Last Updated on July 1, 2024 by admin
Types AB Microfinance bank Loan and requirement – All businesses have different needs, but they all need cash flow to thrive and getting Micro loan facility in Nigeria has been on the increase following the demand by small medium enterprise to expand their operation and not having enough collateral in the form of assets or property to get loan facility from the Commercial banks.
Since traditional banks aren’t always willing to take a risk with small businesses, many small businesses are turning to microloans as an alternative source of funds. Regardless of your cash flow needs there are a lot of microfinance bank in Nigeria that offers loan to small business owners
If you run a small business that’s ready to grow but need capital to get there, for working capital, equipment or machinery, furniture or fixtures, inventory, and supplies you can walk into any MFB in Nigeria.
Our today topic will cut across all Loan facilities offered by AB Microfinance bank in Nigeria, requirements and how to apply for it.
Read: How to apply for AB microfinance bank Various Loan application
The AB Microfinance Bank offers entrepreneurs the opportunity to easily access loans in a quick, transparent and efficient environment. What sets AB Microfinance Bank apart is primarily the efficiency and ease of access to credit facilities. Documentation and collateral requirements are significantly more flexible than anywhere else in the Nigerian banking sector, and the processing time is the shortest available.
The loan facilities include the following: Micro Loans,Housing Loans and SME Loans. let take a look at each loan package in more detail.
Types of AB-Microfinance bank Loan
1.Housing Loans
2.Micro Loans
3.SME Loans
1. AB Microfinance Bank Micro Loans
This kind of Loans facility is designed for small business owners and the amount the borrower can get currently ranges from N15,000.00 to N3 million; The maximum maturity is 18 months; for larger loan sizes, please visit the SME section. Repeat customers can apply for up to N5,000,000 under micro loans.
Fess and loan amount you can get
New Client -N3,000,001 – N20,000,000
fess: 3.0% – 4.7% Interest
Repeat Client -Up to 30 Million
Fess: F2.8% – 3.8% Interest
Disbursement Fee: 1% of Disbursed Amount (One-off charge)
Insurance Fee: 0.6% of Disbursed Amount (One-off charge
Features of Ab mfb Micro Loans
1.No mandatory deposits/savings.
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 interest rate discounts and even faster loan processing.
6.No borrower groups – you are responsible only for your own loan.
7.Free SMS Reminder for your Monthly Repayments
8.Upon submission of all required documents, loan disbursement is guaranteed within 3 working days
Also read: List of Accion Microfinance Bank Loan facility and requirements)
2. AB Microfinance Bank SME Loans
The AB Microfinance Bank Housing loan is designed to offer financial support to individuals i.e business owners or salary earners who want to achieve their home ownership dream.
The housing loan is designed for home renovation, shop renovation and construction of buildings either house or shop. The housing loan currently ranges from N300,000 to N3,000,000 with a maximum maturity of up to 24 months.
The loan facility is designed to meet the cash inflow of business owners of Small and Medium Size Enterprises who don’t qualify for a loan from a commercial bank. Documentation and collateral requirements are significantly more flexible than anywhere else in the Nigerian banking sector, and the processing time is the shortest available.
Prospective borrowers do not need to have saved any money with AB Microfinance Bank before applying for a loan, as we do not support forced savings. All that is needed is an existing, viable business.
The loans range from NGN3,000,001 to NGN20,000,000 for existing business with Competitive Interest Rate starting from 3.0% monthly on reducing balance.
The Maturity period start from 6 to 24 months with equal monthly installments
New Client can get up to N3,000,001 – N20,000,000 with 3.0% – 4.7% Interest
while old and Repeat Client can get up to Up to 30 Million with 2.8% – 3.8% Interest.The loan attract Disbursement Fee of1% of Disbursed Amount (One-off charge) and Insurance Fee 0.6% of Disbursed Amount (One-off charge)
Features of AB Microfinance Bank Nigeria SME Loans
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 range of collateral items accepted
6. Upon submission of all required documents, loan disbursement is guaranteed within 3 working days
3. AB Microfinance Bank Housing Loans
This housing loan product targets lower income clients who may use the loan for housing improvement or completion of stalled housing projects. The loan facility could be used for Building or renovating houses and shops.
The Repayment capacity based on the borrower’s current income.
Features & Benefits
1.Housing loan without equity contribution or compulsory savings
2.Free expertise including house design and bill of quantities
3.Access to quality building materials and building materials retailers network
Also read: Access Bank Women Power business loan: How to apply and requirements
How to Apply for ABN loan
To apply for AB microfinance bank loan, interested borrower should visit any of their branch to pick up application form or visit their online portal to apply copy the link to your browser : https://ab-mfbnigeria.com/calculator.htm
