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158 months old and may not represent the prices currently charged.
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Institution
Data approved: 2011-11-16
Data version: 1
Age of data: 158 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 |
