Foundation for International Community Assistance (FINCA) - Small Enterprise Loan - MFTransparency.org Truth In Lending Tables

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Institution

Foundation for International Community Assistance (FINCA) Stand No. 4513 Madzimoyo Road, NorthmeadLusaka, Lusaka Province

Data approved: 2014-10-20

Data version: 2

Age of data: 125 months

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Product

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Product Details

Key Statistics

Outstanding portfolio (ZMW)	ZMW 14,426,065
Portfolio (USD)	USD 2,253,062.30
Active Clients with Loans	113
Approximate % Female Clients	60% - 80%
Approximate % Urban Clients	20% - 40%

Methodology

Individual	x
Solidarity group
Village banking
Self help group
Other

Description

These are loans meant for the small medium enterprise sector. These loans are easily accessible with very competitive interest rates and minimum documentation required.

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	x
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	5
# Regions for this product	5
Regions Active	Central Province, Copperbelt Province, Eastern Province, Northern Province, Southern Province

Loan Conditions

Loan Amount

Currency	ZMW
Minimum loan size	ZMW 100,000
Maximum loan size	600,000

Loan Term and Grace Period

Shortest loan term	12.0 months
Longest loan term	36.0 months
Approx average	20.0 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	20%
Between 13 and 18 months	30%
Longer than 18 months	50%

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	4.13%
Highest quoted nominal interest	4.13%
Interest rate period	Monthly
Interest Rate Calculation Method	Decl Bal
Subsidized by funder request?	No
Is rate fixed for entire loan term	Yes

Upfront Fees

	Fee 1	Fee 2
Description	Arrangement and Deposit Fee	Asset Inspection and Credit Reference Fee
% of loan amount - min	7.96%	0
% of loan amount - max	8.00%	0
OR, Fixed amount - min	0	225
Fixed amount - max	0	225
Reason for variation	1.96% to 2% paid for Arrangement fee and 6% for Deposit fee. The processing fee varies depending on the loan cycle. Repeat clients are offered a lower processing fee.	Asset Inspection Fee = 25 ZMW; CRF = 200 ZMW
Appears on Repayment Sched?	Yes	Yes

Ongoing Fees

This product has no ongoing fees

Upfront Insurance Fees

	Ins 1
Description	Credit Life Insurance
% 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 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

Small Enterprise Loan samples

No data for this product

Small Enterprise Loan Price Graphs