% of the loan amount
  • Admin Charge & Processing Fee: 2.0% of the loan amount

 

5.Loan Repayment
Q13: Over what period can I repay the loan?
A: The loan can be repaid in equal instalments over a period of 3 to 24 months.

 

Q14: How should I make loan repayments?
A: All loan payments must be made into Grooming Centre’s bank account.

 

Q15: What is the mode of loan repayment?
A: Repayment will be made through salary deduction directly from your payroll source.

 

6.Penalties and Early Liquidation
Q16: Are there any penalties for early loan repayment?
A: Yes, undue service charges will be waived for early repayment, but a liquidation fee of 2% will be charged on the outstanding principal balance.

 

Q17: What happens to the remaining service charges if I repay early?
A: Any undue service charges will be waived, but the liquidation fee of 2% on the remaining principal balance will apply.

 

7.Inquiries and Assistance

Q18: How can I check my loan balance or make inquiries?

A: You can check your loan balance or make inquiries through:

  • The Grooming SmartBiz online portal
  • The toll-free Customer Care line
  • Emailing info@groomingcentre.org or inquiries@groomingcentre.org
  • Speaking with your Credit Relationship Officer or Branch Head

 

Q19: Can I get assistance after business hours?
A: The SmartBiz portal is available 24/7 for self-service. For phone or email inquiries, responses may be provided during business hours.

1.Eligibility
Q1: Who is eligible for the Institutional Loan Product?
A: This loan product is available exclusively to Small Microfinance Institutions (MFIs).

 

2.Banking Requirements
Q2: Are there any banking requirements to access the loan?
A: Yes, you must have a valid Bank Verification Number (BVN) and a Tier 3 bank account.

 

Q3: How will the loan be disbursed?
A: Loan disbursements will be made directly to the bank account you provided.

 

Q4: What is a Tier 3 bank account?
A: A Tier 3 bank account is a type of account that requires more comprehensive identity verification and allows higher transaction limits.

 

3.Term Deposit Requirement
Q5: Is a term deposit required for this loan?
A: No, a term deposit is not applicable for the Institutional Loan Product.

 

4.Loan Amount and Fees
Q6: What is the maximum loan amount I can apply for?
A: You can apply for up to N500,000,000 under the Institutional Loan Product.

 

Q7: Are there any registration fees?
A: No, there is no registration fee for this loan product.

 

Q8: What is the service charge for the loan?
A: A service charge of 30% is applied on an annual basis.

 

Q9: What is the interest rate?
A: The loan interest rate is 4% per annum.

 

Q10: Is there an administration fee?
A: Yes, an administration fee of 1% of the loan amount is charged.

 

Q11: Are there any risk premiums for this loan?
A: No, a risk premium is not applicable to this loan product.

 

Q12: How will the loan be disbursed?
A: The loan can be disbursed in full or in tranches, based on your preference and loan terms.

 

5.Loan Repayment
Q13: How can I repay my loan?
A: Loan repayments can be made Monthly, Quarterly, or Bi-annually, with equal instalments.

 

Q14: What is the maximum repayment period?
A: The repayment period ranges from 1 to 36 months.

 

Q15: Where should I make my loan repayments?
A: All loan payments must be deposited into Grooming Centre’s bank account.

 

6.Penalties and Early Liquidation
Q16: Are there any penalties for missed payments?
A: Yes, a penalty charge of 2% to 2.5% applies to the service charge and principal due per occurrence.

 

Q17: What happens if I terminate the loan early?
A: In the event of early loan termination, the outstanding principal amount and any accrued interest will become immediately due and payable.

 

7.Inquiries and Assistance

Q18: How can I check my loan balance or get help with my loan?

A: You can check your balance or make inquiries through:

  • The Grooming SmartBiz online portal
  • The toll-free line for Customer Care
  • Emailing info@groomingcentre.org or inquiries@groomingcentre.org
  • Speaking with your Account Manager, Head of Loans & Advances, or Relationship Officer for assistance.

Q1: Why is saving important?
A: Saving helps you build financial resources for your business and family. Start today to secure a better future!

 

Q2: Is there a minimum amount I need to save?
A: No, there is no minimum savings amount. However, it’s encouraged to save at least N500 weekly.

 

Q3: How can I track my savings?
A: You can track your savings by checking your passbook or the SmartBiz online portal to confirm that all deposits are recorded accurately.


Q4: What should I do to keep my passbook safe?
A: Keep your passbook in a secure place at all times, as it’s your personal savings record.

 

Q5: Can I withdraw from my savings?
A: Yes, you can withdraw part of your savings whenever you need to.

 

Q6: Do I need savings to apply for a loan?
A: Yes, to apply for a new loan, you must have savings amounting to at least 10% of the loan amount you wish to take.

 

Q7: Where should I make my savings payments?
A: All savings payment should be deposited into Grooming Centre’s bank account.

 

Q8: How can I check my savings balance or make inquiries?

A: You can check your balance or make inquiries via:

  • The Grooming SmartBiz online portal
  • Calling the toll-free line for Customer Care
  • Sending an email to info@groomingcentre.org or inquiries@groomingcentre.org
  • Speaking with your Credit Officer (CO), Digital Loan Officer (DLO), Area Loan Manager (ALM), or Branch

Q1: What should I do if I have a complaint?
A: If you have a complaint, need an explanation, want to give advice, or report an issue, please reach out to the Client Services Department.

 

Q2: Who can I contact if I feel I was treated unfairly by staff?
A: Call our Client Services Department toll-free on 0800GROOMING (080047666464) if you feel insulted, cheated, or treated unfairly by any staff member.

 

Q3: What should I do if I see something suspicious in my Union?
A: Report any suspicious activity in your Union by contacting the Client Services Department toll-free on 0800GROOMING (080047666464).

 

Q4: What if a Grooming Centre staff member asks me to share a loan with them?
A: This behaviour is not permitted. Please report it immediately to the Client Services Department on the toll-free line, 0800GROOMING (080047666464).

 

Q5: What if a staff member requests payment to their personal account?
A: Grooming Centre staff should not ask you to pay money into personal accounts. Report this to the Client Services Department at 0800GROOMING (080047666464) immediately.