Institution Type | RurBank |
Is this institution regulated? | Yes |
Website address | N/A |
Year established | 1990 |
Head of Institution | Mike D Tizaayel |
Regions active | |
# Branches | 6 |
Total Portfolio (nat'l) | GHS 3,838,180 |
Total Portfolio (USD) | USD 1,948,314.72 |
Active clients with loans | 9,508 |
Approximate % female clients | 60% - 80% |
Approximate % urban clients | 40% - 60% |
Network affiliations | GHAMFIN, ARB |
Funders | Trias Ghana, Speed Ghana, Action Aid |
Product Name | Loan Size Range | Loan Term (months) | % Female | % Urban | Loan Purpose | Eligibility | Other Services | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Agricultural Loan | GHS 200 - 2,000 | 4 - 8 | 0% - 20% | 0% - 20% | Agriculture | Women, Men | Credit Educ, Group Mtgs, Business Training | |||||||
Bonzali Microfinance Loan | GHS 200 - 3,000 | 4 - 12 | 60% - 80% | 0% - 20% | Any Purpose | Women, Men | Credit Educ, Group Mtgs, Business Training | |||||||
Commercial Loan | GHS 500 - 3,000 | 6 - 12 | 80% - 100% | 40% - 60% | Business | Women, Men, Have business | Business Training | |||||||
Personal and Salary Loan | GHS 100 - 2,000 | 6 - 12 | 40% - 60% | 60% - 80% | Any Purpose | Women, Men, Have business |
Product Name | Annual Nominal Interest | Fees | Insurance | Taxes | Compulsory Deposit | APR (int+fee) | Full APR | Transparency Index | ||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Agricultural Loan | 30.00% annual, Flat | 1 Fee | 0 Ins | None | 10.00% upfront | 88.2% | 102.4% | 29 | ||||||||
Bonzali Microfinance Loan | 30.00% annual, Flat | 1 Fee | 0 Ins | None | 10.00% upfront | 80.1% - 81.3% | 96.5% - 100.8% | 30 | ||||||||
Commercial Loan | 30.00% annual, Flat | 1 Fee | 0 Ins | None | 10.00 upfront | 68.4% - 206.6% | 69.7% - 212.3% | 25 | ||||||||
Personal and Salary Loan | 30.00% annual, Flat | 1 Fee | 0 Ins | None | N/A | 58.6% - 62.1% | 58.6% - 62.1% | 50 |
Outstanding portfolio (KES) | KES 272,031,697 |
Portfolio (USD) | USD 3,285,406.97 |
Active Clients with Loans | 38,391 |
Approximate % Female Clients | 80% - 100% |
Approximate % Urban Clients | 0% - 20% |
Individual | |
Solidarity group | x |
Village banking | |
Self help group | |
Other | Group membership of 7-10 individuals. |
Any purpose | |
Income generation | x |
Mortgage/housing | |
Consumer loan | |
Agriculture | |
Education | |
Other household finance | x |
Other | |
Other (2) |
Credit education | x |
Group meetings | x |
Credit insurance | |
Workplace visits | x |
Business training | x |
Other training | x |
Other | Leadership |
Other (2) | Women empowerment |
No other services |
Men | |
Women | x |
Must run a business | x |
Must own a home or land | |
Must be a salaried worker | |
Must be specific age group | |
Other | |
Other (2) |
# Regions for this institution | 8 |
# Regions for this product | 8 |
Regions Active | Central, Coast, Eastern, Nairobi, North Eastern, Nyanza, Rift Valley, Western |
Currency | KES |
Minimum loan size | KES 50,000 |
Maximum loan size | 200,000 |
Loans less than KES 50,000 | 60% |
KES 50,000-150,000 | 40% |
KES 150,000-250,000 | 0 |
KES 250,000-350,000 | 0 |
KES 350,000-450,000 | 0 |
Greater than KES 450,000 | 0 |
