Finca Microfinance bank

Banking

How to access Finca Microfinance bank loan [Interest rate, threshold, and repayment]

Finca Microfinance bank is a licensed financial institution based in Imo state with network of branches in select towns and agent locations across the state. The need to deepen financial inclusion, is a  force to be reckon with.

Finca MFB is looking to alleviate poverty through reliable solutions that help people build assets, create jobs and by extension raise their standard of living.

Providing impactful financial services where low-income individuals and communities have their future secured.

Services offered by Finca Microfinance bank

  • Savings
  • Loans and
  • Client protection

Savings Accounts

Savings is undoubtedly an amazing way to improve one’s financial wellbeing, sustaining businesses, with Finca MFB you have a safe place to secure your money.

Read also: How to access loan from Baobab Microfinance Bank

The savings products are designed to target the below consumers

  • Corporate account
  • Freedom savings account – where trade masters can save in view of apprentice settlement at the end of apprenticeship.
  • Edusave savings account – You can secure your child’s future by simply saving for his/her education, this comes with attractive interest rate.
  • Instant savings account – Secure your future, while you enjoy unlimited deposits and withdrawals
  • Aspire savings account – Set your dream and achieve it with an interest rate higher than that on a basic savings account
  • Fixed deposit account – Save towards a specific project or family need, better still use this account to set some money aside.
  • Classic savings account
  • Easy saver account – This account permits individuals with lowest form of identification to enjoy a number of value added services.

Loans

You can build your business with Finca Microfinance bank loans, to say you need a little more money in business sometimes is within the prospect of believe.

Finca will help you grow and maintain your business with various and suitable facilities.

Below are loans you can access with Finca MFB

  • Individual loan – As an entrepreneur you can advance your business with this loan
  • Group loan – Here’s a facility that’ll aid your business growth as a group of obligors
  • School improvement loan – This is education loan for private school proprietors which can be used to acquire necessary materials
  • School fees loan – As a parent or guardian, you do not have problem paying your children or ward’s school fees
  • Small enterprise loan – You can grow and develop your business as a business owner, however, the business must have been operating for more than one year at least.

Pros

  • Low collateral requirement
  • No upfront savings is required
  • Interest is accrued on a declining rate
  • Early repayment attract s interest rebate

Cons

  • This loan is restricted to residence of Imo state
  • 10% of loan amount is usually required in savings account
  • You are required to provide a guarantor
  • There’s a low maximum loan amount

Read also: How to access AB Microfinance Bank loan

Loan Requirements

  • Applicants should be between the age of 22-58 years
  • You should have run either a current or savings account with Finca for about 3 months at least
  • You must be working/residence in Imo state
  • Your two recent passport photo not later than 6 months
  • Two guarantors
  • Two completed signature cards
  • A duly completed application form
  • Copy of utility bill not later than 3 months.

How to apply

To apply for Finca MFB loan, follow this link, fill in the necessary details as seen on the form.

Recall, you will not be able to apply if you are not residence in Imo state.

Interest rate

The interest rate depends on the loan package and duration. However, the interest payable is measured between 5% to 31%.

How much can I borrow?

The loan amount is dependent on the type of loan being sourced and your perceived capacity to repay. Rest assured you can access reasonable amount to cover your financing or urgent needs.

How to increase loan amount

You stand to access higher amounts on the basis that you do not default in your repayment. You are to repay your loan on or before the rescheduled repayment date.

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

By repaying duly, you are also increasing your credit score.

Finca microfinance bank branches in Nigeria

Finca MFB operates in Imo state only for now. It’s a state licensed Microfinance bank operating in Imo state. It has branches in Owerri, Naze, Relief Market, Orlu and Mbaise.

Where there are over 30 Finca eXpress agents located across Imo state.

Collateral

For the individual loan, the only collateral required is your business assets and household pledges. However, for a group loan you do not need a collateral.

Finca MFB customer service

Phone: 0701 777 1072.

Finca MFB address in Nigeria

No. 20 Wetheral Road, Owerri Imos state, Nigeria.

Plot 159, Timber and allied Market, Naze Owerri.

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