Opportunity Kenya Limited - Nguzo Loan - MFTransparency.org Truth In Lending Tables

Please note that the information you are viewing is 142 months old and may not represent the prices currently charged. If you represent this MFI and wish to update your information, click HERE

Please note that the information you are viewing is 140 months old and may not represent the prices currently charged. If you represent this MFI and wish to update your information, click HERE

Institution

Opportunity Kenya Limited Geomaps Center, 1st Floor, Matumbato Road, Upper HillP.O. Box 19497Nairobi

Data approved: 2013-05-31

Data version: 2

Age of data: 142 months

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Institution

Singhivi Investment & Finance Pvt. Ltd. 4th Floor, Temple Tower, 672 Anna Salai, NandanamChennai, Tamil Nadu600035

Data approved: 2013-02-20

Data version: 3

Age of data: 140 months

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Product

Nguzo Loan Product 2 of 5 « Prev | Next »

Product

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Product Summary

Number borrowers	219
Loan Amount (range)	KES 50,000 - 500,000
Loan Term (range)	6 - 36
Other Services (text summary)	Credit Educ, Group Mtgs, Credit Ins, Other Training, Fire/Burglary Insurance
Annual Interest & Method	22.0% annual, Flat
Fees	1,000.00-0.00 upfront 1,300.00 upfront
Insurance	1.60%-3.00% upfront
Tax	None
Comp Dep	25.0% upfront 200.00 ongoing
Range of pricing
Interest Price Component	29.8% - 41.0%
Fee Component	2.6% - 20.5%
Insurance Component	1.8% - 6.9%
Tax Component Range	0
Full APR (int fee ins tax dep)	67.5% - 112.5%
Transparency Index (min/max)	16 - 36
Transparency Index (average)	27

Product Summary

590,000
INR 12,000 - 18,000
18 - 24
Credit Educ, Group Mtgs, Credit Ins
25.5% annual, Decl Bal
1.00% upfront
1.46% upfront
12.36% fees
N/A

24.4% - 25.4%
1.0% - 2.1%
1.5% - 2.2%
0.1% - 0.3%
27.7% - 29.1%
87 - 92
90

Product Details

Key Statistics

Outstanding portfolio (KES)	KES 15,968,913.11
Portfolio (USD)	USD 192,861.27
Active Clients with Loans	219
Approximate % Female Clients	40% - 60%
Approximate % Urban Clients	60% - 80%

Methodology

Individual
Solidarity group	x
Village banking
Self help group
Other

Description

Given to groups between 5 to 10 members. Customers are required to have a lease agreement, bank account statement and utility bills. Customers must have been in business for longer than 12 months.

Loan Purpose

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

Included Services

Credit education	x
Group meetings	x
Credit insurance	x
Workplace visits
Business training
Other training	x
Other	Fire/Burglary Insurance
Other (2)
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	Must have run a business for at least 24 months
Other (2)

# Borrowers by Product

Portfolio Size by Product

Geographic Coverage

# Regions for this institution	4
# Regions for this product	4
Regions Active	Nairobi, Nyanza, Rift Valley, Western

Product Details

Key Statistics

Outstanding portfolio (INR)	INR 3,500,000,000
Portfolio (USD)	USD 66,037,735.85
Active Clients with Loans	590,000
Approximate % Female Clients	80% - 100%
Approximate % Urban Clients	80% - 100%

Methodology

Individual
Solidarity group	x
Village banking
Self help group
Other

Description

Primary microcredit loan given under the JLG model for the purpose of capital infusion into new members for existing business

Loan Purpose

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

Included Services

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

Eligibility

Men
Women	x
Must run a business	x
Must own a home or land
Must be a salaried worker
Must be specific age group
Household income <60,000 INR	x
Household income <120,000 INR	x
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 institution	2
# Regions for this product	5
Regions Active	Gujarat, Madhya Pradesh, Rajasthan, Tamil Nadu, Puducherry

Loan Conditions

Loan Amount

Currency	KES
Minimum loan size	KES 50,000
Maximum loan size	500,000

Distribution at Disbursement (Est.)

