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How To Apply For AB Microfinance Bank Loan Open To All Nigerians

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How To Apply For AB Microfinance Bank Loan Open To All Nigerians

How To Apply For AB Microfinance Bank Loan Open To All Nigerians

Are you a Nigerian entrepreneur looking for a loan to boost your business? if yes, then the AB Microfinance Bank Loan is your opportunity to acquire that loan you need for your business as we walk you through the process on how to access the loan.

About AB Microfinance Bank

AB Microfinance Bank Nigeria is committed to its passion of helping to improve the business opportunities of entrepreneurs by availing them of easy access to affordable loans, as well as improving the general financial status of everyone with its deposit accounts. It is a limited liability company duly incorporated in Nigeria under the 2002 Companies and Allied Matters Act and is regulated by the Central Bank of Nigeria as a fully-fledged microfinance bank.

The AB Microfinance Bank has fully found its way into the financial sector in Nigeria, of which its inclusion into the banking sector is widely recognized. The bank offers loans of up to an N20million for businesses across Nigeria.

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You may also want to read Microfinance Banks You Can Get Up to N5 Million Loan Easily

List of Services Rendered by AB Microfinance Bank

AB MFB offers several services which are elucidated below;

  • Savings and current accounts.
  • Term Deposits.
  • Business Loans for MSMEs.

Aside from the other services rendered/offered by AB MFB, this post will expatiate solely on its loan service and all that applies to secure a loan from the bank.

Types of Loan Given by AB Microfinance Bank

  • MicroLoan.
  • SME Loan.
  • Housing Loan.

1. Microloan

The microloan of AB MFB is a type of loan that is basically meant for entrepreneurs. This very loan gives business owners the opportunity to access loans swiftly, and very fast.

SEE ALSO: Forex Loans | Everything you need to know

The accessible amount ranges from fifteen thousand naira (N15,000) to three million naira (N3,000,000), and it’s repayable within eighteen (18) months time.

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One need not have savings account with the bank or make any form of deposit before accessing loan(s).

Statement of the financial summary is not required to access the loan.

Only flexible collateral is required, and not something so big that will scare clients away.

The documents to complete the process is quite easy to obtain from the bank

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Old clients with good credit ratings are being given interest rate discounts successively.

Anyone can easily access this loan without using any group, or firm. Loan decision is made by the borrower, unlike other loan providers.

Loan disbursement takes place within three (3) working days, as long as the necessary criteria and documentation has being done.

The rates applied are based on the disbursal amount attached to the product;

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Flexi: N15,000 – N100,000 (6.6%)

Plus: N100,000 – N500,000 (6.1%)

Max: N500,000 – N1,000,000 (5.7%)

Max Plus I: N1,000,000 – N2,000,000 (5.2%)

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Max Plus II: N2,000,000 – N3,000,000 (5.0%)
A one-off fee of 1%, an insurance fee of 1.5% (one-off charge).

2. SME Loan

AB MFB will never in any way relent in making things easy for entrepreneurs, who are seeking financial assistance in terms of loan access.
As a financial institution that lends money to clients without having them save money or owning an account with them, it will be more beneficial if you as a client who owns an existing business, opt into this product. Definitely, you are likely to be given the desired loan almost immediately.

FEATURES

– For existing businesses, such clients can gain access to loans worth three million naira (N3,000,000) to twenty million naira (N20,000,000).

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– The interest rate is competitive on a reducing balance offering with a starting point of 3% interest, on monthly basis.

– A disbursement fee of 1% is being charged for every loan disbursed.

– A uniform monthly installment is involved after the maturity period of 6 – 24 months.

– To make it flexible, any item presented as collateral is being accepted to access desired option(s).

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– The effectiveness of the loan is within three (3) working days, as long as all requirements have been met.

– The amount disbursed and interest rate is based on the SME loan option applied for.

New Client: N3,000,000 – N20,000,000 (3.0% – 4.7% interest).

Repeat Client Up: N30,000,000 (2.8% – 3.8% interest).

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Disbursement levy of 1% (one-off payment)
Insurance charges 0.6% (one-off payment).

3. Housing Loan

For entrepreneurs who wish to own a house, the right loan option to go for is the housing loan offered by AB Microfinance bank.
However, clients who have a building or shop that is due for renovation can opt-in for this type of loan.

FEATURES

– The client is not under compulsion to own a savings account or make a deposit before accessing the loan.

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– No audited financial statement is required prior to the loan collection.

– Only flexible collateral is required.

– Uses an easy document.

– A successive interest rate discount is being given to long-standing customers with good records.

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– No borrower group is needed to access the loan, as it’s strictly based on individuals who take his/her decisions.

– Loan is being disbursed within three (3) working days.

The amount and interest rate for the housing loan is given below;

Business Owners: N300,000 – N1,000,000 (4.5% interest).

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Salary Earners: N1,000,000 – N3,000,000 (4.0% interest).

Charges for loan disbursement 1% (one-off fee)
Insurance levy 1.5% (one off fee/charge).

You may also want to read Guideline To Apply For Federal Government MSME Survival Fund 2022

Requirements For AB MFB Loan

  1. Anyone applying for a particular loan product offered by the bank must be 21 years and above.
  2. Applicant(s) must reside in Nigeria.
  3. Applicant(s) must be the rightful owner of the business used in collecting the loan, and not a third party.
  4. The business location must not be far from that of the bank.
  5. Applicants must be active in business for the past months (at least 12 months).

Loan officer of AB Microfinance Bank

All applicants are assigned to a loan officer, who will assist the client with the necessary steps to yield success in their loan pursuit from the beginning till the end.

How To Apply For AB Microfinance Bank Loan Open To All Nigerians

All interested and qualified applicants should kindly visit https://ab-mfbnigeria.com/ to apply

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How To Apply For AB Microfinance Bank Loan Open To All Nigerians

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