How to get AB Microfinance Bank Loan in Nigeria? AB Microfinance Bank Nigeria is a foreign financial institution, based in Lagos State, that provides a wide range of financial services to micro, small and medium-sized enterprises (MSMEs) and other low-income clients. The interest rate depends on the amount borrowed.
Microfinance loans are the provision of financial services to people who do not have access to traditional financial services such as banks. The loans are intended for individuals previously considered “unfundable” by larger banking institutions. These are borrowers who may be dealing with small amounts of money every day, live in hard-to-reach areas, have no credit history, or don’t meet the “traditional requirements” of the banking industry.
Microfinance loans are particularly not appropriate in situations where they propagate a cycle of debt or dependency. Borrowing to pay off another loan is considered a very bad practice.
Pros
- High maximum loan
- Choose a refund scheme
- No borrower group
Cons
- On-site assessment by the loan team
- Geographic Restrictions to Lagos
- Warranty needed
Services offered by AB Microfinance Bank
Savings and current account
AB current account:
With this account, you have unlimited access to your money every day and at any time. It is available to individuals and businesses and has no restrictions. Some of the benefits include:
- No maintenance costs
- SMS alert services and
- Check collection.
AB Savings Account:
With the AB Savings Account, you can keep your money up to scratch with the additional advantage of a competitive interest rate. Your money is accessible at any time with no loss of interest upon withdrawal, and the account is accessible to individuals and business organizations.
Some of the benefits include:
- Attractive interest rates
- Easy Account Opening Process
- Free account statement.
AB Term Deposit Account:
The deposit account allows you to lock in your money for a certain period and get outstanding interest rates. Some of the benefits include:
- Minimum N30,000
- Competitive Interest Rates
- Duration from 30 to 360 days.
AB microfinance bank loan Credit
Microloans:
As a business owner, you can easily access a quick loan in Nigeria through this AB Microfinance service. The loan amount varies from N15,000 to N3 million and has a maximum term of 18 months.
Some features of this loan are:
- No mandatory deposit, savings, or money deposit is required.
- They do not require audited financial statements.
- Flexible warranty agreements.
- Flexible documentation requirements.
AB Microfinance Bank Loan for SMEs:
They design this loan service for SME owners and give you access to transparent and fast loans to build your business. You can access N20,000,000, but it requires guarantees and has a maximum term of 24 months.
AB microfinance bank housing loan:
As the name implies, AB Microfinance Bank home loans give you access to loans for your housing projects. The amount available ranges from N300,000 to N3,000,000. In this service, you will also have access to quality building materials and free knowledge about home projects.
e-banking
AB microfinance also has other services such as commercial banks, which greatly facilitates access to its services. These services are:
- Payments / Cash Deposit.
- Mobile banking.
- Direct transfer.
- Debit card/Multibanco card.
- Point of sale (POS).
- NIBSS Instant Payment (NIP).
How to get AB Microfinance loan?
AB Microfinance Bank currently offers loans of up to N 5,000,000, expanding to N20,000,000 for small and medium-sized business owners. If you meet all the above loan requirements, follow the steps below to apply:
1) Go to one of their agencies to make a loan offer. Make sure you bring all the necessary documents as mentioned above and significant collateral towards the loan.
2) Your proposal will be immediately assessed on-site by qualified personnel. Then they forward it to a decision-making committee for final approval.
The length of time before the loan is paid out depends on the amount involved. For example, applying for loans for high-quality SMEs takes a week. Also note that:
- A disbursement fee of 1% of the amount disbursed will be charged for all loans.
- All loan proposals must be submitted to one of AB’s official microfinance offices. You can visit the official website at to see the office closest to your location and your telephone contact.
AB microfinance bank loan requirements
- The requirements to get a loan from AB Microfinance Bank are not very difficult, here they are:
- You must have your own business that should have existed for a period specified by the bank.
- The company and the borrower must be located in the states where the bank operates (Lagos, Ogun, and Oyo).
- You must present a valid document confirming your identity (passport, ID card, etc.) and documents confirming that you are the owner of the business
- If the company is not registered, you can prove its existence for the required period with your product receipts, documents proving the lease of the place, etc. The main idea of all this is to show that your company already has existed for a while.
- You must have a guarantor or guarantor.
- If you have an online business, you must provide physical proof of its existence.
- For example, you need a physical space where you operate your business and other tangible evidence that the business belongs to you. You also need to prove that your business works.
If you don’t have a bank account, you can still get a loan. AB Microfinance Bank will not force you to open an account if you do not want to
How much can I borrow from AB Microfinance and what is the interest rate?
The minimum loan amount for AB microfinance is N15,000 and a maximum of N20,000,000. The amount available to you will depend on the affordability of your refund. Company inventories, assets, and other criteria are taken into account during this process.
What are AB Microfinance Bank’s interest rates?
Interest rates often depend on the size of the loan, but sometimes a borrower’s personality can greatly influence the amount and change the regular interest rate plan. So let’s take a look at the regulars.
- Business Max Plus Loans of N1,000,000 and N2,000,000 are 5.2%
- Loans to SMEs of N2,000,001 and N3,000,000 reach 4.3%
- SME comfort loans of N3,000,001 and N20,000,000 range from 3% to 3.9%
- Loans over N20,000,000 are granted at 1% to 1.5% interest
AB Microfinance Bank Loan Code
Before AB Microfinance’s bank customers can use AB Microfinance bank loan code, they must register for it using the phone number associated with their bank account.
- Dial *389*755# and follow the instructions.
- Enter your account number or your ATM card number.
- Enter your secret PIN to authorize the financial transaction
How to transfer money, buy airtime, and data with AB Microfinance loan CODE.
To transfer money to the bank of your choice, or purchase shipping time and data, the account holder simply dials *755# and follows the message to choose a financial transaction of their choice.
Conclusion
AB microfinance bank offers one of the easiest ways to get loans, with just a valid ID and proof of business. As long as your business falls within the banking credit sector, getting a loan is very easy.
In addition, the bank offers flexible guarantees and repayment arrangements, and competitive interest rates. By making smart use of AB microfinance, you can easily raise your company to a higher level.
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