Business Loan up to ₦1 M is offered considering three situations.
Situation 1
First time JEC FINANCE loan user may not borrow up to NGN 1 M. Users are expected to borrow NGN 500K three times before applying for a business loan up to NGN 1 M. However, if a User has a known guarantor to JEC FINANCE with a strong financial standing, a first time User can borrow NGN 1 M.
Situation 1 assumes that the person intends to return the principal amount plus interest within 30 days or 1 month. In this situation, the person is expected to pay 10% interest rate on NGN 1 M. It means the interest rate will be NGN 100 K plus principal amount NGN 1 M. Grand Total: ₦1, 100, 000.00. Monthly repayment is not expected.
Situation 2
If the person intends to return the principal amount plus interest within 60 days or 2 months, the person is expected to pay 10% interest rate on NGN 1 M on the first month ( 30 days), and on the second month 5%. It means the interest rate will be NGN 150 K plus principal amount NGN 1 M. Grand Total: ₦1, 150, 000.00. Monthly repayment is not expected.
Situation 3
In situation 3, the interest rate is 10% the first month and maturity date 1-3 months. It means that if a User borrowed NGN 1 M in 1 January 2020, by 30 March 2020, the User is expected to pay interest of NGN 200 K. This means the first month is 10%, and the 2 and 3 months, 5% each month, which means NGN 200 K at the end of 3 months. In other words, the total payment expected at the end of 3 months is 200 k plus the principal amount 1 Million: Grand Total ₦1,200, 000.00. Monthly repayment is not expected.