Shortest loan term | 6.0 months |
Longest loan term | 36.0 months |
Approx average | 12.0 months |
Loans 3 months or less | 0 |
Between 4 and 6 months | 5% |
Between 7 and 9 months | 10% |
Between 10 and 12 months | 15% |
Between 13 and 18 months | 50% |
Longer than 18 months | 20% |
Grace period usage | 0 |
Average grace period | 0 |
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 |
Lowest quoted nominal interest | 1.67% |
Highest quoted nominal interest | 1.83% |
Reason(s) why interest rate varies | Loan Size |
Interest rate period | Monthly |
Interest Rate Calculation Method | Flat |
Subsidized by funder request? | No |
Is rate fixed for entire loan term | Yes |
Fee 1 | Fee 2 | ||
---|---|---|---|
Description | Loan Processing Fee | Chattels Fee | |
% of loan amount - min | 1.00% | 0 | |
% of loan amount - max | 1.50% | 0 | |
OR, Fixed amount - min | 0 | 0 | |
Fixed amount - max | 0 | 1,500 | |
Reason for variation | Loans below 100,000 KES = 1.5% with 250 KES minimum. Loans 100,000 KES and above = 1% | Charged only on loans KES 100,000 and above. | |
Appears on Repayment Sched? | No | No |
Ins 1 | |
---|---|
Description | Risk Management Fee |
% of loan amount - min | 1.25% |
% of loan amount - max | 1.25% |
OR, Fixed amount - min | 0 |
Fixed amount - max | 0 |
Reason for variation | N/A |
Appears on Repayment Sched? | No |
Required for | All |
Criteria | Idv loans =10% upfront & 1% ongoing. Grp Loans <KES 100,000 =10% upfront & >KES 100,000 =20% upfront. Loans >KES 45,000 =KES 400 ongoing, <KES 45,000 loans =KES 50 ongoing. |
Is deposit indicated on the repayment schedule? | No |
Do borrowers control deposit in their group? | No |
% loan amount deposited | 10.00% - 20.00% |
or, Fixed-amount deposited | 0 |
% loan amount deposited | 0 - 1.00% |
or, Fixed-amount deposited | KES 50 - 0 |
Conditions on access to deposit | When Leaving |
Minimum interest rate paid | 2.00% |
Maximum interest rate paid | 6.00% |
Interest payment frequency | End Term |
Are taxes charged on this product? | No |
Sample 1 | Sample 2 | Sample 3 | Sample 4 | ||||
---|---|---|---|---|---|---|---|
Loan Amount | KES 49,800 | KES 50,000 | KES 90,000 | KES 150,000 | |||
Loan Cycle (1, 2, 3, etc) | Not Known | Not Known | Not Known | Not Known | |||
Disbursement Date | 2013-03-12 | 2013-03-11 | 2013-03-15 | 2013-03-13 | |||
Loan Term (Months) | 12.0 months | 12.0 months | 12.0 months | 24.0 months | |||
Grace Period (Months) | 0.0 months | 0.0 months | 0.0 months | 0.0 months | |||
Total Cost of Credit | KES 12,325.50 | KES 12,375.04 | KES 22,383.48 | KES 65,880.85 | |||
True Price by Comp | |||||||
Interest price component | 37.6% | 37.6% | 37.8% | 34.6% | |||
Fee Component | 3.0% | 3.0% | 3.0% | 2.2% | |||
Insurance Component | 2.5% | 2.5% | 2.5% | 1.4% | |||
Tax Component | 0.0% | 0.0% | 0.0% | 0.0% | |||
Deposit Component | 8.8% | 12.5% | 10.6% | 19.5% | |||
Full APR (int fee ins tax dep) | 51.9% | 55.6% | 53.9% | 57.7% | |||
Transparency Index | 35 | 32 | 33 | 35 | |||
Original Repayment Schedule | |||||||
MFT Pricing Calculation |
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% Products with compulsory deposits |
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