As a Bank, we recognize the impact of educational institutions in a society.
Therefore, this facility is specially created to support schools and meet their urgent needs.
Also, we finance their suppliers of books and other educational materials.
It is also our exclusive credit Plans for school employees, providing lower rate of interest
and offering them access to banking services at low rate of interest, quick processing
- Applicants for this loan product must first have their schools assessed with the below documents:
- Cac registration documents (original should be sighted).
- Licenses and/or trading/practicing approval.
- Six (6) months bank statement.
- Students register and staff and maintenance expenses records.
- Customer to obtain 6 months statement of account.
- 2 guarantors (1 school proprietor and any corporate worker).
- Signed blanked cheques (front & twice at back).
- Repayment pattern to be schedule on termly basis.
Terms and condition apply
- Client must be in active employment in a recognized school.
- Client’s employer must meet Rigo MFB’s prequalification terms.
- Loan application letter.
- Six (6) months’ salary bank statement/ pay slips.
- Letter of employment/ last promotion letter.
- Maximum tenor for the loan is six (6) months.
- Repayment shall not exceed 33% of the monthly salary.
- Repayment mode is strictly through cheque/ Remita (standing order) mandate on t client’s salary account.
- 2 guarantors required one of which must be working in the same company.
- No collateral is required.