What is the target for school credit ?
The objective of school credit is to allow parents to meet the various expenses that are necessary for the education of their children: school fees, school supplies, clothing and uniforms ... A microfinance institution can target low-income people with income-generating activities wishing to be supported in their schooling projects for their children. It is also possible to target employees whose salaries are low such as for example small civil servants, workers, teachers, household employees ...
ADEC can offer this school credit product to :
– Its current clientele
- His former clients
- New clients
The use of school credit:
School credits can only be used exclusively to finance the education of children for the acquisition of school supplies, the payment of school fees and the payment of ancillary costs related to schooling.
Amount, rate and duration :
- The maximum amount is necessarily very limited and must be related to the purpose of the funding.
- The term is a maximum of 06 months, with borrowers free to choose a shorter loan term.
- The interest rate cannot be excessive at the risk of discouraging borrowers.
Likewise, in the event of reimbursement difficulties, the contract may provide for the collection of penalties:
–A commission if the agency has to intervene by phone
- Penalties per day of delay at a low but dissuasive amount
Parts needed for a salaried borrower :
* Complete a credit application file and answer all questions asked by the loan officer
* Present the following documents:
- ID card
- recent ID photo
- Residence certificate
- information on the spouse's knowledge of the loa
- The declaration of assets
- A copy of the children's birth certificate
- A certificate of schooling and / or children's reports
- The photo of the child
- Proof of income from the borrower (and possibly his spouse)