2. EASL
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  2. FFSL
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Institution

EB ACCION Savings and Loans Ltd No. 4 Nortei Ababio Street Roman RidgePMB CT 127, CantonmentsAccra, Greater Accra
Data approved: 2013-07-31
Data version: 1
Age of data: 141 months

Institution

Future Financial Servicess Ltd. #17/1, GRA Tower, Ambalipura Main RoadOff. Sarjapur Road, Agara PostBangalore, KarnatakaPO Box 560 103
Data approved: 2013-07-16
Data version: 3
Age of data: 140 months
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Product

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Product Summary

Number borrowers880
Loan Amount (range)GHS 50 - 1,000
Loan Term (range)3 - 6
Other Services (text summary)Credit Ins
Annual Interest & Method48.0% annual, Flat
Fees1.50%-2.00% upfront
Insurance0.55%-1.00% upfront
TaxNone
Comp Dep2.50-10.00 ongoing
Range of pricing 
Interest Price Component57.7% - 86.0%
Fee Component2.2% - 9.1%
Insurance Component0.6% - 4.5%
Tax Component Range0 - 0.6%
Full APR (int fee ins tax dep)154.3% - 180.7%
Transparency Index (min/max)27 - 66
Transparency Index (average)29

Product Summary

4,872
INR 12,000 - 30,000
19 - 26
Group Mtgs, Credit Ins, Other Training
26.0% annual, Decl Bal
1.00% upfront
410.00-1,109.00 upfront
12.36% fees
N/A
 
24.7% - 27.7%
1.1% - 1.4%
3.6% - 4.4%
0.1% - 0.2%
33.2% - 33.4%
78 - 87
78

Product Details

Key Statistics
Outstanding portfolio (GHS)GHS 671,900
Portfolio (USD)USD 341,065.99
Active Clients with Loans880
Approximate % Female Clients60% - 80%
Approximate % Urban Clients60% - 80%
Methodology
Individualx
Solidarity group
Village banking
Self help group
Other
Description
This product is designed for those who require the smallest of loans. We process loans as small as GHS 50 to clients to better their lives.
Loan Purpose
Any purpose
Income generationx
Mortgage/housing
Consumer loan
Agriculture
Education
Other household finance
Other
Other (2)
Included Services
Credit education
Group meetings
Credit insurancex
Workplace visits
Business training
Other training
Other
Other (2)
No other services
Eligibility
Menx
Womenx
Must run a business
Must own a home or land
Must be a salaried worker
Must be specific age groupx
Other
Other (2)
# Borrowers by Product
Portfolio Size by Product
Geographic Coverage
# Regions for this institution3
# Regions for this product4
Regions ActiveGreater Accra Region, Eastern Region, Ashanti Region, Brong Ahafo Region

Product Details

Key Statistics
Outstanding portfolio (INR)INR 80,098,760
Portfolio (USD)USD 1,511,297.36
Active Clients with Loans4,872
Approximate % Female Clients100%
Approximate % Urban Clients100%
Methodology
Individual
Solidarity groupx
Village banking
Self help group
Other
Description
Loan has to be disposed with fortnightly payment
Loan Purpose
Any purpose
Income generationx
Mortgage/housing
Consumer loan
Agriculture
Education
Other household finance
Other
Other (2)
Included Services
Credit education
Group meetingsx
Credit insurancex
Workplace visits
Business training
Other trainingx
Other
Other (2)
No other services
Eligibility
Men
Womenx
Must run a business
Must own a home or land
Must be a salaried worker
Must be specific age group
Household income <60,000 INR
Household income <120,000 INR
Must live in rural area
Must lives in urban area
Other
Other (2)
# Borrowers by Product
Portfolio Size by Product
Geographic Coverage
# Regions for this institution2
# Regions for this product1
Regions ActiveKarnataka

