Terms and condition for Awash-Lehulum

IV. Account information

  1.  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
  2. The minimum daily balance in one of the accounts shall not be less than Br. 100
  3.  Minimum number of transaction during a single month shall not be less than four
  4.  Customer shall have permanent source of fund account in Awash Bank evidencing for the reliable repayment of the loans. In addition,
  5. Customer shall open Awash Birr or Wallet account to access privilege of micro-lending
V. Product terms and condition
  1.  Customer shall be age of 18 or above
  2.  Shall have reliable source of income
  3. Opened any of special deposit saving account in Awash Bank
  4.  The Bank shall collect interest upfront at 5 percent per month
  5.  Interest and other fees shall be collected first on repayment
  6.  The bank shall collect penalty charge on outstanding principal due on daily basis

    Product terms and tariff

    Product Awash Digital Micro-loan Description

    1.  Awash-Lehulum Credit Minimum loan amount Br. 3,000
    2. Maximum loan amount Br. 30,000
    3.  Loan Period 2 months (60 Days )
    4.  Interest Rate 5% per monthly
    5.  Repayment Frequency Weekly/Monthly/
    6.  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
    7.  0.5% Late Payment Fee Penalty charged on the daily basis of the outstanding principal and elapsed 30days 
    8. 3% Penalty charged on the daily basis of the outstanding principal until overdue payments are cleared
    9.  Grace Period Days of grace from the first installment/repayment date 7 days

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