Business loans: This article contains List of Microfinance Banks that can give you up to N5 million easily and how to apply for them.
What efforts is the Nigerian government making to alleviate the effects of the Coronavirus epidemic in Nigerians and their businesses?
Businesses often fail because of insufficient capital to kickstart operations, sustain the business or scale. Despite the crucial role that MSMEs play in the economy, particularly in developing nations like Nigeria, they are usually disadvantaged when it comes to sourcing funds from big commercial banks.
Microfinance banks (MFBs), on the other hand, provide easier access to financial services including Business loans the to a large segment of small businesses and enterprises who would otherwise have little or no access to these facilities.
Business loans: List of Microfinance Banks that can give you up to N5 million easily
1. AB Microfinance Bank
AB Microfinance Bank Nigeria offers entrepreneurs the opportunity to easily access loans in a quick, transparent and efficient environment.
Features and benefits of AB Microfinance Bank loan
- Loans from NGN3,000,000 to NGN20,000,000 for your existing business
- Competitive interest rate starting from 3.0% monthly on reducing balance
- Disbursement fee of 1.0% of the loan amount
- Maturity period from 6 to 24 months with equal monthly instalments
- Broad range of collateral items accepted
- Upon submission of all required documents, loan disbursement is guaranteed within 3 working days
2. LAPO Microfinance Bank
The LAPO Microfinance Bank “SME Loan” is a credit product designed specifically to support Small and Medium Scale Enterprise (SME) operators in Nigeria.
Licensed by CBN in 2010, LAPO Microfinance bank has focused on developing small businesses in Nigeria. With over 1 million entrepreneurs empowered, LAPO microfinance bank has provided entrepreneurs with reliable microfinance services.
Irrespective of the sector your enterprise is operating, LAPO MfB is willing to support you with credit facility up to N5,000,000 to expand the enterprise at reasonable interest rates
Lapo MFB Loan Requirements
Loan application letter
Duly completed application form
2 guarantors
A valid means of ID (national ID, driver’s license, voter’s card or international passport)
Current utility bill
4 recent passport-size photographs
Lapo has various kind of loan, we are going to be discussing it to enable you know that loan application that suit your business.
Benefits:
No collateral
Access to funds for your business expansion
Flexible repayment structure
Training on basic financial management, business planning and customer relations
Expert financial advice available when you need it
3. RenMoney
Renmoney, it is a fintech lending company operating with a Microfinance Banking license in Lagos. The company is passionate about leveraging technology to deepen financial inclusion. They offer personal and business loans from ₦6,000 to ₦6,000,000 to employees and entrepreneurs; as well as high-interest savings and fixed deposits
With Renmoney, you can apply for a loan of ₦6,000 – ₦6,000,000 without collateral and repay in 3 -24 months. Monthly interest rates range from 2.4% – 9.33% and the maximum Annual Percentage Rate (APR) is 35.76%. No other fees are charged.
Features and benefits of RenMoney Microfinance bank loan
- Fast and convenient loans from ₦6,000 – ₦6,000,000
- Flexible repayments from 3 – 24 months
- Money in your bank account in minutes
- Lower rates and longer tenure on your next loan
- No paperwork
- No collateral or guarantor needed
- No hidden charges – you always see your loan terms before you commit
Renmoney Loan Requirements
- You must fall within ages 22-59 years.
- You must have an existing and active bank account with a commercial bank in Nigeria.
- Must be well paid as an employee or own a thriving business
- Both the employee and business owner must verify their monthly income and must have a clean credit bureau.
- Your statement of account for up to six months is required, and there must be no issues of a returned cheque.
- Have a recent passport photo and an identity card to prove that you’re a staff of your organisation.