General Eligibility Criteria
All customers applying for consumer loans shall fulfill the following general eligibility criteria:
- Applicants shall be Ethiopians or resident non Ethiopians employed in reputed international institutions (such as ECA, AU, etc).
- All persons who have defined and sustainable source of income are eligible to borrow consumer loans.
- If the source of loan repayment is salary, compulsory debt repayment obligations including the repayment of requested loan shall not exceed one-third of the basic salary. To this effect, the applicant shall submit a formal letter from his/her employee stating his/her basic pay and all deductions.
- All applicants who are engaged in business/self-employed must present a Tax Identification Number and renewed business license. The applicant should be in business for at least two years and present the latest Tax Payment Receipt.
- The applicant and/or any of its shareholders/subsidiaries shall fully settle any previous loss to the Bank, if any. To this effect, internal records shall be thoroughly checked. The applicant’s shareholders shall represent all shareholders in case of PLC while major shareholders /top ten/ in case of Share Company.
- The applicant or his/her spouse must not have any non-performing loans in any bank.
- The age of the applicant should be 18 years and above.
- The customer has to fulfill the specific eligibility criteria for each consumer loan product.
- The applicant shall provide credit information from the concerned micro finance institution and /or thrift and credit association regarding his/her direct or indirect liability.
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