Though many people know that access bank offer loan to their Customer but few really know the types of loan offer and how to get loan from them. With access bank you can get instant loan that does not require collateral and also some that require collateral.
Some of the loan offer by access bank are personal loan, salary advance loan, business loan and others. In this article we will be reviewing these loan product, their requirements and how to apply for this loans, stay tune.
Types of loan offered by access bank in Nigeria
Creative sector loan
Creative sector loan is a CBN loan in conjunction with banks in Nigeria, it is a business loan targeted at entrepreneur who are in the following industry
- Fashion
- Information Technology
- Movie Production
- Movie Distribution
- Music
Software Engineering
The interest rate for this loan is 9% and the pay back peioed can be as long as 10 years, but for software industry it is just three years.
To apply for his loan goto any access bank branch near your area, go along with your business plan, financial projection and other business documents. Requirements you meet before you can obtain this loan are
- Business plan
- Certificate of Corporation
- Financial projection
- Brief on Directors
- BVN
- Tax Identification Number (TIN)
- Management Position
- Shareholding
- At least 2 Credit Reports for the
- company and each Director
Small Ticket Personal Loans
Small ticket personal loan is an instant salary loan from Accesses bank, the loan is easy and hassle free, it does not require collateral or dovumentation, you can get it on Access bank quickbuck app which you can download from play store or app store you can also use USSD code *909*11*1# to get the loan.
The loan interest rate is 3.7% and the pay back is 12 months which means you will start paying back the following month you took the loan.
With small ticket Personal loan you can get up to 400% of your salary that is if you are getting #100,000 as a salary you are eligible to get #400,000 loan but you must have been with access bank for at least 6 months and your salary per month should be #100,000 and above.
Lending Against Turnover
As there is loan for salary earner in Access bank there is also a loan for non salary earner. Lending against turnover is for custormer who have been with Access bank for at least six months (the account should be active through out this period).
The maximum loan you can get from this loan product is #300,000 but subject to your monthly turn over, which means if you transact up to 20% of this loan per month for six months you will be eligible for #300,000 loan
It is easy and does not require collateral or documentation. The interest rate is 5% per month and the pay back period is three months. You can request for the loan on Access bank app or dial *909*11*1# on your phone. Before applying ensure you have not deafulted on any loan before because your credit worthiness will be checked.
Advance for School Fees
This loan is targeted at student in pre primary to post graduate, or student that want to pay for course. The loan payback period is between 4 months to 6 months and the interest rate can be as much a 20%.
To access the loan go to any Access branch in your location, but before going ensure you have not defaulted on any loan before, you should know the reason by now.
Vehicle Finance
Vehicle finance is another loan type by Access bank. You can request for car loan but you should at least have 10% of the cost of car you want to buy at hand , this will show your seriousness.
The pay back periodiod is 48 months and the interest rate is 17%.
The loan is open to both individual, business and corporate. For individual you need to have active bank account with Access bank.
For business men; apart from havig active account with Access bank you need to submit your statement of account, COC, Business plan and others.
Pay day loan
Payday loan is another instant loan from Access bank, it is targeted at both salary earner and non salary earner. The aim of the loan product is to help salary earner and non salary earner who need urgent cash and for that reason the pay back period is short just 31 days and the interest rate is 5%.
Pay day loan is easy and hassle free, it does not require collateral or documentation and you can get the loan with ussd code *909*11*1 or use quick buck app.
Maternal Health Service Support (MHSS)
Another type of loan offer by Access bank is MHSS targeted at families going through infertility challenges, it aim is to peovide quality health care that will make it possible to conceive by providing flexible loan and not only that MHSS loan also cover the following:
Hysterectomy, Myomectomy, Dental, Orthopedic, Bariatric (weight loss procedures).
To apply go to any branch of Access bank in Nigeria and request for the loan but ensure you have not defaulted on any loan before.
Required documents
- Statement of account
- Letter from Hospital
- Means of identification.
- Application form
W Power Loan
W power loan is targeted at women owned business that have been in existence for at least a year, it is aim to help women in Nigeria have a say in business word.
You can access up to #100 m loan from this loan product and the pay back period is flexible. W power loan is in two form which are
Term loan: If you want to buy machinery or equipment this is the go to loan
Working capital: This is for raw material acquisition
To apply go to any access bank in your location and request for the loan, before applying you need to get the following document ready
- Loan Application Form
- Valuation report
- One (1) year bank statement
- Credit checks
- CAC documents
- Valid means of identification
- BVN validation page of directors/proprietor
- BOQ (for project related transactions)
- Credible Guarantor form
Salary Advance
This is yet another salary loan form Access, it is targeted at salary eaner who are using Access bank to received their salary.
The amount of loan you can get depend on the amount of money you are getting per month. You will get 200% of your salary which means if you are collecting #100,000 per month you will get #200,000 loan.
Salary advance loan is easy and does not require a collateral or documentation. The pay back period is 6 months and interest rate is 1.9%. To apply dowlaod the acces quick buck app on app store or playstore, you can also dial the ussd code *909*11*1# on your phone.
Conclusion
Above is the type of loan offer by access bank, of course access bank will surely introduce new loan product and as they do we will update this page.
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