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SEAP Loans: A Complete Guide

seap loans

In this post I will be showing you the different types of SEAP loans, eligibility requirements and how you can access a loan from SEAP. SEAP offers a range of small business loans available to everyone.

Self reliance Economic Advancement Program (SEAP) is a business ( non-profit sharing, non-political, non-religious and Non-Governmental Organization) which began tasks in 1998 with voluntary membership. It was however authoritatively enrolled in 2000.

SEAP looks to advance supportable job for the less privileged in the general public. SEAP is committed principally to economic strengthening of the under advantaged, limit building and improvement of the financial state of poor people. SEAP is a dedicated association to the advancement of SME( Small and Medium sized Enterprise) in Nigeria.

SEAP has for some time been assuming a crucial job for small and medium-sized endeavors in the combination of suitable market. Comprehensively, SEAP has influenced such a significant number of lives in over 19 states of the Federation (Nigeria). The association at present has over 500,000 members.

SEAP Core Values

SELF-RELIANCE: At the heart of our operations is the provision of credit and the encouragement of personal savings for self-reliance.

EMPATHY: This entails understanding the needs and conditions of members, clients and fellow staff and figuring out the best way to assist and give hope, while placing premium on customer service.

ADVANCEMENT: It is in our mind always to consciously work for the growth of our members, organization and staff. It connotes resilience and tenacity in the face of challenges.

POVERTY ALLEVIATION: Overall, SEAP is poised to be the foremost institution harnessing both human and material resources towards alleviating extreme poverty and hunger in the world in line with the MDG’s.

CULTURE: God first and other things follow.

ETHICS: Modesty and professionalism.

MOTTO: Development with vision

SEAP Loans

They have various loan products tailored to meet your every need. SEAP loans come with a very affordable interest rate and well spread duration of payback timing, all to your comfort.

Check out their list of loan products:

MSP Weekly Loans

This is a loan disbursed to individual members of a group
with repayment tenure of 40 weeks. Interest rate at 15% with one week
moratorium.

Terms and Conditions:

  • Duration: 40weeks Repayment: Weekly
  • Service Charge: 15%
  • Savings: 10%- 35% of loan amount
  • Disbursement Fee: 1% flat payable upfront
  • Group Formation: Minimum of 10, maximum of 30 members
  • 2 passport photographs/Upload on System and specify the gender
  • Health Insurance, compulsory for N200,000 and above, optional for N50,000- N150,000.
  • One external guarantor and 6 guarantors within the group must be provided
  • Minimum of 2weeks waiting period for new members
  • One week moratorium

Loan Cycles:

MSP LOAN CYCLE LOAN AMOUNT RANGE REQUIRED
SAVINGS DEPOSIT
1ST LOAN CYCLE   10,000 – 50,000 10%
2ND LOAN CYCLE   51,000 – 100,000  15%
3RD LOAN CYCLE   101,000 – 150,000 20%
4TH LOAN CYCLE   151,000 – 250,000 25%
5TH LOAN CYCLE   251,000 – 400,000  30%
6TH LOAN CYCLE 401,000 & Above              35%

MSP Monthly Loans

This is an exceptional loan structured so that current SEAP
clients who are right now having dynamic loans can in any case apply for this
loan with a condition that they more likely than not arrived at the 35%
repayment length of their running loan and that there won’t be any need to
bring extra savings deposit up in as much as their ebb and flow savings is up
to 10% of the MSP Monthly loan that they are applying for.

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New members can likewise apply for this loan but should get enlisted under any of the branches. Savings deposit for this classification of people is 20% of the loan amount applied for which the base is 50,000 naira.

Terms and Conditions that apply to New SEAP Member:

  • Loan Amount: The Minimum accessible amount is N50,000 for 1st Loan while the maximum is N200,000 for the 4th Loan
  • Savings: 20% of loan amount
  • Service Charge: 10% of loan amount
  • Duration: 6 Months
  • Repayment Pattern: Monthly
  • Disbursement Fee: 1% of Loan amount , payable upfront
  • Two passports photographs/Upload on System and Specify Gender
  • 2 Guarantors: Must be people of integrity, high net worth, must pledge tangible items and have valid means of identification which should be (National ID, Drivers License, International Passport or Voters Card)
  • Group of 5 members
  • Health Insurance is compulsory for N200,000. Loan of N50,000-N150,000 would pay for Health Ticket and DSP
  • Loan is for new Members duly registered.

Terms and Conditions that apply to Existing SEAP Member:

  • New members not allowed
  • Loan Amount: Minimum of N100,000 & Maximum
    of N200,000
  • Service Charge: 10%
  • Disbursement fee: 1% flat of loan amount payable
    upfront
  • 2 Passbooks: N200
  • Applicants(MSP) Savings not less than 20%
  • DSP and Health insurance should be renewed
  • Guarantors(2) must pledge tangible assets and
    have valid means of identification such as (National ID, Drivers License,
    International passport, OR Voters Card)
  • Loan cycle must be observed.

SME Weekly Loan

This is another loan product kind that is intended and focused on business. The savings deposit likewise differs comparing to the amount of loan on core interest. Interest rate is 10% and repayment period is 24 weeks. Two guarantors are additionally required for which one of them must be a government worker with least of level 12 in administration.

