Our Products and Services
Convenient and Flexible Loans
We Offer Amazing Products and Services
Grace and Mercy Households Improvement Initiative offers products and services through procedures that support clients to pay back seamlessly based on their financial ability.
Our services have been ascertained to be convenient and flexible in practice. Our clients that are recipients of these products have demonstrated their ability to constantly operate their businesses profitably and which in turn has helped them to improve the well-being of their families both nuclear and extended.
All products and services of Grace and Mercy Households Improvement Initiative are designed to cater to each and every one of our client’s needs.
Small Loan
The small loan is specifically intended to cater to the marginalized poor women who are economically active but lack the necessary financial support to grow their businesses.
This loan has been divided into periods of collection and repayment with the first stage of the first loan being ₦120,000 (One hundred and twenty thousand naira) to ₦400,000 (Four hundred thousand naira) with a 15% service charge which is payable over 6 months (23 equal weekly installments)
Festival Loan
This is another product that is designed to cater to existing clients with a need for money during Festive periods (Easter, Eid-el Kabir, Eid el Fitr, and Christmas).
Festival loan ranges from ₦130,000 (One hundred and thirsty thousand naira) to ₦400,000 (Four hundred thousand naira) and every registered client that has favorably qualified for the third stage of the small loan cycle is eligible to access this product. The first stage of the first loan being ₦110,000 (One hundred and ten thousand naira) with a 12% service charge which is payable over 4 months.
Royal Loan
This is a loan product designed specially in collaboration with the Rotary Club to cater to the needs of poor women in Igbogbo, Lagos State at a subsidized rate.
The Royal Loan has been divided into periods of collection and repayment with the first stage of the first loan being ₦120,000 (One hundred and twenty thousand naira) and the last stage being ₦400,000 (Four hundred thousand naira) with a 14% service charge which is payable over 6 months (23 equal weekly installments)
Business Loan
This product is designed to meet the needs of entrepreneurs that require more funds than what the Small Loan and Festival loan could offer.
The loan starts at ₦100,000 (One hundred thousand naira) and ends at ₦5,000,000 (Five million naira) attracting a service charge of 15% over the course of (6) Six months or 30% over the period of (1) One year. This is repayable on a monthly installment structure.
Personal Loan
This loan is targeted at an upwardly mobile niche of clients outside of the Organization’s group-based methodology, without any branch involvement. The product is ideal for individuals who wish to meet their personal needs with the aid of additional funds.
The loan amount is from ₦100,000 (One hundred thousand naira) to ₦2,000,000 (Two million naira) with a service charge of 15% which is payable over a period of 6 months.
Resource Loan
This loan is targeted at members of Grace and Mercy Households Improvement Initiative unions who have completed two Small Loan stages (from the third stage and above) and need equipment to assist in growing their businesses.
The loan amount is from ₦100,000 (One hundred thousand naira) to ₦500,000 (Five hundred thousand naira) with a service charge of 15% which is payable over a period of 10 months.
Association Loan
This loan product is for Trade Associations and Registered Associations (Cooperative Societies) with membership above 20 persons, operating within the geographical location of any Grace and Mercy Households Improvement Initiative branch.
The product is ideal for associations that wish to empower their members through the provision of additional funding.
The loan amount is from ₦100,000 (One hundred thousand naira) with a monthly service charge of 2.5% over a period of 12 months for Trade Association and from ₦50,000,000 (Fifty million naira) with a monthly service charge of 2.5% over a period of 12 months for Registered Association, (Cooperative societies).