Loan Conditions

Loan Amount
CurrencyGHS
Minimum loan sizeGHS 50
Maximum loan size1,000
Distribution at Disbursement (Est.)
Loans less than GHS 1,000100%
GHS 1,000-5,0000
GHS 5,000-7,5000
GHS 7,500-10,0000
GHS 10,000-13,0000
Greater than GHS 13,0000
Loan Term and Grace Period
Shortest loan term3.0 months
Longest loan term6.0 months
Approx averageDK
Distribution at Disbursement (Est.)
Loans 3 months or less0
Between 4 and 6 months100%
Between 7 and 9 months0
Between 10 and 12 months0
Between 13 and 18 months0
Longer than 18 months0
Grace Period
Grace period usage0
Average grace period0
Repayment Frequency
Daily
Weeklyx
Every 2 weeksx
Every 4 weeks
Monthlyx
Every 2 months
Quarterly
Every 6 months
Every 12 months
Single end payment
Irregular payments

Loan Conditions

Loan Amount
CurrencyINR
Minimum loan sizeINR 12,000
Maximum loan size30,000
Distribution at Disbursement (Est.)
Loans less than INR 5,0000
INR 5,000-15,0000
INR 15,000-25,00070%
INR 25,000-35,00030%
INR 35,000-45,0000
Greater than INR 45,0000
Loan Term and Grace Period
Shortest loan term19.0 months
Longest loan term26.0 months
Approx averageDK
Distribution at Disbursement (Est.)
Loans 3 months or less0
Between 4 and 6 months0
Between 7 and 9 months0
Between 10 and 12 months0
Between 13 and 18 months0
Longer than 18 months100%
Grace Period
Grace period usage0
Average grace period0
Repayment Frequency
Daily
Weekly
Every 2 weeksx
Every 4 weeks
Monthly
Every 2 months
Quarterly
Every 6 months
Every 12 months
Single end payment
Irregular payments

Pricing Information

Interest
Lowest quoted nominal interest4.00%
Highest quoted nominal interest4.00%
Interest rate periodMonthly
Interest Rate Calculation MethodFlat
Subsidized by funder request?No
Is rate fixed for entire loan termYes
Upfront Fees
Fee 1
DescriptionProcessing Fee
% of loan amount - min1.50%
% of loan amount - max2.00%
OR, Fixed amount - min0
Fixed amount - max0
Reason for variationFee increased from 1.5% to 2.0% in March 2013.
Appears on Repayment Sched?Yes
Ongoing Fees
This product has no ongoing fees
Upfront Insurance Fees
Ins 1
DescriptionInsurance Fee
% of loan amount - min0.55%
% of loan amount - max1.00%
OR, Fixed amount - min0
Fixed amount - max0
Reason for variationFee increased from 0.55% to 1.0% in July 2013.
Appears on Repayment Sched?Yes
Ongoing Insurance Fees
This product has no ongoing insurance fees
Compulsory Deposit
Required forSome
CriteriaRequired if physical collateral provided is not sufficient. Ongoing is 2.5 GHS pw for weekly loans, 10 GHS for monthly loans
Is deposit indicated on the repayment schedule?No
Do borrowers control deposit in their group?No
Deposit BEFORE or AT Disbursement
% loan amount deposited0 - 20.00%
or, Fixed-amount deposited0
Deposits DURING period payments
% loan amount deposited0
or, Fixed-amount depositedGHS 2.50 - GHS 10
Conditions on access to depositEnd Term
Interest Paid on Deposit
Minimum interest rate paid6.00%
Maximum interest rate paid6.00%
Interest payment frequencyAnnually
Taxes
Are taxes charged on this product?No

Pricing Information

Interest
Lowest quoted nominal interest26.00%
Highest quoted nominal interest26.00%
Interest rate periodYearly
Interest Rate Calculation MethodDecl Bal
Subsidized by funder request?No
Is rate fixed for entire loan termYes
Upfront Fees
Fee 1
DescriptionProcessing Fee
% of loan amount - min1.00%
% of loan amount - max1.00%
OR, Fixed amount - min0
Fixed amount - max0
Reason for variationN/A
Appears on Repayment Sched?Yes
Ongoing Fees
This product has no ongoing fees
Upfront Insurance Fees
Ins 1
DescriptionInsurance Fee (Borrower & Guarantor)
% of loan amount - min0
% of loan amount - max0
OR, Fixed amount - min410
Fixed amount - max1,109
Reason for variationPremium varies with loan size and loan tenure
Appears on Repayment Sched?Yes
Ongoing Insurance Fees
This product has no ongoing insurance fees
Compulsory Deposit
Required forNever
CriteriaN/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 depositedN/A
or, Fixed-amount depositedN/A
Deposits DURING period payments
% loan amount depositedN/A
or, Fixed-amount depositedN/A
Conditions on access to depositN/A
Interest Paid on Deposit
Minimum interest rate paidN/A
Maximum interest rate paidN/A
Interest payment frequencyN/A
Taxes
Are taxes charged on this product?Yes
Percentage of fees12.4%
All or some fees taxedSome
Additional Comments
FFSL displays Effective Annualized Cumulative Rates in the passbook. EACR as mentioned for the product varies 30.86% to 31.3%

Full Pricing Data

Micro Express samples
Sample 1Sample 2Sample 3Sample 4
Loan AmountGHS 300GHS 400GHS 600GHS 800
Loan Cycle (1, 2, 3, etc)Not KnownNot KnownNot KnownNot Known
Disbursement Date2013-06-182013-06-062013-05-142013-06-06
Loan Term (Months)5.6 months5.6 months5.6 months5.6 months
Grace Period (Months)0.0 months0.0 months0.0 months0.0 months
Total Cost of CreditGHS 73.89GHS 98.52GHS 139.32GHS 197.04
True Price by Comp       
Interest price component86.0%86.0%81.0%86.0%
Fee Component9.1%9.1%6.8%9.1%
Insurance Component2.5%2.5%4.5%2.5%
Tax Component0.0%0.0%0.0%0.0%
Deposit Component83.1%73.5%62.0%60.3%
Full APR (int fee ins tax dep)180.7%171.1%154.3%157.9%
Transparency Index27283130
        
Original Repayment SchedulePDFPDFPDFPDF
MFT Pricing CalculationPDFPDFPDFPDF

Full Pricing Data

Fortnightly Loan samples
Sample 1Sample 2Sample 3Sample 4
Loan AmountINR 15,000INR 15,000INR 25,000INR 20,000
Loan Cycle (1, 2, 3, etc)Not KnownNot KnownNot KnownNot Known
Disbursement Date2013-05-092013-05-092013-05-092013-04-19
Loan Term (Months)17.0 months17.0 months23.0 months23.0 months
Grace Period (Months)0.1 months0.1 months0.1 months0.1 months
Total Cost of CreditINR 3,764INR 3,764INR 8,375INR 6,684
True Price by Comp       
Interest price component27.6%27.6%27.7%27.7%
Fee Component1.4%1.4%1.1%1.1%
Insurance Component4.2%4.2%4.4%4.2%
Tax Component0.2%0.2%0.2%0.2%
Deposit Component0.0%0.0%0.0%0.0%
Full APR (int fee ins tax dep)33.4%33.4%33.4%33.2%
MFIN MFI Earning (Annualised)29.0%29.0%28.8%28.8%
MFIN Cost to Borrower (Annualised)33.4%33.4%33.4%33.2%
Transparency Index78787878
MFIN Transparency Index94949494
        
Original Repayment SchedulePDFPDFPDFPDF
MFT Pricing CalculationPDFPDFPDFPDF
* The APR stated here is an MFTransparency term, definition and formula
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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
Filter table:
Country InstAbbrev SampleCode Loan Amount USD Loan Term (Months) SampClients FullAPR DateApproved
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