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. 1-3 months (PAY GO – Overdraft product)
  2. 4-6 months  (Working capital) or
  3. 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)

Guarantor/ Surety

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

  • 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
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.