It is no longer news that bank like Access bank now give loan like Fintech and the most interesting part of this is that they have many loan product that does not require collateral or paper work
But there are some that does, this is why we decided to give out information on the Access bank loan, requirements, interest rate and ussd code you can use to get the loan on your phone.
This article is a sequel to Types or of Access bank loan, you can read it first and come back to this page later
Categories and requirements of Access bank loan
There are three categories of loan in access bank and they are
Soft loan e.g pay day loan, salary loan, and others
The requirements of soft loan is not much as long as you have not defaulted on any loan before and you have account with Access bank spanning at least six months you are good to go.
You don’t need to get this kind of loan in bank with just a click on your phone your account will be credited. The access bank loan code you will dial on your phone will be written in the next section below.
The type of loan you can get in soft loan is not much it is between #10,000 to #500,000 depending on your income per month. The payback period is between 1 months to 1 years with interest of 5% to 15% according to the amount you borrow and pay back period
Business loan, e.g wpower loan, SME loan and other business loan
Business loan is huge between #1m to #15 million and as such require document before you can obtain this kind of loan, also you will need to visit Access bank office. Below are the document you will need for this
- Business plan
- Statement of account
- CAC (Corporate Affairs Commsion) document
- You must not have defaulted on any loan before
- Financial projection
The pay back period of this kind of loan is long usually between 1 years to 4 years according to the amount of loan accessed. Since the payback period is long the interest rate is also huge usually between 10% to 30%.
Device loan e.g phone loan and car loan
Device loan is another loan categories from Access bank the aim of the loan is to help people buy the needed device such as phone or car but the person must have at least 30% of this loan at hand; this will show your seriousness. Below are the requirements of device loan
- Completed application form
- Pro forma invoice from any of the Bank’s approved vendors addressed “Access Bank/Customer’s name”
- Credit Checks
- Blank transfer of ownership Form
- Vehicle Inspection report & agreement (Pre-owned vehicles only)
Duly accepted offer letter & term sheet
Ussd code for Access bank loan
The ussd code for Access bank is *901*11# but note that this code is meant for soft loan you can’t obtain business or device loan on your phone you will need to visit Access bank branch near you and submit the necessary document.
Above is the requirement for Access bank loan, interest rate and as well as ussd code to obtain the loan.
Access bank is a company And as such can change their loan product at any time that suit them and once they do we will come back to this article and edit it.
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