Dual Loan | National Microfinance Bank

Financial Services

Target Audience:

A flexible loan product designed to capture the privacy of independent loans and the options in group lending. Loans are disbursed in one check for both parties that are both responsible for repayments. Suitable for home microbusinesses that do not need complicated procedures to be established or registration. Personal Dual loans are also available to improve living circumstances through purchases, education and health. As well as, Dual loans to pay debt of many kinds or for reasons that are not listed but approved by the bank.

Loan Description	Traditional
Amount of loan	400 – 4000 JD
Repayment Period	Decided by loan amount: Dual (A) 400-699 JD = 16 months max. Dual (B) 700-1000 JD = 22 months max. Dual (C) 1001-2000 JD = 26 months max. Dual (D) 2001-3000 JD = 36 months max. Dual (E) 3001-4000 JD = 36 months max.
Application Fees	None
Cut	None
Grace Period	None, but if requested by the clients is deducted from the pay check, calculated below: No of days (from check disbursal to Grace Period)/360Loan AmountInterest Percentage
Delay Fees	Reaching 0.003% daily of the payment and/or fees due for every day of delay to a min. of 1 JD daily for every day of delay in paying a repayment or portion of a repayment due
Product pricing	Interest is 1.75% monthly (Dual (A)(B)(C)) 21% annually Interest is 1.6% monthly (Dual (D)) 19.2% annually Interest is 1.5% monthly (Dual (E)) 18% annually

Loan Disbursement	E-wallet services and cheque Official cheque issued by the National Microfinance Bank.
Loan Fees	Loan Amount		Deducted from Cheque
	400-1999 JD		1 JD for every repayment
	2000-4000 JD		2 JD for every repayment
Payment Options	Cash repayments at registered banks or National Microfinance Bank branches or by mobile application or through e-fawateercom or by cheque or by wire transfer According to the credit recommendation
Warranties	As listed below
	400-600 JD	601-799 JD		800-1500 JD	1501-4000 JD
	No guarantor needed unless there are obligations on the family It is possible to grant spouses a dual loan up to 500 JD if house is owned by husband or his family, otherwise a guarantor is needed	Personal guarantor Proof of income to the Client or to one of the guarantors for loans above 700 JD		Personal guarantor Proof of income to one of the guarantors	2Personal guarantor Proof of income For one of the clients, in addition to proof of income for the guarantor, and one guarantor can suffice. In the event that proof of income for the two clients is attached without supporting proof of the guarantor’s income, one sponsor may suffice.
	Paper work: Basic documentation	Paper work: Basic documentation for Signatory Proof of income Submitted by one of the parties (proof of income is attached according to the nature of the work and in accordance with the guarantee policy).		Paper work: Basic Documentation for Signatory Proof of income Submitted by one of the parties (proof of income is attached according to the nature of the work and in accordance with the guarantee policy).	Paper work: Basic Documentation for Signatories Proof of income Submitted by one of the parties (proof of income is attached according to the nature of the work and in accordance with the guarantee policy).

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