Banking

How to access Ibile Microfinance bank loan in simple steps

How to access Ibile Microfinance bank loan in simple steps

Ibile Microfinance bank – If a microfinance bank does not alter your non financed business status, it’s certainly not one, your business must be touched in the most dramatic and effective manner, period.

The piece you are about to read centers on financial availability, inclusion and prosperity for your business. Since the deposit money banks/commercial banks may not support you, there’s a bank willing to share in your dreams and make your aspirations materialize in good faith.

Now listen, if you are a farmer, civil servant or a business owner in any Lagos locality aspiring for funding to further support your output and business alike, you are just about to discover a funding option, which does not decide suitability with your current status.

Today we’ll discuss “Ibilie Microfinance bank.”

About Ibile Microfinance bank

Ibile Microfinance is a bank that supports the poor, middle class, civil servants, start-ups, SMEs at large and the venturing entrepreneurs in Lagos Nigeria.

It’s noteworthy to understand that “IBILE MFB” is the principal disbursement vehicle of the Lagos State Employment Trust Fund N25billion aimed at empowering SMEs who reside in Lagos.

Ible bank products in Nigeria

#1. Deposit products

The bank offers savings products in the following arrangement

A. Ibile Easy Save

This offers a number of savings account that suits every class of individual, it comes with unique benefits that match individual banking needs as one grows.

Product features

  • Completed account opening form
  • Two passport photograph in place
  • Verifiable ID card (International passport, national ID, voter’s card, driver’s license)
  • Utility bill not later than 90 days at the date of account opening
  • Credit/account opening balance of N500
  • Operating balance of N1,000
  • Interest rate is as high as 4.2%

B. Ibile individual current account

This is a current account that meets every class of customer with recourse to financial outlay and capacity.

Product features

  • Completed account opening form
  • Specimen signature on mandate card
  • A copy of passport photograph
  • Copy of valid ID as mentioned above
  • Copy of residence permit for foreigners
  • Utility bill not later than 90 days
  • 2 references in place.

C. Ibile joint account

This is an account that allows third party operation with respect to account mandate instruction.

Read also: How to access AGSMEIS/Anchor Borrowers Program loan through Nirsal MFB

By this provision any of the party may have access to the account depending on the mandate in place which could be either or both to sign.

Product features

  • Completed account opening form
  • 1 passport photograph of each of the account signatory
  • Signatories specimen signatures on the mandate card
  • Valid ID of each of the signatory
  • Utility bill of each of the signatory
  • A KYC form completed for each of the signatory
  • 2 references to be raised on each of the signatory.

D. Ibile Corporate Current account

This is a business account that supports SMEs, entrepreneurs, start-ups etc.

Product features

  • Completed account opening form
  • 1 passport photograph of the signatories
  • Copy of valid ID card of each of the signatory
  • Board resolution signed by two directors
  • Copy of certificate of incorporation
  • Copy of form CAA7, 2
  • Copy of memos and Articles of association
  • Utility bill
  • 2 references
  • KYC form
  • SCUMUL Certificate of registration of DNFBPs

E. Ibile kiddies savings

It has been an added advantage to start planning for your kids early enough, their financial future must form your focal compass.

Parents have access to back to school loan for their children.

Product features

  • Flexible savings pattern
  • Attractive interest rate
  • Back to school gift items
  • Easy access to back to school loan
  • 2 passport photographs of the child
  • Birth certificate of the child
  • Recent utility bill
  • Valid ID card of parents/guardian
  • One passport photo of either parent or guardian as it applies
  • Minimum opening balance of N2,000

F. Ibile Loya

This is a savings account that offers additional reward for your investment with the bank.

When you save for at least 3 months without making withdrawal, you’ll have access to loan twice the amount saved without collateral required. It comes with higher interest on savings and low interest on loan.

Product features

  • You save for a minimum of 12 weeks without withdrawal and qualify for a loan
  • Access a loan to a maximum of N500,000
  • Savings withdrawable after the loan has been paid back in full
  • Account stands as collateral for loan
  • On a withdrawal more than 3 times in a month, interest is forfeited
  • Loan is at 35 flat rate monthly
  • Interest rate is 7.5% annually.

G. Ibile Esusu

If you want to start saving some money from your daily sales, this is a perfect account type for you.

It helps to build your savings and expand your business.

Product features

  • Deposit can serve as collateral to source loan
  • You can access twice your deposit as loan
  • Savings interest rate of 5% per annum
  • Low interest payable on loan
  • No equity contribution as loan condition
  • You have access to pass book

H. Ibile Rosca

This is a savings type aimed at helping you to plan and save more effectively.

If as a business man or woman, you have immediate need for a loan, this is ideal for you.

To be a part of this savings, open a savings account and save for say minimum of 10 days, this should qualify you to access three times amount saved.

Product features

  • Minimum daily contribution of N1,000
  • When you contribute for days you will qualify for a loan
  • Continue daily contribution to pay back loan
  • Repayment requires a contribution for 21 days
  • Maximum daily contribution of N3,000
  • Your daily contribution should be consistent, you’re not allowed to make bulk payment
  • Maximum loan you can access is N90,000.

#2. Loan products of Ibile Microfinance bank

With this product category, you can access loan for your business and other needs as you will see here.

A. Ibile Asset finance

This loan gives you the opportunity to own assets that aid your business, such as generator, mobile phone, laptops, washing machine, household furniture etc.

