Borrow and save at the same time using Shohoz Shonchoy's interest-free loans!
Shohoz
Shonchoy introduces a new account for people with low and irregular or
unreliable incomes who have difficulty finding somebody to lend money
to them, and who find it difficult to save. It is designed to provide
you with liquidity while you build up your savings. It will not suit
everyone, but if building up savings is important to you, you may like
it.
Borrowing:
As
soon as you open your account you can take an interest-free loan of
2000 taka and repay it whenever you like. As soon as you have repaid it
in full you can take another bigger loan, and as soon as you have
repaid that one you can take yet another loan. Loans rise in value by
1000 taka each time until 5000 taka, and then by 2000 taka each time
until 15,000 taka, and then by 5000 taka each time. These are the
maximum amounts allowed but of course you can always take a smaller
loan if you want to. All these loans are interest-free, & you repay
them whenever you like.
If you need extra cash while you are
holding a loan, you can 'top up' your loan before you have completely
repaid it. Suppose you took a loan of 7000 taka, and you have already
repaid 4000 taka: now you can take 4000 taka again if you want to.
However, you cannot increase the overall size of the loan: you must
first repay it completely and then move on to the next level of loan.
Saving:
Each
time you take a loan, or top-up a loan, you place one third of its
value into a long-term savings account in your name at Shohoz Shonchoy.
Shohoz Shonchoy will hold this money for you until it reaches 20,000
taka.
Then if you wish you can stop borrowing and take back your savings.
Or if you wish you can continue borrowing and build up your savings to an even greater value.
Or if you wish you can stop borrowing but keep your savings in Shohoz Shonchoy and start earning profit on them.
Operating the account:
You
must visit our branch office to take or to top-up loans. But Shohoz
Shonchoy will send a collector to your home or workplace every few days
to collect your loan repayments. You do not have to make a repayment
every time she calls, but we strongly encourage you to repay as quickly
as you can. By repaying quickly you can get bigger loans more quickly,
and your savings grow more quickly. This is an individual service:
there are no groups, no meetings and you are never responsible for
other people's loans.
Costs:
The
loans (and top-ups) are completely interest-free. When you open an
account you must pay an account opening fee of 100 taka, which covers
your passbooks and photo. Each time you take a loan or top-up you pay a
disbursement fee of 1% of the loan or top-up.
If you succeed in
building your savings to 20,000 taka, you pay nothing else. But if you
want to take back your savings before they reach 20,000, you can, but
Shohoz Shonchoy will keep back 5% of their value as a fee for early
termination of the contract.
Open an account with Shohoz Shonchoy today! |
|