Loan Product
Group Loan
Group Loan supports small business owners through teamwork.
The Group Loan at Victory Microfinance Institution (Victory MFI) is designed to provide financial support to individuals who come together as a group to access credit collectively. It is ideal for small traders, artisans, and micro-entrepreneurs who may not have the collateral or credit history to access individual loans. With the group guarantee system, members support one another’s repayment, fostering teamwork, financial discipline, and community growth. This loan is perfect for market women, and neighborhood business groups
The initial loan starts based on the value of each group member's business. After repayment of the initial loan, the loan is increased in subsequent loan cycles. This is a continuous process until the client decides to end the services.
Basic Requirement
- Valid Means of Identification – National ID, Voter’s Card, Driver’s License, or International Passport.
- Group Size – Usually 5 to 20 members
- Member must have a active Business
- Passport Photograph.
- Guarantor(s) – At least one credible guarantor with verifiable means of income and identification.
- Membership/Client Registration – Must be a registered client of Victory Empowerment Centre.
- Loan Application Form – Properly filled and signed.
