This is a fast-track loan product introduced by COPEDU Plc for all its clients.
Features :
- The loan is processed within three days from the application date and must be repaid within six months.
- It is available to existing COPEDU Plc borrowers and is intended for financing business transactions such as fulfilling contracts, paying customs duties on imported goods, and other urgent business needs.
- The collateral provided must be registered with RDB and be sufficient to cover the loan.
- The borrower pays interest only on a monthly basis for six months, with the principal amount and final interest installment due in the sixth month.
Eligibility Criteria :
- The applicant must provide supporting documents proving the existence of a contract to be executed or evidence of imported goods requiring customs duty payment or any other urgent business-related needs.
- The applicant must demonstrate the ability to manage multiple loan obligations.
Advantages
- Ensures timely execution of awarded contracts.
- Facilitates tax payments without disrupting business cash flow.
Disadvantages :
- Failure to adhere to the agreed repayment schedule may reduce eligibility for future loans.
- Non-compliance with repayment obligations may result in being listed on the Credit Reference Bureau (CRB), limiting access to financial services from other institutions.
