Flyer:
Shohoz Shonchoy's savings and loan services
Shohoz
Shonchoy helps you save easily and quickly, both for day-to-day needs
and for the future. It also lets you take loans which are easy to
understand and use.
Shohoz Shonchoy deals with you as an
individual - you don't have to join a group. Shohoz Shonchoy workers
come to your doorstep - you don't have to attend any meetings. Shohoz
Shonchoy lets you save any amount at any time, and lets you repay loans
in any amount at any time - you don't have to give a fixed amount each
week or each month. You can withdraw your savings even if you are
holding a loan, and you don't have to make savings in order to get a
loan.
1. Saving: an easy way to manage your money day-to-day, and earn profit.
Depositing
Savings. A Shohoz Shonchoy worker will call on you every day. Each time
she comes, you can deposit whatever amount you like. You don't have to
save anything at all if you have no money to save that day.
Withdrawing
Savings. You can withdraw any amount you like at any time. It doesn't
matter whether you are holding a loan or not, you can still withdraw.
You will get your withdrawal money immediately.
Profit. Each
month, if there is more than 500 taka in your Account for the whole of
the month, you will earn profit on the whole amount at the rate of 80
paisa per 100 taka per month.
Fees: There are no fees or other payments for the savings service. The service is completely free!
2. Loans: an easy way to get extra cash when you need it.
Taking
a loan. You can take a loan from Shohoz Shonchoy at any time. You must
repay your loan in full before you can take another one. Loans are
given by the Manager at the local office.
Size of loan: Your first
loan is up to 1,000 taka. If you completely repay that loan on time,
your next loan can be 500 taka bigger. And then the next one can be 500
taka bigger again, without limit. But if you repay a loan late, your
next loan size limit will go down by 500 taka.
Period of loan:. You
choose how long you want to keep your loan. The minimum is 2 months and
the maximum is 12 months. Just tell our Manager on the day you take the
loan.
Cost of loan: On the day you take your loan, you pay 3% of
the loan amount as profit for each month that you intend to keep the
loan. For example, if you want to take 4 months to repay the loan, you
will pay a total of 12% (4 months at 3% a month). That is all the
profit you ever need to pay on the loan! You never have to pay any more
profit for that loan again (providing you repay on time, of course)!
Repaying.
You repay your Shohoz Shonchoy loan as and when you like. When the
worker calls on you each day, just repay whatever amount you like. You
don't have to repay anything if you have no money that day. Remember
that you must repay within the period that you yourself decided on, and
we recommend you repay as quickly as you can, so that your next loan
can be bigger, and you can get it quicker. If you repay early, then
your next loan can be even bigger - it can increase by an extra 100
taka for each month you repay early!
Start saving with Shohoz Shonchoy today!
Rules:
Product 5
Detailed rules of Shohoz Shonchoy's Savings and Loan Services
1 What are Shohoz Shonchoy's Savings and Loan Services?
In
Shohoz Shonchoy's Saving and Loan Services you can deposit savings
whenever you like, and withdraw savings whenever you like. You can earn
profit on your savings.
At any time you can take a loan. You choose
how long you want to keep the loan! The quicker you repay the loan, the
more you can borrow.
You don't have to make savings in order to get loan, and you can withdraw your savings even if you hold loan.
This is a service for individuals. There are no groups and you don't have to attend meetings.
You
do not have to go anywhere to save and repay: our workers will come to
you every day to do your banking with you at your home or at your
business. To take loan or make a big withdrawal from savings, just come
to our office situated close to your home.
2 Who can use Shohoz Shonchoy's Savings and Loan Accounts?
Anyone
living permanently in a slum or village identified by Shohoz Shonchoy
can use our services. You can open only one account per person. The
accounts of children under the age of fifteen must be counter-signed by
their guardian, and they can't take loans.
3 How do I open a Savings and Loan Account?
Give
details of your household to the Shohoz Shonchoy worker. Go with
her to the office and meet our Manager. We will take your photograph
and a photograph of the person who will get your savings if you die. We
will give you a Pass Book with an account number on it and the date on
which you opened the account.
