FUNDACION ECOPETROL PARA EL DESARROLLO DEL MAGDALENA MEDIO - Solidaria - MFTransparency.org Truth In Lending Tables

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Institution

FUNDACION ECOPETROL PARA EL DESARROLLO DEL MAGDALENA MEDIO carrera 27 Nº 44 -41BARRANCABERMEJA, SANTANDER

Data approved: 2011-03-15

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 463,669,627
Portfolio (USD)	USD 254,763.53
Active Clients with Loans	192
Approximate % Female Clients	40% - 60%
Approximate % Urban Clients	80% - 100%

Methodology

Individual
Solidarity group	x
Village banking
Self help group
Other

Description

Destinado a personas naturales y jurídicas de estrato I,II y III, con actividades microempresariales productivas, comerciales, Agropecuarias y de servicios, del sector urbano y rural, con monto inferior a 25 SMLV

Loan Purpose

Any purpose
Income generation	x
Mortgage/housing
Consumer loan
Agriculture
Education
Other household finance
Other	Capital de Trabajo
Other (2)	Compra de Activos

Included Services

Credit education	x
Group meetings	x
Credit insurance	x
Workplace visits	x
Business training	x
Other training	x
Other	Ruedas de Negocio
Other (2)
No other services

Eligibility

Men	x
Women	x
Must run a business	x
Must own a home or land	x
Must be a salaried worker
Must be specific age group
Other	Codeudor con Finca Raiz
Other (2)	Codeudor asalariado o independiente

# 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 200,000
Maximum loan size	12,580,000

Loan Term and Grace Period

Shortest loan term	1.0 month
Longest loan term	36.0 months
Approx average	15.0 months

Grace Period

Grace period usage	10%
Average grace period	6.0 months

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	x
Irregular payments

Pricing Information

Interest

Lowest quoted nominal interest	2.00%
Highest quoted nominal interest	2.00%
Interest rate period	Monthly
Interest Rate Calculation Method	Decl Bal
Subsidized by funder request?	Yes
Is rate fixed for entire loan term	Yes

Upfront Fees

	Fee 1	Fee 2
Description	COMISION DE MICROCREDITO LEY 590 DEL 2000	CIFIN
% of loan amount - min	4.50%	0
% of loan amount - max	7.50%	0
OR, Fixed amount - min	0	5,000
Fixed amount - max	0	5,000
Reason for variation		N/A
Appears on Repayment Sched?	Yes	Yes

Ongoing Fees

This product has no ongoing fees

Upfront Insurance Fees

This product has no upfront insurance fees

Ongoing Insurance Fees

	Ins 1
Description	Seguro
% of loan amount - min	6.00%
% of loan amount - max	6.00%
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

Solidaria samples

	Sample 1	Sample 2	Sample 3
Loan Amount	COP 1,000,000	COP 3,300,000	COP 4,500,000
Loan Cycle (1, 2, 3, etc)	Not Known	Not Known	Not Known
Disbursement Date	2011-03-11	2011-02-11	2011-03-11
Loan Term (Months)	12.0 months	15.0 months	24.0 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	40.3%	32.2%	30.5%
Insurance Component	0.8%	0.7%	0.7%
Tax Component	0.0%	0.0%	0.0%
Deposit Component	0.0%	0.0%	0.0%
Full APR (int fee ins tax dep)	41.0%	32.9%	31.2%
Transparency Index	59	73	77

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

Solidaria 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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