Last Updated on July 1, 2024 by admin
As Accion microfinance bank remains passionate about education, the financial institution has unveiled My School Plus Loan which is designed to serves as both working capital and asset development for private schools.
Managing Director, Accion Microfinance Limited, Mr. Taiwo Joda, said that the bank gave out interest-free loans totaling N160 million in the past five months to school owners since education is key to fight poverty and tackling unemployment.
The loan facility is aimed at assisting established and well-structured schools in the expansion of their landed properties to meet obvious or anticipated business demand.
Read: How to Apply for Various Accion Microfinance Bank Loan In Nigeria
Accion MFB My School Extra Loan
The loan facility provide Private School Owner and require funds for the day to day running of their school. It server as Working capital loan for schools and Opportunity to grow your school with Accion MfB. The loan package has Competitive interest rate with Quarterly repayment plan.
My School Plus Loan Repayment Term
Your School Plus loan repayment term is the amount of time you will take to repay the loan. It can vary greatly depending on what type of school loan you take out. The facility don’t differ all that much from other types of loans though it has Quarterly repayment plan.
You can also read: Accion Microfinance bank ussd code: How to register, transfer money, buy airtime obtain loan and check account balance
Benefits of Accion MFB My School Plus Loan
1. The Funds can be used for renovation & facilities development, purchase of teaching aids and equipment procurement, staff salaries, purchase of school bus, generator set
etc.
2. Financial Support towards student awards, sports etc
3. No administrative fees
4. Access to loan of up to N5,000,000.00
5. Loans strictly disbursed to schools
6. Interest 9% p.a
7. Insurance on loan of 1%.
8. Can only access 40% of loan request for school plus while 60% must come from school extra
Other benefits and features are:
9. Commitment fee of 1%
10. Tenure of up to 1 year
11. Working capital and asset loan for schools
12. Quarterly repayment plan
13. Very low interest rate.(9% per annum)
14. Easy loan procedure
15. Opportunity to grow business with Accion MfB
What is the requirements to get Accion Microfinance bank my school loan
Before you can access Accion MFB school loan, borrower should meet the following criteria:
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: List of Accion Microfinance Bank Loan facility and requirements
How can I apply for a Accion MFB school Loan?
1. Register/log in on the Accion MFB Mobile App or Internet Banking platform (
www.ibanking.accionmfb.com)
2. Click on Update profile and fill in the required fields until your profile is at 100%
3. On the menu option, click on Loans
4. Go to New Loan
5. Fill in the fields required.
6. Fill in the loan amount (please note that the minimum loan amount is N50,000.00 and the maximum loan amount is N150,000.00)
7. Click on submit.
8. If the loan application is approved, you will be required to provide your debit card details and a N50 card validation fee will be charged.
9. Input your transaction PIN for the loan to be disbursed, then click submit.
OR
Visit any accion microfinance bank branch to apply for your loan.
