How to get a loan
To obtain a loan from Accion Microfinance Bank, the prospective customer needs to have been in business for at least one year, operating from the same location for at least six months.
Tenure: The tenure on loans depends on the type of loan. Tenures could range from
- 1-3 months (PAY GO – Overdraft product)
- 4-6 months (Working capital) or
- 4-12 months (Asset Loan)
Loan Repayment: Loan repayments are made monthly except for Group Loans which are repaid weekly.
Loan Application Requirements
To obtain a loan, prospective clients must submit:
- 6 recent passport photographs
- Recent utility bill from residence
- Identification: National ID Card / Valid Driver’s License / Valid International passport
- Shop receipt (evidence of business location)
Every loan application requires a Guarantor or Surety. The Guarantor must be between 28- 59 years and have the capacity to repay the loan should the customer default in his loan repayment.
Requirements for the Guarantor
- 1 recent passport photograph
- Recent utility bill from his residence
- Identification: National ID Card or Valid Driver’s License or Valid International passport
Other information about our Loans
Note: Loans repayments of N400,000 and above require post-dated cheques covering the number of loan repayment installments as well as 2 valid references who have current accounts.
- The interest rate on loans is 6% on reducing balance.
- There is a compulsory processing fee which covers insurance, VAT and administrative charges
- Upon approval of loan amount, client and guarantor must come to the bank to sign offer letter and guarantee letters.
- All loans require a 20% compulsory deposit of the approved loan amount to be paid after signing the offer letter.
- Loans can be repaid before their due date