How to get a loan from Microfinance Bank

How to get a loan from Microfinance Bank

This has been a very serious challenge to most SME’s on how to get a loan from microfinance bank because they dont have the requirements or know the process on how to make this work. Naijabankingblog has decided to put up this post in order to ease the process and makes it easier for business men.

Microfinance bank are much in Nigeria but not all have the capacity to give out a huge amount of loan that will be requested by business men. i will list out microfinance banks that are reliable, trusted and has the ability to attend to business men request within 48 hours.

List of MicroFinance Banks That I recommend.

RenMoney: If you need money quickly, RenMoney loans are here for you. However, you cannot just get a loan like that. There’s a range of requirements to meet before they can consider you eligible. These requirements are not supernatural but you should know them. Below, you will find all the essential details.

Why do they need these criteria? In order to meet all the requirements of the Nigerian law and secure their own funds, they need to ensure that they give loans to the right people in order to safeguard their funds. See Eligibilty below.

The age of the borrower must be between 22 and 55.

The borrower must have a regular paying job and sufficient salary.

The Borrower must be living and working in Lagos State.

You need to have a bank account running in any Nigerian commercial bank.

You need to be able to provide verification of your monthly incomes.

You need to be able to provide a report on your previous loans from a credit bureau. Since it is done by RenMoney themselves, everything you should do is take care and make sure that it’s clean and free of negative entries.

You need to be able to provide RenMoney with the history of your bank account. Again, they will get it themselves and your duty is to make sure there are no returned cheques.

You need to have at least one recent photo of you (colored, of a passport format, taken no earlier than 6 months back from the present date) to attach to your file.

You need to be able to provide a statement from the bank where you receive your salary (the statement should cover the recent 6 months and bear a bank stamp).

Sequel to modern technologies, you can do it even without leaving the comfort of your home, online. Everything you need to do is go to the official website of RenMoney and complete the application procedure. Once they verify all the documents, they will send you an email with all the necessary details of your new RenMoney loan. The more accurate you are with the provided information, the faster your application will be considered and processed. You will also receive a text message that will inform you know immediately your loan is approved and when it is sent to your bank account.

Other MicroFinance Banks Includes:

AB Microfinance Bank: This is one of the best and oldest microfinance bank in Nigeria with branches all over the country and it was created in 2002 by foreigners. The headquarter is located at 11, Oba Akran Avenue Ikeja Lagos with other branches.
AB Microfinance Bank Nigeria is also committed to its passion of helping to improve the business opportunities of entrepreneurs by availing them of easy access to affordable loans, as well as improve the general financial status of everyone with its deposit accounts.

Accion MF Bank Limited: When it comes to giving out loans in a smaller amount to petty traders consider this bank as it helps to give traders loan in order to aid the smooth running of their business and ensure they have a day to day funds. This bank is created in 2006 in which their headquarter is located on the 4th floor, Elizade Plaza, 332 Ikorodu Road, Anthony Lagos. Accion management team comprises seasoned and distinguished professionals from diverse backgrounds complemented by the expertise of our technical partners, ACCION International. At Accion MfB the core values, business philosophy and methodology distinguish the institution as one of the leading microfinance banks in Nigeria

LAPO Microfinance Bank: This microfinance is known for their top services. Lapo is one of the best in Nigeria since its existence. LAPO Microfinance Bank is a pro-poor financial institution committed to the social and economic empowerment of low-income households through the provision of access to responsive financial services on a sustainable basis. The Institution was established in the late 1980s as a Non-Governmental Organization (NGO) by Godwin Ehigiamusoe in response to the effects of the implementation of the Structural Adjustment Programme (SAP) in 1986. In 2010, LAPO MfB obtained the approval of the Central Bank of Nigeria (CBN) to operate as a state microfinance bank and in 2012, it got approval as a national microfinance bank. Over the years, LAPO MfB has emerged as a leading institution delivering a range of financial services to over a million people in Nigeria. LAPO head office is located at 18 Dawson Road Benin City, Edo State.

FBN Microfinance Bank: This is a microfinance bank which is a subsidiary of First bank of Nigeria that deals with customers which their businesses is at the verge of collapsing by so doing rendering help by giving them loan to stand back in the business environment.

ADDOSSER Microfinance Bank: This bank was incorporated on the 27th of May, 2008. It plays an important role in widening the finance options available to SMEs by providing finance for their businesses through value-added products and services and it was Founded in 2008, Addosser Microfinance Bank Limited is one of the leading Microfinance banks in Nigeria.

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