Please note that the information you are viewing is
159 months old and may not represent the prices currently charged.
If you represent this MFI and wish to update your information,
click HERE
Institution
Data approved: 2011-11-16
Data version: 1
Age of data: 159 months
Key Statistics
| Outstanding portfolio (PHP) | PHP 64,676,194.81 |
| Portfolio (USD) | USD 1,547,277.39 |
| Active Clients with Loans | 19,431 |
| Approximate % Female Clients | 60% - 80% |
| Approximate % Urban Clients | 0% - 20% |
Methodology
| Individual | |
| Solidarity group | x |
| Village banking | |
| Self help group | |
| Other | |
Description
The Asenso Loan is a microfinance product of GM Bank, Inc. focusing on providing access to a group loan product primarily for female micro entrepreneurs.
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 | Savings |
| 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 | x |
| Other | |
| Other (2) | |
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 | PHP |
| Minimum loan size | PHP 3,000 |
| Maximum loan size | 50,000 |
Loan Term and Grace Period
| Shortest loan term | 6.0 months |
| Longest loan term | 6.0 months |
| Approx average | 6.0 months |
Grace Period
| Grace period usage | 0 |
| Average grace period | 0 |
Repayment Frequency
| Daily | |
| Weekly | x |
| Every 2 weeks | |
| 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 interest | 2.16% |
| Highest quoted nominal interest | 2.16% |
| Interest rate period | Monthly |
| Interest Rate Calculation Method | Flat |
| Subsidized by funder request? | Yes |
| Is rate fixed for entire loan term | Yes |
Upfront Fees
| Fee 1 | | Fee 2 |
|---|
| Description | Service Charge | | Membership Fee/Notarial Fee |
| % of loan amount - min | 4.00% | | 0 |
| % of loan amount - max | 4.00% | | 0 |
| OR, Fixed amount - min | 0 | | 350 |
| Fixed amount - max | 0 | | 350 |
| Reason for variation | | | N/A |
| Appears on Repayment Sched? | No | | No |
Ongoing Fees
This product has no ongoing feesUpfront Insurance Fees
| Ins 1 |
|---|
| Description | Loan Protection Insurance |
| % of loan amount - min | 1.75% |
| % of loan amount - max | 1.75% |
| OR, Fixed amount - min | 0 |
| Fixed amount - max | 0 |
| Reason for variation | N/A |
| Appears on Repayment Sched? | No |
Ongoing Insurance Fees
| Ins 1 |
|---|
| Description | Life Insurance |
| % of loan amount - min | 0 |
| % of loan amount - max | 0 |
| OR, Fixed amount - min | 4 |
| Fixed amount - max | 4 |
| Reason for variation | N/A |
| Appears on Repayment Sched? | No |
Compulsory Deposit
| Required for | All |
| Criteria | N/A |
| Is deposit indicated on the repayment schedule? | |
| Do borrowers control deposit in their group? | |
Deposit BEFORE or AT Disbursement
| % loan amount deposited | 0 |
| or, Fixed-amount deposited | PHP 100 |
Deposits DURING period payments
| % loan amount deposited | 16.00% |
| or, Fixed-amount deposited | 0 |
| Conditions on access to deposit | When Leaving |
Interest Paid on Deposit
| Minimum interest rate paid | 0 |
| Maximum interest rate paid | 0 |
| Interest payment frequency | N/A |
Taxes
| Are taxes charged on this product? | Yes |
| Percentage of fees | 0 |
| All or some fees taxed | N/A |
Additional Comments
Annual fees collected: Christmas party fee (P12), every June-December. Savings collected is composed of personal savings (5%), group fund (1%) and center fund (1%)
Full Pricing Data
Asenso Loan samples
| Sample 1 | | Sample 2 | | Sample 3 | | Sample 4 |
|---|
| Loan Amount | PHP 5,000 | | PHP 10,000 | | PHP 15,000 | | PHP 20,000 |
| Loan Cycle (1, 2, 3, etc) | Not Known | | Not Known | | Not Known | | Not Known |
| Disbursement Date | 2011-08-08 | | 2011-08-08 | | 2011-08-08 | | 2011-08-22 |
| Loan Term (Months) | 5.8 months | | 5.8 months | | 5.8 months | | 5.8 months |
| Grace Period (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 |
| True Price by Comp | | | | | | | |
| Interest and Fee Component | 100.5% | | 83.6% | | 78.2% | | 75.5% |
| Insurance Component | 16.7% | | 12.2% | | 10.8% | | 10.0% |
| Tax Component | 5.7% | | 5.4% | | 5.3% | | 5.2% |
| Deposit Component | 19.7% | | 17.5% | | 16.7% | | 16.3% |
| Full APR (int fee ins tax dep) | 142.7% | | 118.7% | | 110.9% | | 107.0% |
| Transparency Index | 18 | | 22 | | 23 | | 24 |
| | | | | | | | |
| Original Repayment Schedule | PDF | | PDF | | PDF | | PDF |
| MFT Pricing Calculation | PDF | | PDF | | PDF | | PDF |
