What is Microfinance?

Microfinance is the process of giving small loans to people in need, often in low-income areas. The money loaned is often used to start or expand a small business. This way people in low-income communities can create ways to earn a living.

What is the difference between Stalak Industries Limited & Commercial banks?

Stalak Industries Limited operates mainly in rural areas e.g Agege, Dopemu and offers services at customer locations whereas commercial banks offer their services to urban clients. The loans offered by commericial banks are generally for large amounts and require collateral. The loans we offer are in small amounts which are suitable for most customers.

What is credit?

Credit is an external support (finance), which is added to already existing assets repayable with interest over a specific period of time

What are the reasons for credit?

A few reasons include: inadequate capital, to help people grow their business or improve their standard of living. To also help people become financially independent.

What is the total charge for credit?

The actual amount agreed and cost of service e.g any fee or charge payable by the borrower in connection with the agreement; the costs of maintaining an account and other costs relating to payment transactions.

How do I use the credit granted by Stalak industries?

Using credit means you borrow money to buy something i.e you borrow money, you buy the thing you want and you pay back that loan later with interest. Hence, it is advisable to use the loan on income generating activities so it is easier to pay it back.

Things you should avoid using credit granted by Stalak industries for

You should avoid using the money borrowed to gamble. However if you must, make a commitment to gamble only with money that you have. This way you only lose what is yours and can avoid falling into deep debt.

What products are offered by Stalak

We offer a wide range of products which include: Loans, thrift collection, savings accounts, rental package and child support. Please visit our products page for more information.

What is the criteria to get a loan?

To be eligible for our loans, you need to have maintained an active savings account with us for at least 3 months and demonstrate ability to pay back the loan. You will also need to provide a guarantor.

How do I open a savings account with Stalak?

Please contact your nearest branch or approach any of our staffs who may be in your area. They would advise you on products suitable to you and help in completing the application forms.

What is the operational area of Stalak and where are the branches located?

Currently Stalak's head office is located at Federal Ministry of Agriculture, 3 suco road, Oko-Oba Road, Agege and our staffs cover distant and remote areas around ogba, Agege, Pen-cinema and Dopemu.