Personal Loans are collateral-based loans granted for the purpose of covering applicant’s urgent financial requirements like expenses for domestic or foreign travel, medical treatment of self or a family member, meeting any financial liability, or to confidently face the challenge of meeting any kind of personal expenses.
The loan can be granted for a maximum period of 3 years repayable in equal regular installments of principal plus interest.
The amount of the loan would be determined by the income and repayment capacity of the borrower. The minimum and maximum amount of the loan is Birr 25,000 and Birr 300,000, respectively.
The loan shall be secured against buildings located in major towns (where the collateral property has good marketability in case of default) with minimum collateral coverage of 150%.
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