How to repay or pay back your GEEP Loan: Trader Moni, Farmer Moni and Market Moni Loan and get another higher one – To get GEEP Loan ( Trader Moni, Farmer Moni and Market Moni) higher amount, you have to pay back the one given to you before. Once you repay, new one that is higher will be given to you. This article contains guidelines on how to repay your loan and get higher one.
Remember, it is one thing to take a horse to the stream, it is another to force the horse to drink water. What are we saying? Getting the Trader Moni Loan is not the issue but repaying as at when due is the matter.
You cannot run away as your BVN is there, therefore repay back the Trader Moni Loan using the Weekly Loan Repayment Schedule Plan below.
Contents
TraderMoni is targeted at 2 million Nigerians. TraderMoni is targeted at micro-retailers, for example, bread sellers, hawkers, okada riders, plantain sellers, garri sellers or those who are doing very small businesses and for whom a loan of N10,000 – and growing up to N50,000 – can be of benefit. These everyday hardworking Nigerians are eligible to benefit from the scheme to expand their micro businesses.
No, as there are little amount attached to each amount allocated to you
Beneficiaries access the loan in 2 minutes via their mobile phones. The trader who receives the grant of N10,000 is required to be payback N430 every week for 6 months (or sooner) to expand their business. Traders who payback will AUTOMATICALLY be entitled to another LOAN of N15,000, and then N20,000, and then N50,000.
Therefore, traders who pay diligently can get a loan up to N50,000 to expand their business, and this is automatic. The initiative will go a long way to help micro business become viable businesses while strengthening the economy which is the goal of the present Government of Nigeria.
When you are given a loan of ₦10,000 for instance, you will be repaying the ₦10,000 gradually in a smaller amount of ₦430 Every Week for 6 Months
Federal Government gives all beneficiaries of Trader Moni Loan 6 months to pay back the ₦10,000 or any other amount given to you. Anyway, you can complete the payment for 3 months, then collect another (₦15,000) loan.
Here is a list of our loan repayment schedule.
Loan Amount Administrative Fee Amount to pay back |
₦10,000.00 ₦250.00 ₦10,250.00 |
₦15,000.00 ₦375.00 ₦15,375.00 |
₦20,000.00 ₦1,000.00 ₦21,000.00 |
₦50,000.00 ₦2,500.00 ₦52,500.00 |
Week1 | ₦430.00 | ₦640.00 | ₦875.00 | ₦2,187.50 |
Week2 | ₦430.00 | ₦640.00 | ₦875.00 | ₦2,187.50 |
. . . |
. . . |
. . . |
. . . |
. . . |
Week24 | ₦430.00 | ₦640.00 | ₦875.00 | ₦2,187.50 |
To request for another loan;
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