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Ade Kasereka B. Vickya, Founder of KMB
Associate of the London Institute of Banking and Finance
Financial Modeling and Valauation Analyst
Commercial Banking and Credit Analyst
For our financial services, KMB have planned to provide the following suitable ‘product mix’ of three loan types to attract Congolese from high interest lenders to their own community financial institution:
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Loans for new clients
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Loans for existing clients
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Loans for members
These regulated activities will be provided in the short and medium term of our operations, and they are subject to funding and authorisation by the FCA.
Other services to be offered alongside the credit activities are:
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Financial literacy.
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Financial education.
CALCULATE
YOUR LOAN
An example calculation of your loan
Calculation is for illustrative purposes only
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Our goal will be achieved through the following product mix and product design variables that respond to the needs and preferences of our clientele.
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OVERVIEW OF PROPOSED LOAN PRODUCTS
£500 repaid at £188.34 per month for 3 months. Total repaid = £565.03
Not working
On low income
On benefit
Past difficult repaying credit
LOAN TYPES
CLIENT CREDIT PROFILE
APR %
TYPICAL LOAN
Loan for New Client
76.46%
Loan for Existing Client
73.23%
£1,000 repaid at £374.82 per month for 3 months. Total repaid = £1,124.46
Loan for
Member
£300 repaid at £113.75 per month for 3 months. Total repaid = £341.30
80.76%
Not working
On low income
On benefit
Past difficult repaying credit
Not working
On low income
On benefit
Past difficult repaying credit
APR Representative example: £500 Loan repayable over 3 months; 3 payments of £188.34 p.m; Rate of interest 70.00% p.a. fixed; Representative 76.46% APR; Total amount payable is £565.03. This calculation is for illustrative purposes only.