- WHO IS ELIGIBLE FOR THE PRODUCT?
✔ EVERYBODY!!!
- CONDITIONS FOR THE APPLICANTS
✔ MUST OPERATE A REGULAR SALARY ACCT WITH SIBLL.
✔ EMPLOYERS AGREE TO SUPPORT BOTH EMPLOYEE AND THE BANK ON TERMS AND CONDITIONS OF THE CONTRACT TO THE BENEFIT OF ALL PARTIES.
✔ NON-SALARIED APPLICANTS MAY PROVIDE GUARANTORS.
- ITEMS THAT CAN BE PURCHASED UNDER THE LPA.
✔ BASIC HOUSEHOLD ITEMS
✔ BUILDING MATERIALS
✔ ELECTRICAL & ELECTRONIC GOODS
✔ CARS
✔ OTHERS THAT MAY BE NEGOTIATED FOR BY APPLICANT AND THE SUPPLIER
- REPAYMENT.
✔ FIXED REGULAR PMT AMOUNT UNTIL FULLY PAID.
✔ A 10% COMPULSORY DOWN PAYMENT OF COST OF ITEM.
✔ THE 90% DIFFERENCE IS SPREAD OVER AN AGREED NUMBER OF MONTHS DEPENDING ON THE WORTH OF THE ITEM PURCHASED.
✔ INTEREST PAYMENT IS GRADUATED DEPENDING ON THE COST AND DURATION OF INDEBTEDNESS.
AMT (COST OF ITEMS) EXPRESSED IN USD | DURATION OF PAYOFF EXPRESSED IN MONTHS |
|---|---|
500 | 12 |
501 - 2,000 | 12 |
2,001 - 6000 | 18 |
6,001 - 10,000 | 18 |
10,001 - 15,000 | 18 |
EXCESS OF 15000 | NEGOTIABLE |
- Depending on the worth and value of the item, vis-a vis the period of indebtedness, the bank may demand an insurance cover as part of the contract between the client and the bank.
- The insurance company would be obliged to agree to terms not exceeding 3% of item value
- The insurance premium will be borne by the client.
- Premium will be paid up front directly to the Insurance Company account with Sapele International Bank Liberia Limited.
SIB customers can now acquire home appliances and other items on credit and pay later in installments. Terms and conditions apply.
