Bancolombia Mi Negocio - Microcrédito - MFTransparency.org Truth In Lending Tables

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Institution

Bancolombia Mi Negocio Cra 48 # 26 - 85 Direccion GeneralMedellín, Antioquía

Data approved: 2011-08-01

Data version: 1

Age of data: 168 months

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Product

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Product Details

Key Statistics

Outstanding portfolio (COP)	COP 93,846,000,000
Portfolio (USD)	USD 51,563,736.26
Active Clients with Loans	36,297
Approximate % Female Clients	40% - 60%
Approximate % Urban Clients	60% - 80%

Methodology

Individual	x
Solidarity group
Village banking
Self help group
Other

Description

Línea de crédito mediante la cual se satisfacen las necesidades de financiación de las microempresas. Fácil y rápido, estudio de crédito gratis, cuenta de ahorros sin cuota de manejo. Puede acceder a seguros y cuenta con un asesor especializado.

Loan Purpose

Any purpose
Income generation	x
Mortgage/housing
Consumer loan
Agriculture
Education
Other household finance	x
Other	Activos fijos, reforma locativa, insumos
Other (2)	Gastos operativos del negocio, capital de trabajo

Included Services

Credit education	x
Group meetings
Credit insurance
Workplace visits	x
Business training
Other training	x
Other	Acompañamiento y seguimiento
Other (2)	Educación financiera
No other services

Eligibility

Men	x
Women	x
Must run a business	x
Must own a home or land
Must be a salaried worker
Must be specific age group
Other	Centrales de Riesgo aprobadas
Other (2)

# Borrowers by Product

Portfolio Size by Product

Geographic Coverage

# Regions for this institution	N/A
# Regions for this product	N/A
Regions Active

Loan Conditions

Loan Amount

Currency	COP
Minimum loan size	COP 535,600
Maximum loan size	13,390,000

Loan Term and Grace Period

Shortest loan term	3.0 months
Longest loan term	48.0 months
Approx average	15.0 months

Grace Period

Grace period usage	0
Average grace period	0

Repayment Frequency

Daily
Weekly
Every 2 weeks
Every 4 weeks
Monthly	x
Every 2 months
Quarterly
Every 6 months
Every 12 months
Single end payment
Irregular payments

Pricing Information

Interest

Lowest quoted nominal interest	29.56%
Highest quoted nominal interest	29.56%
Interest rate period	Yearly
Interest Rate Calculation Method	Decl Bal
Subsidized by funder request?	No
Is rate fixed for entire loan term	Yes

Upfront Fees

	Fee 1
Description	Comisio Mipyme
% of loan amount - min	0
% of loan amount - max	7.50%
OR, Fixed amount - min	0
Fixed amount - max	0
Reason for variation	N/A
Appears on Repayment Sched?	Yes

Ongoing Fees

This product has no ongoing fees

Upfront Insurance Fees

	Ins 1
Description	Comisio FNG
% of loan amount - min	2.75%
% of loan amount - max	2.75%
OR, Fixed amount - min	0
Fixed amount - max	0
Reason for variation	N/A
Appears on Repayment Sched?	No

Ongoing Insurance Fees

	Ins 1
Description	Plan de seuros de Vida - % sobre saldo.
% of loan amount - min	0.57%
% of loan amount - max	0.57%
OR, Fixed amount - min	0
Fixed amount - max	0
Reason for variation	N/A
Appears on Repayment Sched?	Yes

Compulsory Deposit

Required for	Never
Criteria	N/A
Is deposit indicated on the repayment schedule?	N/A
Do borrowers control deposit in their group?	N/A

Deposit BEFORE or AT Disbursement

% loan amount deposited	N/A
or, Fixed-amount deposited	N/A

Deposits DURING period payments

% loan amount deposited	N/A
or, Fixed-amount deposited	N/A
Conditions on access to deposit	N/A

Interest Paid on Deposit

Minimum interest rate paid	N/A
Maximum interest rate paid	N/A
Interest payment frequency	N/A

Taxes

Are taxes charged on this product?	No

Are taxes charged on this product?

Full Pricing Data

Microcrédito samples

	Sample 1	Sample 2	Sample 3
Loan Amount	COP 3,250,000	COP 6,500,000	COP 13,300,000
Loan Cycle (1, 2, 3, etc)	Not Known	Not Known	Not Known
Disbursement Date	2011-03-16	2011-03-15	2011-03-29
Loan Term (Months)	18.0 months	24.0 months	18.0 months
Grace Period (Months)	0.0 months	0.0 months	0.0 months
Total Cost of Credit	Not Known	Not Known	Not Known
True Price by Comp
Interest and Fee Component	39.6%	39.4%	41.3%
Insurance Component	5.6%	18.3%	5.5%
Tax Component	0.0%	0.0%	0.0%
Deposit Component	0.0%	0.0%	0.0%
Full APR (int fee ins tax dep)	45.2%	57.7%	46.8%
Transparency Index	65	51	63

Original Repayment Schedule	PDF	PDF	PDF
MFT Pricing Calculation	PDF	PDF	PDF

Microcrédito Price Graphs

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Key Statistics
# Samples:
# Products
# Institutions
# Countries
# Borrowers
Loan Portfolio (USD)
% Products using declining balance
% Products with one or more fee
% Products with one or more insurances
% Products with compulsory deposits

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Total Borrrowers of Samples


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