What is SafeEduCare?
SafeEduCare is a product designed for parents who may have the need to pay their children school
fees but may not want such financial obligation to impede on their businesses or on other equally
important obligations. It provides access to funds for this purpose with a flexible repayment plan.
Loan amount: Up to =N=500,000.00 (for now) depending on individuals observed capacity
Tenure: Up to 6 months (Renewable if repayments would inevitably exceed 6 months)
Interest Rate: 3.5% flat on reducing balance
Management Fees: 3% upfront
- Applicant must be bonafide staff of a recognized Institution.
- Applicant must be in good moral/reputable standing before such an institution.
- Applicant should be a resident of FCT Abuja or its immediate environs (for now).
- Applicant's income must be fairly sufficient to accommodate his or her requests.
- An account to be opened either in the name of the child or in the parent's name with Safe Haven MFB Ltd. with clearly spelt out mandates on the signatories to the account.
- At the point of applying for SafeEducare facility, letter of introduction from the Institution introducing the applicant as a bonafide staff of the Institution must be made available.
- An irrevocable standing order from the applicant to his/her bank (where the salary account is domiciled) copying the Institution’s Central Pay Office and Safe Haven MFB Ltd.
- Such Standing Order must never be cancelled without the full consent of Safe Haven MFB Ltd. and the Institution's Central Pay Office except such cancellation is at a time of no pending or outstanding obligation from the customer.
- An additional independent appraisal shall be carried out by Safe Haven MFB Ltd. on such applicants before funds are finally availed.
- Members who intend to access funds to open an individual account (savings or current) with Safe Haven MFB Ltd. with relevant KYC documentation in place.
- An initial minimum opening/operating balance of =N=10,000.00 is deposited into the account.
- Monthly compulsory contribution commences as would be agreed to with customer.
- Where a couple is combining resources, the couple must be contributing separately to the account(s) with Safe Haven MFB Ltd.
- Request for funds is made as necessary.
- Safe Haven MFB Ltd. makes an independent appraisals of requests based on our product ‘s credit check list.
- Successful requests are approved and the loan is booked.
- Disbursement is done through direct credit to the school account on behalf of the customer.
- Repayment of availed amount commences the following month and must not exceed six months.