Loans less than KES 50,000	15%
KES 50,000-150,000	50%
KES 150,000-250,000	20%
KES 250,000-350,000	10%
KES 350,000-450,000	5%
Greater than KES 450,000	5%

Loan Term and Grace Period

Shortest loan term	6.0 months
Longest loan term	36.0 months
Approx average	DK

Distribution at Disbursement (Est.)

Loans 3 months or less	0
Between 4 and 6 months	15%
Between 7 and 9 months	5%
Between 10 and 12 months	70%
Between 13 and 18 months	10%
Longer than 18 months	0

Grace Period

Grace period usage	10%
Average grace period	DK

Repayment Frequency

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

Loan Conditions

Loan Amount

Currency	INR
Minimum loan size	INR 12,000
Maximum loan size	18,000

Distribution at Disbursement (Est.)

Loans less than INR 5,000	0
INR 5,000-15,000	50%
INR 15,000-25,000	50%
INR 25,000-35,000	0
INR 35,000-45,000	0
Greater than INR 45,000	0

Loan Term and Grace Period

Shortest loan term	18.0 months
Longest loan term	24.0 months
Approx average	24.0 months

Distribution at Disbursement (Est.)

Loans 3 months or less	0
Between 4 and 6 months	0
Between 7 and 9 months	0
Between 10 and 12 months	0
Between 13 and 18 months	10%
Longer than 18 months	90%

Grace Period

Grace period usage	100%
Average grace period	DK

Repayment Frequency

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

Pricing Information

Interest

Lowest quoted nominal interest	22.00%
Highest quoted nominal interest	22.00%
Reason(s) why interest rate varies	Branch, Time as Client
Interest rate period	Yearly
Interest Rate Calculation Method	Flat
Subsidized by funder request?	No
Is rate fixed for entire loan term	Yes

Upfront Fees

	Fee 1	Fee 2
Description	Loan Application Fee	Chattels Fee
% of loan amount - min	0	0
% of loan amount - max	2.00%	0
OR, Fixed amount - min	1,000	1,300
Fixed amount - max	0	1,300
Reason for variation	2% with KES 1000 minimum	Charged on all loans
Appears on Repayment Sched?	Yes	Yes

Ongoing Fees

This product has no ongoing fees

Upfront Insurance Fees

	Ins 1
Description	Insurance Fee
% of loan amount - min	1.60%
% of loan amount - max	3.00%
OR, Fixed amount - min	0
Fixed amount - max	0
Reason for variation	<12 month =1.6%, 13-24 months=1.75%, 25+ months=3%. Either upfront or continuing.
Appears on Repayment Sched?	Yes

Ongoing Insurance Fees

This product has no ongoing insurance fees

Compulsory Deposit

Required for	All
Criteria	N/A
Is deposit indicated on the repayment schedule?	No
Do borrowers control deposit in their group?	No

Deposit BEFORE or AT Disbursement

% loan amount deposited	25.00%
or, Fixed-amount deposited	0

Deposits DURING period payments

% loan amount deposited	0
or, Fixed-amount deposited	KES 200
Conditions on access to deposit	Access During

Interest Paid on Deposit

Minimum interest rate paid	1.00%
Maximum interest rate paid	1.00%
Interest payment frequency	Annually

Taxes

Are taxes charged on this product?	No

Are taxes charged on this product?

Additional Comments

Interest rate revised to 20% flat as of 17-June-2013.

Pricing Information

Interest

Lowest quoted nominal interest	25.50%
Highest quoted nominal interest	25.50%
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	Processing Fee
% of loan amount - min	1.00%
% of loan amount - max	1.00%
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	Term Life Insurance
% of loan amount - min	1.46%
% of loan amount - max	1.46%
OR, Fixed amount - min	0
Fixed amount - max	0
Reason for variation	N/A
Appears on Repayment Sched?	Yes

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?	Yes
Percentage of fees	12.4%
All or some fees taxed	Some

