Everything is getting digital in our day and age, from marketing to academics and even banking. You can now carry out the most intricate transactions or even secure a loan from the comfort of your own home. VFD Microfinance Bank is a digital bank that is rapidly providing citizens with e-banking technologies. Because they do not have physical branches, all of their operations are currently conducted online.
About VFD Microfinance Bank
VFD Microfinance Bank, situated in Lagos, is a prominent totally digital bank in Nigeria. The organization is led by a highly experienced management team that has provided great customer service for more than five decades. VFD Microfinance Bank also has a key goal of providing consumers with secure, memorable, and entertaining services. As a result, the company was founded with this goal in mind, and it likewise operates entirely digitally. VFD is a registered limited liability business that is licensed as a microfinance bank by the CBN.
Benefits Of Using VFD Microfinance Bank
Below are some of the pros of using VFD microfinance bank:
- It is completely digitized.
- Rapid customer service response time
- They offer a wide array of loan products.
Services Offered By VFD Microfinance Bank
1. Corporate banking: This service is available to consumers that have a bank account. They have a corporate banking facility where you may log in and do transactions.
2. Employee loan: This loan is intended specifically for employees of organizations who have signed a memorandum of understanding with VFD microfinance bank. As a result, it enables you to receive loans with attractive interest rates and a 12-month payback period.
3. Travel loans: Travel loans are for people who travel frequently and hence require money to book their flights. It also covers individuals looking to take a holiday, offering for an all-expense paid booking that you may pay back later. However, you will only be able to access the papers after you have paid all outstanding charges.
4. Secured loans: Secured loans are for consumers that require rapid cash in a short period of time. As a result, you can use your assets as collateral for a loan. During the loan tenure, the VFD bank would keep the original asset documentation.
VDF microfinance bank also provides the following services:
- Unsecured loans
- Bridge financing
- Corporate cash advance
For more information about VFD products, you can simply visit their official website at https://www.vfdbank.com/
V by VFD
V by VFD is the name of their smartphone app, which is accessible on both Android and iOS. Furthermore, the app lets you to make cardless withdrawals, pay bills, budget, access savings packages, and much more. Furthermore, the application is protected with biometric login access, so only your fingers may access it.
What is the highest loan amount I may get from VFD Microfinance Bank?
The maximum amount you can borrow from VFD Microfinance Bank varies depending on the loan package. Your monthly wages are also an important component that the bank examines before granting you a loan. As a result, they permit you to borrow a specific amount of your paycheck and repay it later.
There is no upper or lower limit to the amount you can borrow under this method. However, for packages such as secured and unsecured loans, you can borrow up to N2,000,000 and N250k, respectively.
What are the interest rates for VFD Microfinance banks?
Interest rates differ from one loan package to the next. However, one thing is certain: it will be revealed during your application process to ensure you consent to whatever it is. Furthermore, the interest rate on their business cash advance loan is now set at 4% per year.
What are the minimal loan criteria with VFD Microfinance Bank?
The requirements differ depending on the type of loan. However, most loan applications will ask you to present the following documents:
- A valid means of Identity
- Poof of employment
- Application form
- Passport photograph
- Bank statements for the past 6 months
- BVN/proof of ownership of a bank account.
How quickly does VFD Microfinance Bank make loans available?
The loan application procedure takes an average of 6 hours, following which you will know whether or not your application was successful. Furthermore, if successful, it will be deposited into your account immediately.
Final thought
VFD is a pioneering microfinance bank in Nigeria, pushing digital banking. As a result, their services are accessible and simple to use, and they have a fantastic customer support system.