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 facility offer by AB Microfinance bank in Nigeria, requirement and how to apply for it.
AB Microfinance Bank Nigeria 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.
Their loan facility are: Micro Loans,Housing Loans and SME Loans. let take a look at each loan package is more detail.
ABN Micro Loans
This kind of Loans facility is designed for small business owners and amount borrower can get currently range from N15,000.00 to N3 million; maximum maturity is 18 months; for larger loan sizes.
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.
The loans ranges 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 instalments
ABN 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 use for Building or renovating houses and shop.
The Repayment capacity based on 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
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