4 How do I learn the rules of the Savings and Loan Account?
When
you open an account our Manager will explain the rules to you. He will
also give you a copy of the rules in writing, in easy Bangla.
5 How much does it cost to open a Savings and Loan Account?
There are no fees for opening an account, and you don't have to pay for the Pass Book.
The Shohoz Shonchoy Savings and Loan Services consist of two services: Savings, and Loans.
Detailed rules for each service are given below.
Savings
The
Savings Account is an account where you can store as much cash as you
like at any time and withdraw as much as you like at any time. There
are no fees to pay. The service is completely free. Also, you can earn
good profit on your savings, if you keep at least 500 taka in your
Account.
6 How do I deposit my savings into my Account?
Our
worker will visit you to collect your savings. She will come every day
(except Friday), or less often according to your convenience. Just give
your savings to her and make sure she writes the amount in your Pass
Book, along with the new total amount of your savings so far.
You
can save as much or as little as you like each time the worker comes.
If you don't want to, you don't have to save anything.
7 Can I withdraw my savings from my Account?
Yes,
at any time you like. You can withdraw even if you hold loan from
Shohoz Shonchoy. Just ask the worker, and she will return your savings.
She will give them to you immediately if the amount is small, but if it
is more than 500 taka you must visit our office. She will write the
amount in your Pass Book and she will calculate and tell you your new
balance. She will also take a receipt and give you a copy.
MAKE SURE
THAT OUR WORKER WRITES THE CORRECT SAVINGS OR WITHDRAWAL AMOUNT IN YOUR
PASSBOOK. THIS IS YOUR RESPONSIBILITY. IF YOU CANNOT READ, HAVE SOMEONE
ELSE CHECK IT FOR YOU. IF YOU FIND AN ERROR GO TO OUR OFFICE AND REPORT
IT IMMEDIATELY. IF YOU DON'T REPORT ERRORS TO US, IT WILL BE DIFFICULT
FOR US TO CORRECT THEM.
Please note, however, that if you take
loan and then fail to repay it on time, Shohoz Shonchoy may require you
to use your savings to repay the loan.
8 Do I earn profit on my savings in my Account?
Yes.
You can earn profit each month if your savings balance remains above
500 taka for the whole of the month. You earn 80 paisa per 100 taka,
calculated on the lowest balance of the month (providing it is 1,000
taka or more).
Note: Shohoz Shonchoy may change this rate, up or
down, at any time. The new rate will apply on existing as well as new
accounts.
The profit will be entered in your passbook each quarter
(on March 31, June 30, September 30 and December 31 each English year).
Our worker will add it to your savings balance. After that you will be
earning profit on your profit! ('compound profit'). You can withdraw
this profit as soon at is credited, of course, if you want to.
Loans
WARNING:
SHOHOZ SHONCHOY LOANS ARE EXPENSIVE. ONLY TAKE A SHOHOZ SHONCHOY
LOAN IF YOU HAVE AN EMERGENCY OR IF YOU HAVE A GOOD INVESTMENT
OPPORTUNITY FOR THE MONEY.
Your first loan is any amount up to
1,000 taka. You chose how long you want to keep the loan, and your next
loan depends on whether you repay the loan on time. If you do, your
next loan is bigger, and if you don't, it is smaller. So the quicker
you repay, the bigger your loans become.
You have to pay us profit on the loan when you take it, but there are no weekly or monthly profit payments.
You can repay your loan whenever you like. Just give your repayments to our worker when she calls each day.
9 Who can get loans from Shohoz Shonchoy?
Those who are more than 15 years of age and hold a Shohoz Shonchoy Account.
10 How do I get loan?
Just
tell our worker that you want to take a loan. She will ask some
questions about your household, she will interview your family and
neighbours, and she will introduce you to our Manager who will give you
Loan Training so that you know your rights and duties.
11 How much can I take as a loan from Shohoz Shonchoy?
Your first loan can be up to 1,000 taka.
If
you repay on time, your next loan is up to 500 taka bigger. Each time
you fully repay a loan on time, you increase your permitted loan size
by 500. There is no limit to this.
