More

    Smedan Loan

    Smedan Loan

    SMEDAN stands for Small and Medium Enterprises Development Agency of Nigeria. This body was instituted in 2003 and charged with the aim of developing Medium and Small Scale enterprises in Nigeria. In that sense, they offer loans to entrepreneurs and business owners. Here in this post is everything you need to know about Smedan Loan. 

    Smedan Loan

    Requirements

    SMEDAN loan is applied through various commercial banks, microfinance banks, mortgage banks and so on. Therefore the requirements for the application of the loan is no definite as if differed with banks.

    Nevertheless, the minimum requirements are:

    1. You must be a business owner or an entrepreneur whose business is verifiable.
    2. You must have valid means of identification.
    3. Getting this loan requires you have a collateral and/or guarantor.

    During your application processes depending on the bank you chose, you will be told other requirements to be added to these ones already mentioned.

    How to apply

    To understand SMEDAN better, see it as a body that trains youths and entrepreneurs and also pool together accessible loans to business owners and entrepreneurs.

    However, SMEDAN does not give out loan on their own; they do that through the commercial banks.

    There are four major types of loans you can access on SMEDAN. They are:

    1. Personal
    2. Business
    3. Mortgage
    4. Credit

    Currently the loan is available in Abuja, Kaduna and Lagos States. To discover which banks at which you can apply the SMEDAN Check this lists:

    List One (Commercial Banks)

    List Two (Microfinance Banks)

    The application for the loan is not applied through the SMEDAN website. You can only apply for the loan by going to any of those banks in the list.

    Interest Rate

    The interest rate of SMEDAN loan is not fixed. It varies with the financial institution offering the loan, but there is a certainty that it has a low interest rate since its aim is to provide credit loan to businesses at the best interest rate.


    Other Popular Banks That Gives Loans In Nigeria:


    Repayment

    As the financial institutions through which SMEDAN offers loan vary, so do the repayment methods differ. The loan tenors is determined by the bank so also is the repayment methods.

    After a successful loan application, the bank will lay down the repayment methods to you. Prior to this, you will be told the loan tenor and decide if you are good by it.

    You can search for SMEDAN loan with the specifications you want through this link: http://cip.smedan.gov.ng/loan/47

    Pros & Cons

    Pros Cons
    • It has low interest rate.
    • You can get SMEDAN loan to solve any of your problems. It must not be business issues.
    • Collateral required
    • Geographic restrictions to Lagos,Kaduna and Abuja.

    Mobile App

    N/A

    Customer Care

    If you need any help from SMEDAN, you can reach the Help Centre through the SMEDAN Contact Page.

    Official Website www.smedan.gov.ng
    Contact Number Contact Page

    Branches & Head Office

    Head Office: 35, Port-Harcourt Crescent Area 11, Garki, FCT-Abuja, Nigeria.

    Found what you wanted? Take a look at these: Fcmb Loan,Lydia Loan,Cash Drive Loan

    Share

    Recent Posts

    Airtel family and friends 2020: Definitive Guide

    Airtel family and friends is a special tariff from Airtel Nigeria that allows subscribers to enjoy cheaper call rates to 5 numbers...

    Airtel Nigeria Data Plans: Subscription Codes & Prices

    Airtel Nigeria is undoubtedly one of the best leading global telecommunications companies in Nigeria. Its official name is (Bharti Airtel Limited),...

    Airtel Night Plan for 2020: Get 500MB for N25 & 1.5GB for N50

    Airtel Night Plan Airtel midnight browsing plans has been up and running for a while now. However, over the...

    Why should I secure my car with a GPS Tracker

    Often times, vehicle owners are puzzled with the dilemma of whether they should get a vehicle tracker installed in their vehicle. Jucai,...

    Ecobank sort codes and branches in Nigeria

    Ning For Not Studying Well, Using The Delusion Replaces The Truth, And The C2040-415 Certification Sister In Law Lsat Practice Tests Cannot Teach...

    Recommended Reads

    Etisalat Data Plan Subscription Codes – 9Mobile Data Plans

    Etisalat Data Plan Subscription Codes or better still 9Mobile Data Plans are one of the most searched terms online for smart phone users. However , Etisalat...

    How do I know if my SIM card is 4G?

    The simple and straightforward way to know if your SIM card is 4G compatible is to insert the SIM into a 4G smartphone, power...

    How To Recharge Glo Airtime & Buy Data On Glo

    Here's how to recharge Glo airtime and also transfer Glo data Did you just got a new Glo sim card and haven't loaded your Glo...

    Airtel Night Plan for 2020: Get 500MB for N25 & 1.5GB for N50

    Airtel Night Plan Airtel midnight browsing plans has been up and running for a while now. However, over the...

    How to transfer Glo Data

    This guide in on how to transfer Glo data from one Glo user to another. If you need information on how to share data on...
    Smedan Loan

    Related Articles

    Airtel family and friends 2020: Definitive Guide

    Airtel family and friends is a special tariff from Airtel Nigeria that...

    Airtel Nigeria Data Plans: Subscription Codes & Prices

    Airtel Nigeria is undoubtedly one of the best leading global telecommunications...

    Airtel Night Plan for 2020: Get 500MB for N25 & 1.5GB for N50

    Airtel Night Plan Airtel midnight browsing plans has been...

    Why should I secure my car with a GPS Tracker

    Often times, vehicle owners are puzzled with the dilemma of whether they...