You could be an entrepreneur looking for sources to finance your projects, and move your ideas to remarkable reality. Fine. In this article, you will learn everything you need to know about Ab Microfinance Bank Loan and how you can lay your hands on thousands and millions of Naira to get your business where it should be.
Table of Contents
The next thing that you would want to know is if you are actually eligible to apply for this loan; and even if you are eligible, what documents are you required to provide in the course of the loan application?
To be eligible for Ab Microfinance Bank loan, you must:
- Have a good and verifiable business
- The location of your business must be within the bank’s lending area which are Lagos state, Oyo state and Ogun state.
- Your business must have been in existence within a specific period.
- You must have a guarantor and a flexible collateral arrangements depending on loan amount. Such collateral could include household goods, business equipment, goods in stock, vehicles, property etc.
To apply, you need a valid means of identity like Driver’s license, Voters cards, National Identity card etc
You also need a proof of Business ownership. This could be your shop rent receipt, invoices, goods/product receipt and so on.
How to apply
Ab Microfinance Bank offers three categories of loan:
Micro Loan: On Micro loan, you can borrow between N15, 000 to N3, 000,000
SME loan: Since this is for your business, you can borrow between N1, 000,000 and N 10,000,000.
Housing Loan: To finance your housing project, you can borrow up to N3, 000,000 from Ab Microfinance Bank.
You can apply for either of these loans by following the step by step description given below.
To reiterate, you must be a resident of Lagos, Oyo or Ogun States before you can be given loan by Ab Microfinance Bank. To apply for the loan:
- Enter the Ab MF Bank’s loan portal
- Enter the amount you want to borrow and the period of repayment.
- Now calculate your expected monthly payment.
- Click on ‘Request Loan’ to apply for the loan.
- Fill the online form that follows with valid information and submit.
The interest rate of Ab Microfinance Bank loan varies with the category of loan.
The SME loan has an interest rate which ranges from 3% to 4.7%. The Micro loan interest rate stretches from 5% to 6.6%. But the Housing Loan ranges from 5% to 5.5% on the interest rate.
Other Popular Banks That Gives Loans In Nigeria:
- Agsmeis Loan
- Cash Drive Loan
- Rosabon Finance Quick Loan
- Quickteller Loan
- Federal Government Empowerment Loan For Entrepreneur
- Page Loan
- Branch Loan
- Gtbank Quick Credit Loan
- Lapo Microfinance Bank Loan
- Ferratum Loan
The loan repayment period is a maximum of 18 months for personal loan and 6 – 24 months for SME loan, at the end of which you are expected to have paid all including the accrued interest.
You can pay through bank deposit or through bank transfer. If you are paying through bank deposit, you do not have a limit to the amount you can pay. On the other hand, if you are paying through bank transfer, the maximum amount you can pay is N5 million.
You can pay to either of the ABN bank Accounts:
Zenith Bank: 1014886565
In description field, fill beneficiary’s ABN account number.
Pros & Cons
You must not have Ab Microfinance account before you can apply for loan. That is to say that you may not need the Ab Microfinance Bank’s Mobile app to apply for loan.
Well, you still download it on the App store of your mobile device.
You can contact the Ab Microfinance Bank customer service on 0902 496 9999 or 0902 496 9778
|Contact Number||0902 496 9999|
Branches & Head Office
HEAD OFFICE: 28, Akintoye Shogunle Street (Opposite No 2 John Olugbo Street), Ikeja, Lagos
IKEJA: 11, Oba Akran Avenue, Ikeja, Lagos.
OSHODI: 12 Oshodi-Apapa Expressway, by Oshodi Oke Bus Stop Opposite Mecure Healthcare Limited, Oshodi, Lagos.
IPAJA: 319 Ipaja Road, Opposite Government College,Iyana-Ipaja, Lagos
SURULERE: 29B Itire Road, Surulere, Lagos.
KETU: 56 Ikosi Road, Ketu, Lagos
APAPA: 74 Mobil Road, Ajegunle, Apapa.
ALABA: 20/22 Ojo-Igbede Road. Chemist Bus Stop, Alaba Int’l. Market
TRADE FAIR: Zone D4 Aspamda Plaza,Trade Fair Complex, Badagry Expressway,Lagos State. Former Sterling Bank Building.
LAGOS ISLAND: 26,Idumagbo Avenue,Lagos Island.
VOLKS: 179,Lagos Badagry Expressway Volks Bus Stop,Lagos.
BARIGA: 72,St.Finbars Road,By Chemist Bust Stop, Akoka Lagos.
OKE ARIN: No 18,Ijaiye Street,Idumota, Oke Arin Market, Lagos
IKORODU: 75,Ipakodo Road, Opposite mobil petrol station,Ebute,Ikorodu Lagos.
IKOTUN: 26 Isolo Egbe Road, Beside Synagogue Church, Ikotun, Lagos.
DUGBE: Rational Building, 22, Oke Bola Road, Behind Femi Johnson Plaza, Dugbe Ibadan. Oyo State.
GBAGI: Lamlat Shopping Complex, New Gbagi Market Road, Ibadan, Oyo State.
BODIJA: Block A6, IBNLG Ultra Mordern Shopping Complex, Bodija, Ibadan, Oyo State.
ABEOKUTA: Oluwatoyin House, Lalubu Road, Oke-Ilewo, Abeokuta, Ogun State.
OTA: 129, Idi Iroko road, Ota, Ogun State.
ARUNA: 132A, Aruna Bus stop, Lagos Road, Ikorodu, Lagos State. 09024970069
AJAH: Lekki-epe express rd, Km 22 (The King of the universe plaza) Ilaje bus stop, Ajah, Etiosa LGA, Lagos State.
IJEBU-ODE: 198, Folagbade Street, Along Ibadan Road, Ijebu-Ode.
AKURE: 220, Oyemekun Road, beside Michelin Tyre Service Centre, Akure, Ondo State, Nigeria.