How To Apply For AB Microfinance Bank Loans

Are you a Nigerian entrepreneur in need of a loan to help you grow your business? If you answered yes, the AB Microfinance Bank Loan is the appropriate option for you, and we’ll show you how to get it.

AB Microfinance Bank is one of Nigeria’s largest national microfinance institutions, with branches all over the country. The Central Bank of Nigeria (CBN) has licensed AB Microfinance, which has been in operation since 2008. They have a global network of collaborators. Customers can get loans and other items from them.

AB Microfinance Bank Loans types of loans:

Micro Loans are a type of loan that allows entrepreneurs, people, and enterprises to readily obtain funds in a timely and respectful manner. With a maximum maturity of 18 months, you can acquire a loan ranging from $15,000.00 to $3 million.

Micro loans’ Characteristics

Micro loans have the following characteristics:

  • There is no requirement for a monetary deposit.
  • There are no required savings or deposits.
  • Depending on the loan size, flexible collateral arrangements are available. Flexible paperwork requirements are also available.
  • Clients who have been with us for a long time and have a perfect payment history are eligible for successive interest rate cuts and even faster loan processing.
  • There are no borrower groups — you are alone liable for your individual loan.
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Interest Rates

  • Business Flexi    N15, 000 – N100, 000     6.6% Interest (On reducing Balance)
  • Business Plus     N100, 001 – N500, 000   6.1% Interest (On reducing Balance)
  • Business Max    N500, 001 – N1, 000,000              5.7% Interest (On reducing Balance)
  • Business Max Plus I        N1, 000,001 – N2, 000,000          5.2% Interest (On reducing Balance)
  • Business Max Plus II       N2, 000,001 – N3, 000,000          5.0% Interest (On reducing Balance)
  • Disbursement Fee          1% of Disbursed Amount (One-off Charge)

SME Loans

SME Loans are offered by AB Micro Loans to owners of small and medium-sized businesses. The SME Loan is available to both AB Microfinance Bank customers and non-customers.

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The Benefits of SME Loans

The following are some of the characteristics of SME loans:

  • On a declining balance, you can get a competitive interest rate starting at 3.0% per month.
  • Fill out an online application

To apply for a loan

  • Go to the AB Microfinance Bank’s online loan platform.
  • Give detailed information about the amount of money you require and when you anticipate to repay it. After that, click on the “request for loan” button.
  • To be able to access the loan, simply enter precise information. You can submit the form when you’ve filled in all of the essential information.
  • If you want to start the procedure online, follow the steps above. If not, keep reading.

To Submit an Application in Person

Speak with a customer service person at any AB Microfinance Bank branch. They will hand you a form and take you through the process.

Source: Nyscinfo

Updated: December 17, 2021 — 2:07 pm

The Author

Stephen Adoga

Stephen Adoga is a trained journalist, researcher, creative writer, content creator, video editor and freelancer. He studied Mass Communication at the Lagos State Polytechnic, Ikorodu, where he acquired requisite training for the practice of journalism. He loves the media. His interest mostly lies in the print medium where his creative writing skill makes him a perfect fit.

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