Frequently Asked
Questions
Account & Eligibility Requirements
Do I need to have an account with you for a long time before accessing a loan facility at CIDAN Capital?
You do not need to have an account for a very long time before accessing loan facility at CIDAN Capital; however, you will need to open an account and run it.
Do I need a solid collateral before accessing any amount at CIDAN?
Depending on the amount, but for smaller amounts your stock and household assets can be used.
Do I need collateral for any loan amount?
Yes but the type of collateral differs with amounts.
Collateral & Guarantor
Do I need a solid collateral before accessing any amount at CIDAN?
Depending on the amount, but for smaller amounts your stock and household assets can be used.
Do I need collateral for any loan amount?
Yes, but the type of collateral differs with amounts.
How valuable should my collateral be?
It should be at least one and half times the loan amount.
What other conditions are there with loan facility at CIDAN Capital?
Yes, a lien or cash collateral of up to 20% of the loan amount.
Do I need a guarantor for my loan facility and what kind of guarantor?
Yes, you need a guarantor who has both financial and personal influence.
Interest, Fees & Charges
What is the interest rate currently at CIDAN Capital Microfinance Limited?
Up to a maximum of 5% per month.
Are there any other charges aside the interest rate I pay?
Yes, there is a processing fee of 3% and insurance of 1% on the loan amount; also there is a twenty cedis charge for Bank of Ghana collateral registration.
Is the processing fee and insurance deductible from the loan?
No, it must be paid up-front.
Loan Access & Approval Process
Can I access any loan request I put in?
Loan is approved based on the effective financial evaluation that is made to ascertain the business capacity which may or may not be in tandem with your request.
Can I withdraw my investment at any time?
How long does it take for me to get my facility from the time I submit all my documents?
At most five (5) days.
How is the loan disbursed to me?
By cheque.
Payment Terms & Defaults
What is the frequency of payment for loan facility at CIDAN Capital?
Mostly monthly, but can be structured depending on the expected cash flow of the client.
Can I pay my loan after my due date?
Strictly not allowed.
Why can I not pay after my due date?
Because it shall impair your credit history with us and affect our cash flows.
Can I pay part of the principal so I benefit from an interest waiver?
Because the interest rate is flat that is not possible but you get an interest waiver of up to 85% of the outstanding interest if you can mobilize all the outstanding principal.
Can I issue postdated cheques to cover my monthly installments?
Yes, it’s very much required.
Verification & Background Checks
Is there any checks done on me when I want a facility at CIDAN Capital?
Yes, there is a credit referencing bureau search for a possible credit history or exposure with other financial institutions’ businesses and household reference.
Is there home and business verification when I need a facility?
Yes.
Referrals
Yes, it’s a kind of veto confidence in our business.
Yes, there is a credit referencing bureau search for a possible credit history or exposure with other financial institutions’ businesses and household reference.
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