In Nigeria, microfinance banks are expanding quickly and have given loans in particular to small and medium-sized businesses (SMEs). Since its founding in 2002, AB Microfinance has a long history of success. It is one of those banks.
It has numerous locations throughout the nation, including those in Lagos, Oyo, Ogun, and Ondo State.
Similar to Nirsal Microfinance Bank, AB offers stress-free loans at low interest rates to people and SMEs in need. They are dedicated to enhancing financial accessibility throughout the nation and hold a license from the Central Bank of Nigeria.
AB microfinance loan requirements?
- A valid ID card.
- Proof of business ownership.
- At least one guarantor.
- Flexible collateral arrangement depending on the size of the loan.
- Your business location must be within the bank’s lending area (Lagos, Oyo, and Ogun state), and it must have existed a particular period.
- You do not require an account with AB microfinance to get a loan
Services offered by AB microfinance
AB Microfinance banks offer two major services – Savings and account, ebanking, and Credit. Let’s look at more details of each:
Savings and account
AB Current Account:
You get limitless access to your money with this account, every day and all the time. There are no limitations and it is accessible to both private individuals and corporate entities. Some of its advantages include:
- No maintenance fee
- SMS alert services, and
- Encashment of cheques.
AB Savings Account:
You can keep your money in this account while also benefiting from a good interest rate. Both private persons and business entities can access your money at any moment without losing any interest on withdrawals.
Some of its benefits are:
- Attractive interest rates
- Simple account opening process, and
- Free statement of account.
AB Term Deposit Account:
You can fix your money in a bank account for a specific period of time while earning exceptional interest rates. Some of its advantages include:
- Minimum of N30,000
- Competitive interest rates
- Maturity duration of 30 – 360 days.
1. Micro Loans:
Through this AB Microfinance service, entrepreneurs in Nigeria can quickly receive a loan. A loan’s maximum duration is 18 months, and its value can range from $15,000 to $3 million.
Some features of this loan are:
No compulsory deposit, savings, or cash collateral is required.
They do not require audited financial statements.
Flexible collateral arrangements.
Flexible documentation requirements.
2. SME Loans:
This service was created for SME proprietors. It gives you access to rapid and transparent loans so you may expand your company. Access to up to N20,000,000 is possible with a maximum 24-month duration and the requirement of collateral.
3. Housing Loans:
As the name suggests, you have access to loans for your housing projects with housing loans. The available sum is between 300,000 and 3,000,000 Naira. You can also get free design advice and high-quality building materials through this service.
It is significantly simpler to obtain AB Microfinance’s services because they offer additional services similar to those of commercial banks. These are the services:
- Payments/ Cash Deposit.
- Mobile Banking.
- Instant Fund Transfer.
- Debit Card/ ATM Card.
- Point of Sale (POS).
- NIBSS Instant Payment (NIP).
How to apply for AB Microfinance loans
Currently, AB Microfinance offers loans of up to N5,000,000, with an additional N20,000,000 available to SME business owners. Apply in the manner described below if you meet all the prerequisites for the loan as described earlier:
1) Make a loan proposal at any of their branches. Make sure you bring all the paperwork required, as mentioned previously, and enough collateral to cover the loan.
2) Qualified personnel would immediately analyze your idea on-site. They then send it on for final approval to a decision-making committee.
The amount in question determines how long it will take for the loan to be disbursed. For instance, it takes a week to apply for a high-value SME loan. Notably, too.
All loans are subject to a disbursement fee of 1% of the disbursed amount.
Every loan proposal must be submitted at one of AB Microfinance’s designated locations. To find the office nearest to you and their phone number, go to their official website at https://www.ab-mfbnigeria.com/contact.php.
What is AB Microfinance’s maximum loan amount and interest rate?
With AB Microfinance, you can borrow as little as N15,000 and as much as N20,000,000. Your ability to make payments determines the amount you have access to. Business inventories, assets, and other factors are taken into account throughout this procedure.
AB Microfinance provides one of the simplest ways to obtain loans, requiring simply a legitimate ID and company evidence. Receiving a loan is extremely simple as long as your company is inside the lending parameters of the banks.
Along with flexible collateral and payback terms, the bank also provides attractive interest rates. You can quickly advance your firm by making intelligent use of AB microfinance loans.