Last Updated on July 1, 2024 by admin
There are so many microfinance Banks in Nigeria that give out loan for business, AB microfinance bank is not left out.Hence they offers entrepreneurs the opportunity to easily access loans in a quick, transparent and efficient environment.
To access AB Microfinance Bank loan you must already be in business to get existence/operation and housing/house improvement loans.
AB Microfinance Bank have competitive interest rate on their loan which depend on the amount and time frame for the loan.
Their loan ranges from N15,000.00 to N3 million; maximum maturity is 18 months; for larger loan sizes provided you are already in business for more than one year and in a particular location for more than 6 moths.
It’s not mandatory to open an account before applying for loan but you will required to open one before you can get a loan from them. No COT on ABN account (zero COT on all ABN account type).
They have Micro Loans,SME Loans and Housing Loans
Let take a look at various loan requirement and procedures.
Micro Loans
1. No mandatory deposits/savings and no cash collateral required.
2. No audited financial statements required.
3. Flexible collateral arrangements depending on loan size (household goods, business equipment, goods in stock, vehicles, property etc.)
4. Flexible documentation requirements.
5. Long-standing clients with impeccable repayment record qualify for successive 6. interest rate discounts and even faster loan processing.
7. No borrower groups – you are responsible only for your own loan.
8. Free SMS Reminder for your Monthly Repayments
ALSO READ: How to Apply for Various Accion Microfinance Bank Loan In Nigeria
Requirements
1.Applicant must be 21 or above.
2.Applicant must be a Nigerian Resident.
3.Applicant must be the owner of the business.
4.Business must be in operating area.
5.Applicant must be currently exercising activity.
6.and exercising consequently for the past 12 months.
7, valid ID card issue by federal Government, like voter’s card. driving licences,International passport and national ID card
8. 2 passport photograph
9.Utility bill not less than 6 months
10. A Guarantor (a business person or salary earner).
11. Flexible collateral arrangements depending on loan size (household goods, business equipment, goods in stock, vehicles, property etc.)
Please note: before you can get loan approval you must have a physical business location with tangible evidence that you do business and that the business is yours.
However, you must show Proof of business ownership can be in form of shop rent receipt, invoices, goods/product receipt etc (Evidence to show your business have been in existence within the stipulated period).
NAME AMOUNT AVAILABLE INTEREST PAYABLE
AB Business Flexi N15,000 – N100,000 6.6% Interest (On reducing Balance)
AB Business Plus N100,001 – N500,000 6.1% Interest (On reducing Balance)
AB Business Max N500,001 – N1,000,000 5.7% Interest (On reducing Balance)
AB Business Max Plus I N1,000,001 – N2,000,000 5.2% Interest (On reducing Balance )
AB Business Max Plus II N2,000,001 – N3,000,000 5.0% Interest (On reducing Balance )
Disbursement Fee 1% of Disbursed Amount (One-off Charge )
SME Loans
This kind of loan offers business owners of Small and Medium Size Enterprises the opportunity to access loan products in a quick, transparent and efficient ways
1 Loans from NGN3,000,001 to NGN20,000,000 for your existing business
2.Competitive Interest Rate starting from 3.0% monthly on reducing balance
3.Disbursement fee of 1.0% of the loan amount
4.Maturity period from 6 to 24 months with equal monthly instalments
5.Broad of collateral items accepted
6.Upon submission of all required documents, loan disbursement within a week
Requirements
1.Applicant must be 21 or above.
2.Applicant must be a Nigerian Resident.
3.Applicant must be the owner of the business.
4.Business must be in operating area.
5.Applicant must be currently exercising activity.
6.and exercising consequently for the past 12 months.
7, valid ID card issue by federal Government, like voter’s card. driving licences,International passport and national ID card
8. 2 passport photograph
9.Utility bill not less than 6 months
10. A Guarantor (a business person or salary earner).
11. Flexible collateral arrangements depending on loan size (household goods, business equipment, goods in stock, vehicles, property etc.)
Name Amount Available Interest Payable
SME Business Loan (new client) N3,000,001 – N10,000,000 3.0% – 4.7% Interest (On reducing Balance)
Disbursement Fee 1% of Disbursed Amount (One-off charge)
Housing Loans
This type of loan is for Housing without equity contribution or compulsory savings it is meant for For Business owners & Salary Earners
Below are amount and interest rate.
1.N300,000 – N1,000,000 @ 5.5% Interest (On reducing Balance)
2. N1,000,001 – N3,000,000 @ 5.0% Interest (On reducing Balance)
3. Disbursement Fee 1% of Disbursed Amount (One-off charge)
For more details visit any AB microfinance bank for inquiry.
