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Loan interest method

Each calendar day beginning with the day the loan is made interest is calculated on the unpaid loan balance. This daily interest is accumulated separately from the unpaid loan balance. Daily interest is not calculated for the day that the loan is paid in full. Payments are applied first to any accumulated late fee, then to accrued interest with any remainder applied to principal unpaid. The calculation for daily interest is: Principal Interest Rate Number of Days 365.

Interest on Loans

Type of Loan Interest
Business LoansSee below
Line of Credit15%
Consumer Loan15%
Micro Loan 7%
Quick Loan15%

Business/Commercial Loan

Features
  • 1% Processing Fee
  • 13.5% Interest Rate (Unsecured)
  • 13% Interest Rate (If secured up to 45%)
  • 12.5% Interest Rate (If secured 46 - 70%)
  • 12% Interest Rate (If secured 71 - 95%)
  • 11.5% Interest Rate (If secured 96 - 120%)
  • 2.5% Interest Rate plus TCD rate (If fully secured by TCD)
Requirements
  • Audited Current Financial statement
  • Tax report - MISSA, Tax & Revenue, Local Government
  • Board Minutes(Resolution for the request)
  • Business Plan
  • Business License
  • Personal Financial Statement for Borrower and Guarantor(s)
  • Credit Checks
  • Security Agreement for Secured Transaction Act
  • Collateral Items (If any)
  • By Laws
  • Corporate Charter
  • Isurance for collateral items(moveable property)

Micro Loan

The primary purpose of making a microloan is to accelerate development of the country, and to improve the wellbeing of the people living in the rural areas of the Marshall Islands. The projects to be financed include, but are not limited to agriculture, food processing, commerce, fishing, manufacturing, transportation, handicraft, tourism and services.

Features
  • Loan fee is 2%
  • Interest rate is 7%
  • Maximum term is 5 years

Personal/Consumer Loans

A great way to achieve all your personal needs.

Features
  • Maximum of six month term
  • Payment by allotment unless the loan is fully secured with stock or a time certificate of deposit
  • No credit checks provided that the credit history with the bank is current
  • Employment verification
  • 15% interest rate
  • At least 2 guarantor required

Line of Credit (Mobile Phone)

Another type of personal borrowing method, which utilizes the Mobile Banking system for more convenience. Simply follow the instructions shown on your user guide and we'll take it from there.

Features
  • You can borrow up to $2,000.00
  • Maximum term of 2 years
  • Options to refinance
  • Loan Payments can also be made through your mobile phone
Requirements
  • Customer must have subscribed to the BOMI Mobile Banking system
  • Special Savings Collateral Account
  • Guarantor
  • Security Transaction Act agreement

Quick Loan

This is a special type of a consumer loan that is offered to bank customers with a consistent and good credit history. If the borrower meets all of the requirements for this type of loan, it can take as few as 30 minutes for the bank to approve the loan and deposit the loan proceeds into the customer's account.

Features
  • Maximum of six month term
  • Payment by allotment unless the loan is fully secured with stock or a time certificate of deposit
  • No credit checks provided that the credit history with the bank is current
  • Employment verification
  • 1 guarantor required

***All lendings are subject to BOMI's normal credit approval criteria. For more information call us at (692)-625-3636.***

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