Personal Use Loan (LILAB) allows customers to receive financing by using purchased products or equipment as collateral. This gives customers the opportunity to obtain loans to buy personal-use items such as: motorbikes, tricycles, cars, generators, agricultural machinery (tractors, tillers, harvesters, etc.), and heavy equipment. The loan comes with competitive interest rates and flexible repayment terms, with the purchased items or equipment used as collateral. This loan is suitable for customers with stable income sources, such as salaries or income from business, services, or other legal sources. It is intended for purchasing products or equipment for personal or family use. Through this loan offering, LOLC can expand its market share, increase revenue, and maintain long-term operational sustainability.
LOLC's Personal Use Loan offers customers several key benefits, including:
- Low and competitive interest rates, calculated only on the outstanding principal balance.
- Flexible options for borrowing and repayment through the nearest LOLC branches or via partnered money transfer agents.
- Loan term and repayment schedule can be tailored to meet your individual needs.
The Personal Use Loan is designed to meet customer needs with flexible repayment options such as:
- Fixed monthly payments of both principal and interest, or
- Fixed monthly payments based on negotiated terms, or
- Monthly interest payments with principal based on negotiated terms