Connect with us

Business & Loans

GroFin SME Loans: Requirements, Interest Rate And How To Apply

Published

on

GroFin SME Loans

GroFin SME Loans: Requirements, Interest Rate And How To Apply

GroFin believes in a growing SME sector that creates sustainable jobs, so If you are an entrepreneur in need of a loan to boost the growth of your business, then GroFin SME Loans is an opportunity for you to get that loan as we walk you through how to apply in this article.

About GroFin

GroFin is a specialist, impact-driven SME financier. We help entrepreneurs succeed by providing them with business loans and business support (expert advice and continuous guidance) to grow their businesses. We believe that a growing SME sector that creates sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives.

Headquartered in Mauritius, we offer financing and support to SMEs in 14 countries in Africa and the Middle East. GroFin is supported by 34 international finance institutions, development organizations, and private funders who have committed nearly $540 million in capital to our funds.

Advertisement

You may also want to read Payday Loans In Nigeria: How To Access Payday Loans in Nigeria

What are the Merit and Demerit of Grofin Loans?

Merit

  • They have a flexible repayment option for their customers
  • The amount of loan they will give to your business will be enough to cater to all your needs.
  • Excellent loan tenor. (Up to 8 years)
  • Up to date, they have supported about 9,630 Entrepreneurs
  • They have approved up to about $385m business loans for entrepreneurs

Demerit

  • They require collateral.
  • The process might be rigorous for anyone who needs quick cash.

What are the Maximum and Minimum Amounts You Can Borrow?

The major reason for the existence of Grofin is to help SME business owners succeed in their business. On that note, Grofin ensures they provide enough money to cater to your business needs. Once they review your application and approve it, they make it available to you for about $100,000–1 Million.

What is the Interests Rate Of Grofin Loans?

This depends on the amount you wish to borrow. However, in general, their loan interest rate rises up to about 15% of the amount you borrowed.

What are the minimum requirements for Grofin Loan?

The minimum requirements for taking a loan with Grofin are not farfetched. However, before you can qualify for a loan with them, you have to meet up their eligibility criteria.

Below are the eligibility criteria for obtaining a loan with them.

Advertisement
  • Your business must be in any of the following African countries: Ghana, Nigeria, Egypt, Kenya, Tanzania, Rwanda, South Africa, Zambia, and Uganda.
  • The Business must belong to you
  • Your business must have a turnover of 1.5 times your loan amount
  • You must have been operating your business for 2 years or more.
  • Your business must be profit-oriented.
  • You will need collateral to secure the loan

How Fast are Funds Released?

Grofin funds release is lightning-fast. However, this is only possible if you satisfy all the necessary requirements after they have reviewed your application.

You may also want to read NEXIM Loan Portal Reopens For New Application – How To Apply

How To Apply For Grofin SME Loans?

As we have earlier stated, getting a loan from Grofin might be a little strenuous for you. However, if you persevere and go through the process, it would be worth it.

To get a loan from Grofin, kindly follow the following procedures:

  • Visit their official website at www.grofin.com
  • Click on the Menu Icon on the far right corner of the Page
  • Select the Loan that interests you. It could be either business loans, women’s Entrepreneurs loans, or Business support.

After this, they will require you to go through 4 stages. Which includes:

  • Taking Online Assessment
  • Filling an Application form
  • Review of the documents you provided
  • Approval/Rejection.

However, if you scale through these four stages successfully, your loan will be disbursed into the account number you supplied.

Advertisement

Trending

Do You Want Latest Update?

X