P5 Rules

This page houses an English translation of the rules for Shohoz Shonchoy`s `Product 5`

Flyer:

Shohoz Shonchoy's savings and loan services

Shohoz Shonchoy helps you save easily and quickly, both for day-to-day needs and for the future. It also lets you take loans which are easy to understand and use.

Shohoz Shonchoy deals with you as an individual - you don't have to join a group. Shohoz Shonchoy workers come to your doorstep - you don't have to attend any meetings. Shohoz Shonchoy lets you save any amount at any time, and lets you repay loans in any amount at any time - you don't have to give a fixed amount each week or each month. You can withdraw your savings even if you are holding a loan, and you don't have to make savings in order to get a loan.

1. Saving: an easy way to manage your money day-to-day, and earn profit.

Depositing Savings. A Shohoz Shonchoy worker will call on you every day. Each time she comes, you can deposit whatever amount you like. You don't have to save anything at all if you have no money to save that day.

Withdrawing Savings. You can withdraw any amount you like at any time. It doesn't matter whether you are holding a loan or not, you can still withdraw. You will get your withdrawal money immediately.

Profit. Each month, if there is more than 500 taka in your Account for the whole of the month, you will earn profit on the whole amount at the rate of 80 paisa per 100 taka per month.

Fees: There are no fees or other payments for the savings service. The service is completely free!

2. Loans: an easy way to get extra cash when you need it.

Taking a loan. You can take a loan from Shohoz Shonchoy at any time. You must repay your loan in full before you can take another one. Loans are given by the Manager at the local office.

Size of loan: Your first loan is up to 1,000 taka. If you completely repay that loan on time, your next loan can be 500 taka bigger. And then the next one can be 500 taka bigger again, without limit. But if you repay a loan late, your next loan size limit will go down by 500 taka.

Period of loan:. You choose how long you want to keep your loan. The minimum is 2 months and the maximum is 12 months. Just tell our Manager on the day you take the loan.

Cost of loan: On the day you take your loan, you pay 3% of the loan amount as profit for each month that you intend to keep the loan. For example, if you want to take 4 months to repay the loan, you will pay a total of 12% (4 months at 3% a month). That is all the profit you ever need to pay on the loan! You never have to pay any more profit for that loan again (providing you repay on time, of course)!

Repaying. You repay your Shohoz Shonchoy loan as and when you like. When the worker calls on you each day, just repay whatever amount you like. You don't have to repay anything if you have no money that day. Remember that you must repay within the period that you yourself decided on, and we recommend you repay as quickly as you can, so that your next loan can be bigger, and you can get it quicker. If you repay early, then your next loan can be even bigger - it can increase by an extra 100 taka for each month you repay early!

Start saving with Shohoz Shonchoy today!