Bosak microfinance bank

Banking

How to apply for Bosak Microfinance bank loan, rate, repayment, etc.

Bosak Microfinance bank looks to maximize shareholders’ value through provision of exceptional customer service to its client who are mainly into brick-and-mortar businesses. The bank ensures to achieve its aim with cutting edge technology as well as its highly motivated employee.

History of Bosak Microfinance bank

Bosak Microfinance bank was incorporated in December 2009 with the sole aim of providing financial service to the economic active poor who by virtue of protocols are excluded from the mainstream financial system.

Subsequently, the bank commenced its operations full-fledge in June 2010 having obtained a unit Microfinance Banking License from the Central bank of Nigeria, however, it pushed further in 2016 to obtain a State Microfinance Bank License.

What you should know

Bosak Microfinance bank having recorded huge success in its lending program which targets women, it earned a strategic partnership with the Bank of Industry (BOI) and the development bank of Nigeria (DBN).

Bosak Microfinance bank operates on the basis of group membership, which means loans are offered to members in group to buy stock and expand their businesses.

Products and services being offered

  • Loans
  • Savings and
  • Fixed deposit

Bosak Loan

Bosak provides various degrees of loans to support its unique customers according to unique needs and lifestyle, these loans include;

1. Bosak Trade Loan (BTL)

The Trade loan is a facility tailord and offered to traders and artisans who are looking to purchase stocks and expand their businesses.

Read also: List of microfinance banks licensed by CBN Nigeria

Features of Bosak Trade Loan

  • It operates on the basis of group membership with minimum of 7 persons
  • Traders access a maximum loan limit of N500,000
  • Tenor for repayment is 24 weeks/6 months
  • Repayment plan; weekly repayment within 24 weeks with 1 week moratorium
  • Interest rate; 3% flat monthly. Upfront fee; 1.5% flat. Loan assurance; 1.25% of loan amount

2. Bosak Auto Technician Support Loan (BATSL)

If you are an auto-technician, this loan is tailored to help you to expand your working capital as well acquire a modern auto-repair equipment with a maximum loan limit as high as N500,000

Features of Auto Technician support loan

  • Minimum group membership of 7
  • Loan limit is N500,000
  • Duration: 24 weeks
  • Repayment: weekly within 24 weeks with one week moratorium
  • Interest rate; 3% flat monthly. Upfront fee; 1.5% flat. Loan assurance; 1.25% of loan amount

3. Bosak education loan (BEL)

As reliable customers, the Bosak education loan is designed to help you offset your child/ward’s school bill from primary school and extends to students at the tertiary level.

Features of Bosak education loan

  • Loan limit of N250,000 or 50% of current  BTL amount, whichever is lesser.
  • Tenor: 4 months
  • Repayment plan: monthly
  • Interest rate; 1.5% flat monthly. Management fee; 0.5% flat. Loan assurance; 1.25% loan amount.

4. Bosak Asset Finance Loan (BAFL)

Bosak asset finance loan is designed to help small business owners acquire tangible assets that will boost their income generating capacity.

Features of Bosak asset finance loan

  • Loan limit of N200,000 or 140% of current BTL, wherever is lesser
  • Duration: 12 months
  • Repayment: monthly
  • Warranty: assets are purchased from verified merchants to ensure valid warranty.
  • Interest rate; 1.5% flat monthly. Management fee; 0.5% flat. Loan assurance; 1.25% loan amount.

5. Bosak Trade support Loan (BTSL)

The Bosak trade loan provides larger working capital to existing and long-standing clients who have good and appreciable credit record, this is aimed to help them boost their income generating capacity.

Features of Bosak trade support loan

  • Loan limit is N200,000
  • Term is 9 months
  • Repayment is monthly
  • Interest rate: 2% flat monthly, management fee: 0.5% flat, loan assurance: 1.25% of loan amount.

6. Bosak Mid-Term Loan (BMTL)

The Bosak mid-term loan addresses the financing needs of BTL clients who mid-way into their loan, have real need to restock their shops and boost sales.

Read also: Grooming Microfinance bank, savings, loans, requirements (How to get started)

Featutres of Bosak mid-term loan

  • Loan limit is N250,000 or 50% of current BTL amount (whichever is lesser)
  • Term: 24 weeks/6 months
  • Repayment plan: weekly within 24 weeks with 1 week moratorium
  • Interest: 2.5% flat monthly, upfront fee: 1.5% flat. Loan assurance: there’s no assurance charge as well as equity charge.

Requirements for Bosak microfinance bank loan

  • Applicants must have been in the business for at least one year as well as be operating from the same business location for at least six months
  • You are required to submit a document to the bank with genuine reason for the loan
  • You must open an account with Bosak microfinance bank
  • Your account should be active with activities frequently which include savings and withdrawal
  • Your business should be operating in Lagos and other approved environs 

How to apply for Bosak loan

Kindly download and complete the Bosak loan application form online. Having completed the form, visit the Bosak loan office for appraisal, further requirements.

You will receive a loan decision and loan disbursed afterwards.

Bosak Savings

The Bosak Beta-life savings account will reward your money with high interest yield as well can be opened for children by their parents or guardians.

Requirements

  • Account opening form
  • Minimum opening balance of N500
  • 6% per annum interest payable quarterly

Bosak microfinance bank Fixed Deposit

The fixed deposit investment provides a great opportunity to securely grow your fund over a period of time usually within 30 days to 365 days.

How to get started

  • Decide how long you are looking to invest
  • Determine your investment amount
  • Call or send a message to 08058720750 to receive information on the applicable interest rate based on your investment option.

Frequently asked question

Bosak microfinance bank branches in Lagos

Egbeda branch – 52, Idumu road, Oja bus-stop

Iju-Ishaga branch – 102, Agbado road, Toyin bus-stop, Iju-Ishaga, Lagos

Ikorodu branch – 148, Lagosroad, Oke-Iriya, church bus-stop, Ikorodu

Salolo branch – Plot 795 Lagos Abeokuta express way, casso bus-stop, Alagbado, Lagos

Ojota branch – 146, Ogudu road, Ojota opposite ogudu primary school, Lagos state.

Okota branch – Conoil mega plaza, Cele bus-stop, Isolo, lagos.

Bosak microfinance bank salary

According to a data collected from 7 employees of Basak microfinance bank, the average salary is pegged at N80,250.

The roles include: Business Manager, Compliance Offer, Loan Officer, Head Credit Risk, etc.

How much interest does Bosak microfinance bank charge on loan?

The bank charges 3%

Does the Bosak microfinance bank supports individual loans?

The bank has a loan products for individuals who meet the criteria for disbursement

What are the benefits of Beta-life savings?

Interest is payable quarterly, prizes for Bosak trade loan customers who have a minimum deposit balance of N50,000 and non BTL clients, a minimum balance of N75,000 as at Dec, 2017.

Bosak customer care number

WhatsApp: 0805 875 0720

Toll-free number: 0800 2255 76725

Email: info@bosakmfb.com

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