Last Updated on July 1, 2024 by admin
Getting a Flexible repayment plan as a business person in Nigeria has become so easy with Accion Microfinance Bank.You can now apply for loan like PayGo Loan,My Own Loan,My Annuity Loan,My School Extra Loan,My Own Plus Loan and SME Capital Loan.
When Applying for Accion MFB loans you are expected to disclose your details of your business during evaluation and processing stage.
What are the requirements to get a loan?
1. You must have been business for more than 1 year and been at your shop location for more than 6 months.
2. 2 passport photograph.
3. Mode of Identity (Driver?s license, Permanent voters Card or International Passport) 4. BVN.
5. Utility bill not less than 6 months
6. A Guarantor (a business person or salary earner).
7. Collateral for SME loans.
8. Account statement and cheques for loans above 400,000.
Let take a look at varios Accion MFB loan package.
SME Capital Loan
This is Working capital and asset loan for SME operators with monthly Repayment Plan which come along with Competitive Interest Rate.
The good news is that customers that pay timely get better opportunity for higher loan rate .Meaning once you pay on time you will rated “A” customer.
Requirements
1. Prove of business ownership and experience of upto 24 months
2. Account opening required
3. Viable business
4. Guarantor
5. And any other document that might be requested for by Accion MfB
Please note you may need to Open saving account with them if you dont have account previously.
Also read: Sterling Bank: How to Transfer Money, check account balance
My Own Plus Loan
My Own Extra is meant for existing customers who needs urgent funds to carry out day to day operations or expand business. you must have a good outstanding track record with the bank before you can apply for it.
This kind of loan has Reduction in interest rate for non-defaulting and high-performing client you can also get Higher Loan Amount with Quick Processing time of Loan.
Requirements
Prove of business ownership and experience
A/C opening required
Viable business
Guarantor
And any other document that might be requested for by Accion MfB
My School Extra Loan
This kind of loan is meant for Private school owners that require funds for the day to day running of school business activities.
It has Quarterly repayment plan with Competitive interest rate which enable you grow your school with easy when it come to finance.
Requirements
1. Account opening and proper documentation required
2. Proof of school ownership/existence
3. Proof of business viability
4. Proof of school existence for at least 1year
5. School must be willing to have business account with Accion MfB
Also read: Ecobank ussd code:How to Buy airtime,recharge card
PayGo Loan
This kind of laon is meant for fast moving consumer goods and services (FMCG) tha need a quick loan for a quick sales turnover. it come with Interest applicable only to accessed amount of approved loan limit.
Requirements
1.Prove of business ownership and experience
2.A/C opening and proper documentation required
3.Viable business
4.MSM Entrepreneurs with 12 months experience
Also read: Ecobank ussd transfer code: How to transfer money and check account balance on Phone
My Annuity Loan
This kind of laon is meant for pensioners who are in need of working capital loans to assist them in post-retirement businesses.
The good news is that is has no No collateral,it has Flexible repayment plan which is Affordable and convenient loans.
Requirements
1. Must be retired and on monthly pension
2. Client must be earning at least N16,000.00 monthly
3. Meet all documentation and information related requirements to Accion MfB
4. Client to authorize PFA to make monthly annuity into client’s account with Accion
5. Repayment of loan debited from client’s monthly annuity payments
My Own Loan
Business owners who need capital to grow their business should apply for this kind of loan. It has Easy Loan Procedure and Quick turnaround time.
Requirements
1. Prove of business ownership and experience
2. A/C opening required
3. Viable business
4. Guarantor
5. And any other document that might be requested for by Accion MfB
For more details you can visit Accion Microfinance bank for their loan procedure and process.