Product features

  • You have a flexible weekly repayment term
  • Tenor is 3-12 months
  • You will have to submit pro forma invoice
  • The bank will make a direct payment to the vendor on your behalf
  • The asset will be purchased in your name/bank
  • Assets financed shall be comprehensively insured
  • You are expected to make 20% equity contribution to asset procurement
  • For a business asset, daily, weekly, monthly repayment should be accompanied with a compulsory minimum savings of 1% of loan amount

B Ibile travel loan

If you want to pay for your travel tickets with ease, this should be the product of choice to accomplish your trip.

It comes with a loan of N500,000 accessible at a low interest rate of 3% monthly, however requires a 20% equity contribution from you, then comes a 1% insurance and management fee.

Product features

  • Account opening fully documented
  • Letter is requested from you officially
  • Completed loan form
  • A 3-month account statement
  • Evidence of travel documents alongside destination
  • Letter of confirmation of appointment/employment for those under payroll
  • A standing order shall be placed on your account
  • One guarantor for N200,000 and two guarantors for N500,000 with post-dated cheque for each
  • For a private sector employee, or a business person, you will have to provide guarantors that work in financial sector or MDAs.

C. Ibile Salad

This is a loan for salary earners who work with established organizations other than the MDA.

The idea here is, you’ll access a loan that will be repaid by deducting certain amount for your salary.

Product features

  • 6 months account statement
  • Letter of confirmation of appointment or employment
  • A direct debit will be placed on your account for repayment
  • It has a tenor of 3-6 months
  • It has a management and insurance fees of 1% each
  • Execution of dude cheque indemnity form

D. Ibile MDA Loan

As a staff of Lagos sate Ministry Department and Agency, you are at leverage to access a personal loan under this category.

Product features

  • You pay at reduced interest rate of 3.25% monthly
  • Completed individual loan form
  • Statement of account for the past 90 days
  • Letter of offer/confirmation of appointment
  • You salary account may not be domiciled with Ibile microfinance bank
  • Work ID required
  • Recent copy of passport photograph
  • Pay slip for the last 90 days

E. Ibile easy get micro

This class of loan seek to empower microbusinesses and SMEs.

Product feature

  • Loanable amount is below N500,000
  • You must run an account with the bank
  • Have 2 guarantors in place
  • Provide 2 months Ibile bank account statement
  • Provide acceptable collateral
  • 6 months repayment period
  • You will make 10% equity contribution

F. Ibile Easy get me

This is a loan type for individuals and corporates who wish to advance the course of business

Read also: List of microfinance banks licensed by CBN Nigeria

Product feature

  • Above N500k given
  • Ibile 2 months account statement
  • 6 months account statement from other banks
  • Adequate security as deem fit
  • 3.5% interest rate
  • Repayment within 6 months

G. Ibile Loya

When you save with Ibile, this account rewards you by making loan available as a reward.

When you save for say 3 months without withdrawal, you can access loan twice your savings.

Product features

  • Interest rate is 7.5 per annum
  • Initial account opening balance of N2000
  • 3% flat monthly interest rate
  • Account may stand in as collateral for loan
  • Loan amount is up to N500,000

Other loans include;

  • Ibile ROSCA
  • Ibile back to school for students
  • Ibile get together
  • LPO for contractors who need funding to accomplish supply
  • Invoice discounting and
  • Agricultural finance.

How to apply for any of the listed loans

APPLY HERE.

Other Ibile Microfinance bank services

E-banking

  • You may access Ibile Mobile App for banking on the go on your mobile, available on Google Playstore.
  • Ibile EasyMobile (USSD) for all mobile customers. It’s easy and does not require internet to access, simply dial *614*317# to commence
  • Internet banking solution is available to customers

Card services

Ibile offers both verve and master card, secure debit cards that allow flexibility of making internet payments as well ATM withdrawals within the country

POS Deployment

Ibile partners with correspondent banks to deploy POS to its merchant customers.

Bill Payment

The following bills can be paid;

  • Cable Tv bills
  • Airline bookings
  • Utility bills
  • Telco phone bills
  • Transport and tolls
  • Online shopping
  • Investment and insurance payment
  • Invoice payments etc

Lagos state revenue collection

This is the only Microfinance bank that collects revenue for Lagos state government at the moment,

These collections include;

  • Taxes
  • Fees and levies
  • Payee
  • Land Use Charge
  • Direct Assessments
  • Service Charges etc

Frequently asked questions on Ibile Microfinance bank

Q1. Can I have ibile direct phone lines?

Ans: Contact the customer service officers at the Head office by calling

Q2. Do I need to come to the branch to apply for a loan?

Ans: No, you can apply online through your page on the bank’s secured portal, having applied, a relationship officer will be in touch with you to process your application.

Q3. Do one have to be in paid employment to access this loan?

Ans: No, there are different loan packages for different class of customers.

Q4. How will I know my application has been approved after submission?

Ans: You will receive feedback from a relationship officer on your loan status, within 24 hours.

Q5. Must I operate an account for 6 months before I can get a loan?

Ans: You are required to have an operational account, you can still benefit from Ibile loan even if you have not operated an account for up to 6 months.

Head office address

121 Obafemi Awolowo Way, Allen Roundabout, Ikeja Lagos.

Conclusion

Ibile microfinance bank has contributed to the growth of SMEs, start-ups, small businesses, Ibile is the principal disbursement vehicle of the Lagos State Employment Trust Fund N25billion aimed at empowering SMEs who reside in Lagos.

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Your Copy of PIVOT

Follow financengr on Twitter

Subscribe via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Get Your FREE Account Now

Your Best Dropshipping Solution

dropified
%d bloggers like this: