Lower Pra Rural Bank Limited - Salary Loan - MFTransparency.org Truth In Lending Tables

Please note that the information you are viewing is 158 months old and may not represent the prices currently charged. If you represent this MFI and wish to update your information, click HERE

Institution

Lower Pra Rural Bank Limited ShamaWestern RegionPO Box SH 18

Data approved: 2011-12-07

Data version: 1

Age of data: 158 months

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Product

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Product Details

Key Statistics

Outstanding portfolio (GHS)	GHS 7,673,776
Portfolio (USD)	USD 3,895,317.77
Active Clients with Loans	17,746
Approximate % Female Clients	40% - 60%
Approximate % Urban Clients	80% - 100%

Methodology

Individual	x
Solidarity group
Village banking
Self help group
Other

Description

This loan is for individuals who have their salaries passing through this bank for at least 2 months. Sometimes based on amount of salary received.Take between 2 to 4 guarantors.

Loan Purpose

Any purpose
Income generation	x
Mortgage/housing
Consumer loan
Agriculture
Education
Other household finance
Other
Other (2)

Included Services

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

Eligibility

Men	x
Women	x
Must run a business
Must own a home or land
Must be a salaried worker
Must be specific age group
Other
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	GHS
Minimum loan size	GHS 500
Maximum loan size	11,000

Loan Term and Grace Period

Shortest loan term	1.0 month
Longest loan term	60.0 months
Approx average	36.0 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	28.00%
Highest quoted nominal interest	28.00%
Interest rate period	Yearly
Interest Rate Calculation Method	Flat
Subsidized by funder request?
Is rate fixed for entire loan term	Yes

Upfront Fees

	Fee 1	Fee 2
Description	Loan Processing Fee	Commitment Fee
% of loan amount - min	0	5.00%
% of loan amount - max	0	5.00%
OR, Fixed amount - min	3	0
Fixed amount - max	3	0
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

This product has no ongoing insurance fees

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

Salary Loan samples

	Sample 1	Sample 2	Sample 3	Sample 4	Sample 5
Loan Amount	GHS 800	GHS 1,300	GHS 4,000	GHS 4,000	GHS 10,000
Loan Cycle (1, 2, 3, etc)	Not Known	Not Known	Not Known	Not Known	Not Known
Disbursement Date	2011-06-30	2011-05-20	2011-05-30	2011-05-30	2011-04-14
Loan Term (Months)	12.0 months	12.0 months	18.0 months	18.0 months	60.0 months
Grace Period (Months)	0.0 months	0.0 months	0.0 months	0.0 months	0.0 months
Total Cost of Credit	Not Known	Not Known	Not Known	Not Known	Not Known
True Price by Comp
Interest and Fee Component	63.0%	62.4%	58.6%	58.6%	47.4%
Insurance Component	0.0%	0.0%	0.0%	0.0%	0.0%
Tax Component	0.0%	0.0%	0.0%	0.0%	0.0%
Deposit Component	0.0%	0.0%	0.0%	0.0%	0.0%
Full APR (int fee ins tax dep)	63.0%	62.4%	58.6%	58.6%	47.4%
Transparency Index	44	45	48	48	59

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

Salary Loan 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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