How to access VFD Bank loan in simple steps
February 20, 2021
VFD Bank – Going by the influence commercial banks have on the Nigerian economy, microfinance banks have as well made giant steps to further consolidate the efforts of the former, even providing enabling business financing the easy way than the commercial banks have done in a short while.
In the light of this, if you are an employee, entrepreneur or needs financing the easy way, VFD microfinance bank will make your aspirations come to fruition.
About VFD Bank
VFD Microfinance bank is a financial institution with dynamism based in Lagos, managed by a team of competent directors with a combined experience of over 50 years in banking and finance sector.
In its words “We are in business of helping all our customers achieve their desires, solve intermittent problems and create wealth, through high yield savings accounts and low interest rates on loans.”
Additionally, VFD Microfinance bank is regulated by the Central bank of Nigeria to operate as a microfinance bank, headquartered in Lagos.
VFD Bank like other banks had structured their loans in different categories to meet individual needs, which cuts across;
- Employee loan
- Travel loan
- Secured loan
- Unsecured loan
#1. Employee loan
The context of employee loan applies to individuals who are gainfully employed with companies or are under companies’ payroll.
Under such guise, these companies go into agreement with VFD Microfinance bank on a premise that the company will remit payment to them via the staff salary during the period of servicing such loan.
Features of employee/staff loan
- Competitive interest rate
- Funds are made available within 6 working hours of such application
- Paycheck period of 12 months
- Repayment deduction is made by the company/employer from the employee’s salary.
How to apply for this loan? Click here to commence your loan application.
#2. Secured loan
When you talk of secured loan, this is a type of loan that’s backed by collateral or is collateralize.
VFD bank secured loan is designed for customers who need fast cash at the lowest interest rates for a short period of time.
However, the collateral required here is either movable asset like car documents or fixed asset documents too.
The bank will be in possession of such documents for the duration of the loan.
- Original asset documents
- Bank statement for the last 6 months
- Copy of work ID card
- Current utility bill not older than 90 days
- Proof of asset ownership
- Vehicle license
- A copy of your passport photograph
- Copy of driver’s license, international passport, voter’s card or national ID card.
- Front back and side view pictures of the car
- Competitive interest rate applied on a reducing balance
- Maximum loan tenure of 12 months
- Maximum loan amount of N2 million naira for loans without guarantees and collateral
- Loan made available within 24 hours
- Original asset documents required
Apply for your loan here
#3. Unsecured loan
Unsecured loan here refers to a loan that does not require collateral to access, this is about the most flexible type of loan.
This loan is targeted at professionals in the formal employment of blue chip/multinational organizations who need access to unsecured facilities for a short while.
However, applicants are required to provide guarantors.
The loan comes with a reducing balance interest charged on the outstanding principal monthly.
NB: Some unsecured loans do not require collateral or a guarantor, these loans are only accessible to banking professionals or repeat customers, caped at maximum sum of N250,000 with a tenure max of 6 months.
- Bank statement for the last 6 months
- Copy of employment letter
- Copy of work identity card
- Current utility bill
- Guarantor’s post-dated cheque
- Borrower’s post-dated cheque
- Maximum loan tenure of 6 months
- Highly competitive interest rate on a reducing balance
- Maximum loan amount of N250k
- Available within 24 hours of such application
- Secured with a guarantor
Apply for this loan here.
VFD Bank customer care
If at any point you have a need to reach out to the bank, kindly use the below channels;
Phone: +234 908 752 2472
VFD Lagos office
5th floor, Elephant House, 214 Broad Street,
Marina, Lagos Island,
Frequently asked questions on VFD Bank
Q1. Is the loan available to business people?
Answer: The loan is tailored for people who have paid employment.
However there’s a flexibility, where if you meet certain conditions as a business owner you may access loan.
Q2. What are the procedures for getting a loan?
Answer: Kindly complete the loan application form, then you will be contacted in minutes.
Q3. Do I have to move my salary account to your bank?
Answer: No, it’s not necessary. Repayments are made through post-dated cheques, transfers or deposits into VFD microfinance bank account.
You are at liberty to place a direct debit instruction on your account too.
Q4. Where clients have challenges meeting monthly repayment what happens?
Answer: Upon meeting certain pre-conditions, clients are allowed to restructure their repayments to terms suitable to them and the company.
The company however should be pre-notified of this intention to restructure.
VFD Bank loan can be pretty fast, ideal for employees.
You may go for any of the packages as you deem fit and necessary, considering your ability to pay within the time frame permitted by the bank.
In event you could not meet up with repayment, do meet or contact the bank before-hand for a possible repayment restructuring as it suits yourself and the bank on a general consensus.
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