The Access Bank LATO Mart Loan is an instant digital loan which is targeted at Access Bank customers who run supermarkets with their corporate accounts and who meet the Access Bank Risk Acceptance Criteria (RAC). Kindly note that a minimum turnover of N500,000 in the past 6 to 12 months is required.
The corporate accounts that are allowed for the loan are: DBA Basic, Growing, Established, MSME Current and Corporate current account.
How to request for a LATO Mart Loan
It is simple to request for Access Bank LATO Mart Loan, dial the USSD code 90111#. Kindly note that before this can work for you, your account needs to be in Access Bank.
Another good thing about this loan is, there is no collateral required for LATO Mart Loan. But only people who have corporate accounts with Access Bank are eligible for the loan.
The tenor for the LATO Mart Loan is 30 days. This means borrowers are expected to pay after 30 days of borrowing.
How much you can access from LATO Mart Loan?
20% of trim mean average monthly turnover between six months to one-year subject to a maximum of ₦5,000,000. (Trim mean to eliminate 25 per cent of the months with the highest turnover and 25 per cent of the months with lowest turnover). However, the minimum amount you can access is N100,000.
What can affect your eligibility for the loan?
Your eligibility can be affected by any of the following factors:
- If you have outstanding loan in Access Bank or other Banks,
You apply using a phone number that is not linked to your BVN.
How long does it take to credit my account with the loan?
Once your loan request is successful, your Access Bank account is credited instantly. And you can request for loan as many times as you may like, as long as you have not exceeded your eligible amount. It is, however, subject to a maximum of three disbursals per day.
Check the images below for more information;
Note: Your LATO Mart Loan will be due for repayment in 30 days from the date the loan was disbursed into your account.