But if you fail to repay on time,
your next loan limited to 500 taka smaller than your previous one. So
make sure you repay on time!
The exact rule is: "If you repaid your
last loan on time (that is, within the time limit that you yourself
decided), then your next loan can be EITHER 500 taka bigger than the
loan you just repaid OR the same size as the biggest loan you ever
fully repaid on time. However, if you failed to repay your last loan on
time, your next loan is limited to 500 taka less than the overdue
loan".
12 What is the biggest amount of loan I can take from Shohoz Shonchoy?
There
is no limit. Each time you repay a loan in full on time, the next loan
can be up to 500 taka bigger than the loan you have just repaid. If you
repay Shohoz Shonchoy loans quickly, your loan size can rise very
quickly.
13 Do I have to pay fees or profit on my loan?
Yes, but only once, at the beginning. You must pay profit on the day you take your loan.
The
profit depends on the length of time you want to hold your loan. You
will tell us how many months you want to keep the loan. The minimum is
2 months, and the maximum is 12 months. Then you pay 3% of the loan
amount for each month. You pay this in advance, on the day you take the
loan.
For example: suppose your first loan is 1,000 taka and you
decide you need 4 months to repay the loan in full. You will pay 3% of
the loan for each month - a total of 12% of 1,000 taka, which is 120
taka. This 120 taka covers ALL the costs of the loan. It covers the
disbursement costs, it covers insurance (see rule 15 below), and it
covers ALL the profit you will ever pay on the loan! There are no
monthly payments of profit. There are no other fees - for example,
there are no loan renewal fees or Pass Book fees.
Please note that Shohoz Shonchoy may decide to change the rate of profit (up or down) at any time, giving one month's notice.
14 How do I repay my loan?
You
repay your loan by giving repayments to our worker each day when she
calls. You can give any amount. She will write the amount in your Pass
Book and sign it. Please make sure you check her work carefully.
MAKE
SURE THAT OUR WORKER WRITES THE CORRECT REPAYMENT AMOUNT IN YOUR
PASSBOOK. THIS IS YOUR RESPONSIBILITY. IF YOU CANNOT READ, MAKE SURE
SOMEONE ELSE CHECKS IT FOR YOU. IF YOU FIND AN ERROR GO TO OUR OFFICE
AND REPORT IT IMMEDIATELY. IF YOU DON'T REPORT ERRORS TO US, IT WILL BE
DIFFICULT FOR US TO CORRECT THEM.
You do not have to give money
every day, but we recommend you to pay back as quickly as possible, so
that your next loan can be bigger, and you can get it sooner. Remember,
you chose how many months you need to repay, and you MUST repay in that
time!
15 What happens if I repay late, or repay early?
If
you are late in repaying, we will deduct the amount owed from your
savings, and we will take every measure, including legal steps if
necessary, to recover the full value of the loan.
If you repay
early, you may take your next loan immediately, if you want to. If you
repay early, the next loan can be 500 taka bigger than the loan that
you repaid early, plus 100 taka for each month that you repaid early.
For example, if you took a 2,000 taka loan for 6 months but repaid it
in 4 months, your next loan can be 2,700 taka (2,000 old loan + 500
normal increase + 200 bonus increase).
16 What happens if I die while I am holding a loan?
You
will not leave a debt burden to your family. Your loan is insured, so
if you die we will forgive any balance still outstanding. The payment
for insurance is included in the profit you pay when you take your loan
(see rule 13). If you leave any savings, or any savings interest, when
you die, we will use them to help repay any loan balance. If there is
any savings or savings interest remaining, we will give it to your
family.
17 Can I borrow even when I already have a loan?
No. You must repay your existing loan in full.
18 If I am holding loan, can other members of my household also hold loans?
Yes,
as long as they are above 15 years old and have their own account, and
that no-one in the household has ever been late in repaying a loan. If
someone is late, then from then on only one member of the household can
hold a loan at any time.
19 I don't like these short-term loans - can I get a proper business loan?
Yes.
Clients who have been with Shohoz Shonchoy for six months, and run
businesses, can get another sort of loan which is more suitable to
them. Ask our Manager for details. |
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