Ecobank is one of the bank that gear up their effort in the loan and banking industry, before it is hard to get loan from Ecobank, like other banks you will have to go to their branch with documents and collateral.
They don’t even offer small or personal loan but thanks to new development Ecobank is now ready to give personal loan to people in
Nigeria without paper work or collateral, with just a click on your phone you the loan will be disbursed but if you want huge loan like #1m above you will need to visit their branch and that one too is now easy.
Since you now know that Ecobank gives loan the problem now is how to get a loan from them and others question you might have, which is exactly the reason for writing this articles to tell you everything you need to know about Ecobank loan, stay tune.
Types of loan offer by Ecobank
Before we launch into how to, I will like you to know defrernt type of loan Ecobank offer and they are
Ecobank auto loan or asset loan
This loan is aim at people who want to purchase vehicle or any other asset or machinery but does not have money.
The loan is easy to get just walk to any Ecobank branch and request for the loan but you must have at least 10% of the cost of car or asset you want to buy at hand, and the car or asset will be purchase from Ecobank authorised dealer.
Ecobank mortgage loan
Many people do not know that there is a mortgage loan in Nigeria: you don’t need to have all the money before you emnbark on your housing project, you can go to any eco bank brach and request for housing loan. Since it is a big loan you will be ask to provide collateral and some documents.
Ecobank personal loan
This is the loan that is available for everybody, in this type of loan you can get loan to pay rent or to offset bill or to meet urgent financial need.
You don’t need collaterals or documents for this kind of loan, it is easy and hassle free, with a click on your phone the loan will be disburse. Since the loan is small the pay back period is aslo short usually between 1 to 5 months depending on the amount of loan request for also you must have a bvn and you must not have defaulted on any loan before applying or else your loan request will be rejected.
Ecobank advance facility loan
This loan is targeted at salary earner who need laon urgely, in this type of loan you will be able to access loan in proportion to your salaryy, if you are collecting 100,000 naira per month the amount of loan you can access will be #50,000 I.e 50% of your salary.
Ecobank cash backed loan
This loan is for those that have investment with Ecobank, instead of them terminating their investmet when they need money urgently they can obtain a low interest loan and pay back later.
Ecobank salary advance loan
Salary avance loan is an overdraft that allow employee of a repuable company to obatin 40% of their salary as loan for instance if you are collecting #100,000 per moth you are eligible to obain a loan of #40,000.
Since it is over draft the pay back period is just 30days.
Ecobank business loan
Ecobank also give out businesss loan to entrepreneur in Nigeria but the business must have been existence for at least a year before you can get a lon from them. Also your business should be registered with CAC and other important agency
Eco bank travel loan
This is for tourist or people that want to travel to a known country and come back, the loan is not easy to get and you will provide a collateral before you can obtain the loan. Apart from this the loan has low interest rate
Ecobank loan requirements
Before getting a loan from Ecobank there are requirements you must meet and they are
You will provide government issue ID card, either voters card or national IDcard
- You should recide in Nigeria
- You must provide utility bill for loan more than #1m
- You must have been with Ecobank for at least six months
- You must not have defaulted on a loan
- You must have a bvn
How to apply for Ecobank loan
There are two way to apply for Eco bank loan and they are
If your loan fall into big loan like business loan and asset loan or that is up to 1m naira you will have to go to Eco bank branch to obtain the loan
Through ussd code
If you loan fall into personal, salary loan you can obtain the loan with a code *326#
Phone number: 2347005000000, +2348003262265.
Q and A
How long will it take to get loan from Eco bank
For personal loan it does not take time, once your application is successful your account will be credited immediately or before 24hrs end. For big loan you will have to visit any of the Ecobank branch in your location.
How long do I have to pay back Ecobank loan
This depend on the type of loan you obatin but the shortest is 1 month while the longest payback period is 10 years
Does Eco bank requires collateral
For personal loan you do not need a collateral to get loan from Ecobank. For big loan like business loan you will be ask to provide collateral
What is the interest rate of Ecobank loan
Interest rate differs it depend on the type of loan you obtain; for personal loan it’s in the range of 3.5% to 5% per month while big loan can be upto 20% per annum
What is the maximum amount to borrow in Ecobank loan
For personal and other soft loan the limit is #5m but it is hard to get that #5m so we bench it at 1m, for business loan and other big loan you can get upto 20m naira and above from them.
Above is how to apply for Ecobank loan in Nigeria, if you go through the article you will see that it is easy to obtain soft loan than big loan, this is because soft loan is small compare to big loan.
Whatever if you are going to get loan from eco bank ensure you have a pay back plan because if you don’t pay back ontime your interest will increase as a penalty.
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