Full Pricing Data

Nguzo Loan samples

	Sample 1	Sample 2	Sample 3	Sample 4	Sample 5
Loan Amount	KES 50,000	KES 100,000	KES 185,000	KES 295,000	KES 400,000
Loan Cycle (1, 2, 3, etc)	Not Known	Not Known	Not Known	Not Known	Not Known
Disbursement Date	2013-05-27	2013-05-15	2013-05-29	2013-05-03	2013-04-30
Loan Term (Months)	12.0 months	12.0 months	18.0 months	24.0 months	24.0 months
Grace Period (Months)	0.2 months	0.7 months	0.7 months	0.5 months	0.5 months
Total Cost of Credit	KES 14,069.86	KES 28,759.73	KES 70,198	KES 141,364.38	KES 191,217.81
True Price by Comp
Interest price component	39.5%	41.0%	38.4%	37.3%	37.3%
Fee Component	9.8%	6.7%	3.8%	2.7%	2.6%
Insurance Component	3.5%	3.3%	1.8%	1.8%	1.8%
Tax Component	0.0%	0.0%	0.0%	0.0%	0.0%
Deposit Component	59.7%	41.6%	32.0%	26.4%	25.8%
Full APR (int fee ins tax dep)	112.5%	92.6%	76.0%	68.2%	67.5%
Transparency Index	20	24	29	32	33

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

Full Pricing Data

First Cycle Loan samples

	Sample 1	Sample 2	Sample 3
Loan Amount	INR 12,000	INR 12,000	INR 12,000
Loan Cycle (1, 2, 3, etc)	Not Known	Not Known	Not Known
Disbursement Date	2013-02-28	2013-02-28	2013-02-28
Loan Term (Months)	24.0 months	24.0 months	17.0 months
Grace Period (Months)	0.1 months	0.1 months	0.0 months
Total Cost of Credit	INR 3,609.83	INR 3,684.83	INR 2,652.83
True Price by Comp
Interest price component	25.1%	25.0%	25.3%
Fee Component	1.1%	1.0%	1.4%
Insurance Component	1.6%	1.6%	2.2%
Tax Component	0.1%	0.1%	0.2%
Deposit Component	0.0%	0.0%	0.0%
Full APR (int fee ins tax dep)	27.9%	27.7%	29.1%
MFIN MFI Earning (Annualised)	26.2%	26.0%	26.7%
MFIN Cost to Borrower (Annualised)	27.9%	27.7%	29.1%
Transparency Index	91	92	88
MFIN Transparency Index	100	100	100

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

* The APR stated here is an MFTransparency term, definition and formula

Nguzo Loan Price Graphs

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First Cycle 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

	X Axis
	Greater than:
	Less or equal to:
N (# of Samples)
Total Borrrowers of Samples


Avg
Min
Max
Std Dev

By Inst Type


By Country

	X Axis
	Greater than:
	Less or equal to:
	From 0 to
	to
	to
	to ∞

Institution

Institution

Product

Product

Product Summary

Product Summary

Product Details

Key Statistics

Methodology

Description

Loan Purpose

Included Services

Eligibility

# Borrowers by Product

Portfolio Size by Product

Geographic Coverage

Product Details

Key Statistics

Methodology

Description

Loan Purpose

Included Services

Eligibility

# Borrowers by Product

Portfolio Size by Product

Geographic Coverage

Loan Conditions

Loan Amount

Distribution at Disbursement (Est.)

Loan Term and Grace Period

Distribution at Disbursement (Est.)

Grace Period

Repayment Frequency

Loan Conditions

Loan Amount

Distribution at Disbursement (Est.)

Loan Term and Grace Period

Distribution at Disbursement (Est.)

Grace Period

Repayment Frequency

Pricing Information

Interest

Upfront Fees

Ongoing Fees

Upfront Insurance Fees

Ongoing Insurance Fees

Compulsory Deposit

Deposit BEFORE or AT Disbursement

Deposits DURING period payments

Interest Paid on Deposit

Taxes

Additional Comments

Pricing Information

Interest

Upfront Fees

Ongoing Fees

Upfront Insurance Fees

Ongoing Insurance Fees

Compulsory Deposit

Deposit BEFORE or AT Disbursement

Deposits DURING period payments

Interest Paid on Deposit

Taxes

Full Pricing Data

Nguzo Loan samples

Full Pricing Data

First Cycle Loan samples

Nguzo Loan Price Graphs

First Cycle Loan Price Graphs

Total Borrowers of Samples

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