Terms and Conditions that apply to New SEAP Member:

  • Loan Amount: The Minimum accessible amount is N50,000 for 1st Loan while the maximum is N200,000 for the 4th Loan
  • Savings: 20% of loan amount
  • Service Charge: 10% of loan amount
  • Duration: 6 Months
  • Repayment Pattern: Monthly
  • Disbursement Fee: 1% of Loan amount , payable upfront
  • Two passports photographs/Upload on System and Specify Gender
  • 2 Guarantors: Must be people of integrity, high net worth, must pledge tangible items and have valid means of identification which should be (National ID, Drivers License, International Passport or Voters Card)
  • Group of 5 members
  • Health Insurance is compulsory for N200,000. Loan of N50,000-N150,000 would pay for Health Ticket and DSP
  • Loan is for new Members duly registered.

Terms and Conditions that apply to Existing SEAP Member:

  • New members not allowed
  • Loan Amount: Minimum of N100,000 & Maximum
    of N200,000
  • Service Charge: 10%
  • Disbursement fee: 1% flat of loan amount payable
    upfront
  • 2 Passbooks: N200
  • Applicants(MSP) Savings not less than 20%
  • DSP and Health insurance should be renewed
  • Guarantors(2) must pledge tangible assets and
    have valid means of identification such as (National ID, Drivers License,
    International passport, OR Voters Card)
  • Loan cycle must be observed.

Dorcas Loan

This uncommon loan item is intended for widows in order to enable them to lay their hands on a business that can support them and their children. Interested widows are relied upon to shape themselves into a group having at least 10 people.

Enrollment is additionally required and the savings deposit is much the same as MSP Weekly. Interest is 10% with repayment length of 40 weeks in the interim passing endorsement/court sworn statement of the spouse is a significant record needed to qualify anybody for this loan.

Student Loans

SEAP offers two types of Education Loans: Regular loan scheme and the Student loan scheme.

Terms and Conditions:

  • Tenure: One academic calendar
  • Registration: N1000
  • Savings: Nil for existing, Savings 10%(new
    members)
  • Loan Amount: Between N10,000 and 300,000
  • Service charge: 12%
  • Repayment: weekly
  • Health Insurance, compulsory for N200,000 and
    above, optional for N50,000- N150,000.
  • Execute Personal Guarantee Form.

Below is a complete list of the terms and conditions that must be agreed to in order to get access to a Student Education Loan :

  • Student must be in Distinction/First class grade
  • Loan Amount: Depending on the School Bill
  • Guarantee: Education institution must be willing to release candidate original certificate to SEAP MFI after graduation
  • Repayment: By candidate when he/she starts working
  • Application to be directed to the office of the Executive Program Director-EPD.

Mortgage Loan

SEAP also helps its clients to achieve their dream of
becoming a landlord a reality and supporting other kinds of building projects
like schools, churches etc.

Terms and Conditions:

  • Registration: 2000 to 20,000 Naira
  • Processing Fees: 1% of loan amount
  • Loan Amount: N100,000 to N10m
  • Savings : 20% with SEAP MFB/MFI
  • Service charge: 10% per annum
  • Duration: 1 to 5years
  • Landed property to be financed must have a
    titled document.
  • Valuation of property/Stages of Property
    Development
  • Transfer of Original titled document to SEAP
    MFI( to be returned after the full repayment of the loan sum)
  • Moratorium: 2 months
  • Repayment period – 1-5 years depending on loan
    amount
  • 4 Guarantors who are landlords and landowners
    required
  • Each of the guarantors must pledge a property,
    with titled documents, Deed of Conveyance, C of O or Deed of assignment of the
    land. The organization lawyer will help to write a letter, which the applicant
    will sign that he/she has transferred the ownership to SEAP, throughout the
    duration of the facility
  • Consent Form to be filled by Applicant
  • Disbursement in Stages
  • Loan Amount: Depending on the project bill
  • Submission of survey & building plan, bill
    of quantity.

Transportation Loan

Enrollment is required similarly as the other loan item with 40% savings deposit. Loan applicant must have a place with Road Transport Union or National Road Transport Union in light of the fact that there must be a letter from the association that is he is a decent member. Additionally from the loan applicant, MSP branch ought to likewise send a letter to demonstrate that he is a decent customer.

Interest rate on this item is 18% every year, one month moratorium and repayment length is 11 months. In the event that it is 2 years loan period, the interest rate is 36% and repayment period is 23 months. two(2) guarantors are required. Exhaustive Insurance of the vehicle will be made, likewise SEAP logo will be engraved on it.

Production Loan

This loan is intended to help the individuals who are into production and manufacture of materials, savings deposit for this loan type fluctuates in agreement to the amount of loan required and its 50,000 or more. Savings deposit is 25%. 100,000 to 199,000: savings deposit is 30%. 200,000 or more: savings deposit is 40%.

The interest rate for week after week repayment is 10% with 24 weeks repayment period while interest rate for month to month repayment is 18% with repayment period of five(5) months. To get to this loan, two(2) guarantors are required, one government worker of at least level 12, all the important reports must be checked.

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