AB Microfinance bank

BankingBuisness

How to access AB Microfinance Bank loan

How to access AB Microfinance Bank loan

AB Microfinance bank – Financing small business has never been this easy, in modern Nigeria, virtually every class of business can now have access to funding for a viable business development, financial prosperity which in turn stimulates a prosperous economy in the broader sense of it.

I am writing this piece to introduce you to yet another financial institution that has worked so hard to deepen financial inclusion in Nigeria, it’s no other than AB Microfinance bank.

About AB Microfinance bank

AB MFB is a financial institution in the Microfinance category that offers a range of financial services and assistance to “Micro, small and medium-sized enterprises (MSMEs) in Nigeria.

Services/products offered by AB MFB include but not limited to;

  • Savings and current accounts
  • Term deposits and business loans for MSMEs.

Considering the arrays of product offerings in its belt, this guide will address its loan acquisition and dynamics as it applies.

Read also: List of microfinance banks licensed by CBN Nigeria

The various loans accessible with AB Microfinance bank are;

  • Micro loan
  • SME loan and
  • Housing loan respectively.

#1. Micro loans

This is a loan class that offers entrepreneurs the opportunity to access loans very fast and swift.

You can access between N15,000 to N3,000,000 in this category, which maximum maturity usually falls within 18 months.

Features

  • You not under compulsion to make any deposit or savings prior accessing loan
  • No prior audited financial statement is being required
  • Collateral required is very flexible and not jaw breaking
  • Document is very easy and obtainable
  • There’s a successive interest rate discount for long standing clients with good credit ratings.
  • Unlike other loan providers, you do not need borrower group, strictly borrow as an individual and take personal decision when necessary
  • All documentations and criteria being met, loan disbursement happens within 3 working days.

Micro loan products, disbursable amounts and rates applicable

FlexiN15,000 – N100,0006.6%
PlusN100,000 – N500,0006.1%
MaxN500,000 – N1,000,0005.7%
Max Plus IN1,000,000 – N2,000,0005.2%  
Max Plus IIN2,000,000 – N3,000,0005.0%
 1% of disbursement amount (One off fee) 
Insurance fee1.5% of disbursed amount (One off charge) 

APPLY HERE

#2. SME loan

As an entrepreneur looking for financing option, AB Microfinance will not relent in making your dreams and aspirations come to fruition.

As a lender who do not force savings on its customers, having an existing business will have you into its good record for an immediate loan approval and disbursement.

Features

  • As an existing business, you may access between N3,000,000 to N20,000,000
  • It offers a competitive interest rate on a reducing balance offering, usually commences with 3% monthly.
  • For every loan disbursed, it attracts a disbursement fee of 1% on the loan amount
  • It has a maturity period of 6-24 months with a uniform monthly installments
  • The bank accepts arrays of collateral items, to further make it flexible with accessible options.
  • Having met all requirements, loan disbursement is effected within 3 working days.

SME loans, disbursable amount and interest rates as applicable

New clientN3,000,000 – N20,000,0003.0% – 4.7% interest
Repeat clientUp to 30 million2.8% – 3.8% interest
Disbursement fee1% of disbursed amount (One off payment) 
Insurance fee0.6% disbursed amount (One off payment) 

APPLY HERE

Housing loan

If as a business owner or salary earner, you want to achieve your dreams of owning a house, AB Microfinance bank housing loan may just be ideal for you.

Read also: How to access Cedar Microfinance Bank loan in Nigeria

If by any means you’re looking to renovate a shop or construct a new building, this is a loan type that fits your ideal case.

Features

  • You not under compulsion to make any deposit or savings prior accessing loan
  • No prior audited financial statement is being required
  • Collateral required is very flexible and not jaw breaking
  • Document is very easy and obtainable
  • There’s a successive interest rate discount for long standing clients with good credit ratings.
  • Unlike other loan providers, you do not need borrower group, strictly borrow as an individual and take personal decision when necessary
  • All documentations and criteria being met, loan disbursement happens within 3 working days.

Housing loan disbursable amounts and interest rate

For business ownersN300,000 – N1,000,0004.5% interest rate
Salary earnersN1,000,000 – N3,000,0004.0% interest rate
Loan disbursement fee1% of disbursed amount (One off charge) 
Insurance fee1.5% of disbursed amount (One off charge) 

APPLY HERE

AB Microfinance bank loan requirements

  • Applicant must be 21 years or above
  • You must be residence in Nigeria
  • Loan applicant must be the owner of the business and not a third party
  • Business must be cited in bank’s operating area
  • Applicant must be currently exercising activity, and for the past 12 months as well.

Read also: How to access VFD Bank loan in simple steps

AB MFB loan officer

As an applicant, you’re expected to work with a loan officer who should keep you abreast of necessary steps that’ll will aid your success in your loan pursuit.

AB MFB App

Kindly follow this link to get one for yourself

Conclusion

AB Microfinance bank has a track record in seamless loan disbursement with a very easy to afford documentation that can readily be accessed across all customer type.

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