Eclof International Zambia - Salary Guaranteed Loan - MFTransparency.org Truth In Lending Tables

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Institution

Eclof International Zambia 7th Floor Kulima Tower BuildingKatunjila RoadLusaka10101

Data approved: 2011-12-12

Data version: 1

Age of data: 164 months

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Product

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Product Details

Key Statistics

Outstanding portfolio (ZMK)	ZMK 103,000,000
Portfolio (USD)	USD 19,903.38
Active Clients with Loans	28
Approximate % Female Clients	40% - 60%
Approximate % Urban Clients	80% - 100%

Methodology

Individual
Solidarity group	x
Village banking
Self help group	x
Other

Description

This type of loan is designed for clients in formal employment for not less than 3 months. The advantage of this product is that a clients can obtain any amount up to K10,000,000 depending on their net pay.

Loan Purpose

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

Included Services

Credit education
Group meetings	x
Credit insurance
Workplace visits
Business training
Other training	x
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	x
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	ZMK
Minimum loan size	ZMK 1,500,000
Maximum loan size	10,000,000

Loan Term and Grace Period

Shortest loan term	1.0 month
Longest loan term	12.0 months
Approx average	6.0 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	8.00%
Highest quoted nominal interest	8.00%
Interest rate period	Monthly
Interest Rate Calculation Method	Flat
Subsidized by funder request?	No
Is rate fixed for entire loan term	Yes

Upfront Fees

	Fee 1
Description	Processing Fee
% of loan amount - min	5.00%
% of loan amount - max	5.00%
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	Credit life
% of loan amount - min	1.50%
% of loan amount - max	1.50%
OR, Fixed amount - min	0
Fixed amount - max	0
Reason for variation	N/A
Appears on Repayment Sched?	No

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 Guaranteed Loan samples

	Sample 1	Sample 2	Sample 3	Sample 4
Loan Amount	ZMK 1,500,000	ZMK 2,500,000	ZMK 3,500,000	ZMK 5,000,000
Loan Cycle (1, 2, 3, etc)	Not Known	Not Known	Not Known	Not Known
Disbursement Date	2011-02-01	2011-02-01	2011-03-23	2011-04-29
Loan Term (Months)	10.0 months	10.0 months	4.0 months	6.0 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	170.9%	170.9%	177.7%	174.8%
Insurance Component	5.1%	5.1%	9.6%	7.2%
Tax Component	0.0%	0.0%	0.0%	0.0%
Deposit Component	0.0%	0.0%	0.0%	0.0%
Full APR (int fee ins tax dep)	176.0%	176.0%	187.3%	182.0%
Transparency Index	55	55	51	53

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

Salary Guaranteed 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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Total Borrrowers of Samples


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