No: Easy Microfinance does not require any collateral for its loans.
At the moment you can only save compulsory deposits in value of 5% of your loan amount. These will give interest of 14% per year. But soon Easy Microfinance will obtain a deposit taking license from the Financial Regulatory Department of the Ministry of Finance. Then you will be able to open accounts with Easy Microfinance and save any amount you wish while getting an attractive interest.
Easy Microfinance loans are based on your business activity and profitability. They are designed to help your businesses grow and be easy to repay without being a financial burden on you. This means that sometimes the loan amount we will offer you can be smaller than the loan amount you requested.
Note that as we get to know each other and build up a relationship, the size of your loans will often increase when you renew them.
No: if you are eligible for a loan at Easy Microfinance we will be very happy to serve you regardless of who you know or don’t know and you never ever should pay a commission in order to obtain a loan at Easy Microfinance.
Group loans are loans for very small businesses needing a loan between MMK 100 thousand and MMK 1 million whereas individual loans are for small businesses needing a loan between MMK 1 million and MMK 10 million. In order to obtain a group loan, you need to be part of a group of 5 to 10 other members that trust each other and will guarantee each other’s loans whereas an individual loan will require you to have a guarantor.
Easy Microfinance loans have an interest of 2.33% per month which is calculated on the outstanding principal balance of the loan, and an administrative fee which depends on the duration of the loan, and is calculated as follows:
|For a 6 months loan||1.0%|
|For a 9 months loan||1.5%|
|For a 12 months loan||2.0%|
|For a 15 months loan||2.5%|
|For a 18 months loan||3.0%|
|For a 21 months loan||3.5%|
|For a 24 months loan||4%|