WORI Microfinance Loan Training. December 2009. Introduction. Today we will teach you all about the loan process. By the end of the day we want you to understand all the policies and procedures. We will then hand out loan applications so you can begin to fill them out.
If initial clients repay for 4 consecutive weeks, next 2 group members receive loans.
If everyone in the group has made their last 4 consecutive payments, the chairperson receives his or her loan.
-You may choose to repay your loan before the six month period is over; however you still owe us interest for the full six months. This is so that we can properly manage our cash flow and be able to lend to the next person.
6 months * (200,000 * .025) = 30,000
When repayments are made, a repayment form is filled out:
Expected Owed – The weekly amount you always owe.
Actual Owed – If you missed a repayment in the past, this is the amount you owe from this week plus your past balance.
Amount Paid – The amount you pay us for the week.
Expected Balance – The amount you should owe, assuming you make all of your weekly repayments in full.
Actual Balance – The loan amount (principle + interest) you still owe us. This is the same as expected balance if you have made all of your previous payments to us.
Initials – You, WORI, and the group chairperson will all initial the repayment form every week to demonstrate that everyone understands the repayments and agrees.
This client still owes 36,000 at the end of the loan duration.
1 month * (36,000 * .035) = UGS 1260
37,260 – 37,200 = 60.
- There is a fee of USH 3,000 for WORI to process the application fee, individual and group loan contracts and the individual repayment schedule.
- This fee is due when you submit your loan application.