Terms and condition for Awash-Lehulum

IV. Account information

Customer shall have existing saving or current account or need to open the mentions account and need to have transaction history for at least six months
The minimum daily balance in one of the accounts shall not be less than Br. 100
Minimum number of transaction during a single month shall not be less than four
Customer shall have permanent source of fund account in Awash Bank evidencing for the reliable repayment of the loans. In addition,
Customer shall open Awash Birr or Wallet account to access privilege of micro-lending

Customer shall be age of 18 or above
Shall have reliable source of income
Opened any of special deposit saving account in Awash Bank
The Bank shall collect interest upfront at 5 percent per month
Interest and other fees shall be collected first on repayment
The bank shall collect penalty charge on outstanding principal due on daily basis

Product Awash Digital Micro-loan Description

Awash-Lehulum Credit Minimum loan amount Br. 3,000
Maximum loan amount Br. 30,000
Loan Period 2 months (60 Days )
Interest Rate 5% per monthly
Repayment Frequency Weekly/Monthly/
Loan Processing Fee Loan processing fee shall be 3% of the loan amount but the minimum fee shall not be less than ETB 200 and greater that ETB 900
0.5% Late Payment Fee Penalty charged on the daily basis of the outstanding principal and elapsed 30days
3% Penalty charged on the daily basis of the outstanding principal until overdue payments are cleared
Grace Period Days of grace from the first installment/repayment date 7 days