KORA

Credit Product Disclosure

Credit Line Information:
• Credit Line Validity: 1 year (validity period of the approved credit limit)
• Credit Line Range: NGN 30,000 – NGN 400,000
• Available Withdrawal Amount: Subject to approved credit line
• Repayment Term: 180 days – 360 days
• APR (Annual Percentage Rate): 12% – 30% per year

Fees:
• Processing Fee: One-time fee charged only when a withdrawal is made
• No recurring management or hidden fees

Interest Calculation Method:
Interest is calculated on a simple daily interest basis, using a 365-day year:
Daily Interest = Withdrawn Amount × APR ÷ 365

Total repayment amount is calculated as:
Total Repayment = Withdrawn Principal + One-time Processing Fee + Accrued Interest

Interest accrues only on the withdrawn amount, not on the unused credit line.


Representative Examples (For Reference Only)

Example 1
• Approved Credit Line: NGN 30,000
• Withdrawn Amount: NGN 20,000
• Selected Repayment Term: 180 days
• APR: 12% per annum
• Processing Fee: NGN 300 (one-time)

Interest Calculation
• Daily interest = 20,000 × 12% ÷ 365 ≈ NGN 6.58
• Repayment after 150 days: Accrued interest = 6.58 × 150 ≈ NGN 987

Total Repayment
• Principal: NGN 20,000
• Processing Fee: NGN 300
• Interest: NGN 987
• Total Amount Payable: NGN 21,287


Example 2
• Approved Credit Line: NGN 400,000
• Withdrawn Amount: NGN 200,000
• Selected Repayment Term: 280 days
• APR: 18% per annum
• Processing Fee: NGN 300 (one-time)

Interest Calculation
• Daily interest = 200,000 × 18% ÷ 365 ≈ NGN 98.63
• Repayment after 200 days: Accrued interest = 98.63 × 200 ≈ NGN 19,726

Total Repayment
• Principal: NGN 200,000
• Processing Fee: NGN 300
• Interest: NGN 19,726
• Total Amount Payable: NGN 220,026


Credit Product Description

KORA provides access to a personal revolving line of credit (PLOC). After approval, a predefined credit line is assigned to the user. Within this approved limit, users may withdraw funds in one or multiple transactions, subject to any minimum withdrawal requirement.

The withdrawn amount (principal) may be repaid at any time within the agreed repayment term. Interest is calculated on a daily basis and accrues only on the withdrawn amount and only for the period of use, in accordance with the disclosed APR. No interest or fees apply to the unused portion of the credit line.

Once the withdrawn amount, together with any applicable fees and accrued interest, is fully repaid, the corresponding amount is restored to the available credit line during its validity period.


Key Features
1. No Usage, No Cost
No interest or fees are charged unless funds are withdrawn from the approved credit line.

2. Flexible Repayment Schedule
Users may repay partially or in full at any time within the agreed repayment period. Early repayment reduces the total interest payable.

3. On-Demand Withdrawals
Funds can be accessed in multiple withdrawals and in varying amounts, as long as the total outstanding balance does not exceed the approved limit.

4. Revolving Credit Structure
Once a withdrawal is fully repaid, the corresponding amount is restored to the available credit balance for future use.


Eligibility
1. Nigerian citizen or legal resident
2. Regular source of income
3. Age between 20 and 65 years


Additional Disclosure
Credit limits, APR, fees, and repayment terms are determined based on user eligibility and final approval. This description is provided for transparency and does not constitute a contractual offer.


Contact us
Address: 39 A, Unity Road, Off Toyin Street, Ikeja, Lagos State
Telephone: +234 9161725934
Email: Koracustomerservice535@gmail.com