Assets microfinance bank

Banking

What you should know about Assets microfinance bank loan

Assets microfinance bank is a financial and credit institution designed to empower Nigerians to upscale financial freedom through access to fast loans, which are as well fast, simple, safe and even affordable.

Asset microfinance bank is licensed by the apex bank (CBN) to provide services such as;

  • Personal
  • Business and
  • Payday loans to Nigerians who reside in the commercial city of Lagos, by this assertion, Assets microfinance bank Limited is a states microfinance bank.

The bank offers savings and loans products aimed at improving the lives of the Lagos economic poor.

Savings products offered by Assets microfinance bank

1.Asset savings account

This is a savings account that puts you at advantage to earn a high interest rate for your deposit with the bank, as an interest bearing account there’s no room to forfeit interest for making withdrawals to certain thresholds.

Who can operate this account – Individuals, organizations and associations.

Features of Asset savings account

  • It attracts a minimum opening balance of N1,000
  • There’s this flexibility associated with operation where withdrawal can be made daily or weekly as it suits your lifestyle.
  • You earn a 5% interest per annum on this account
  • However, you are due for interest if you do not withdraw more than twice a month
  • This account is suitable for micro clients as well as commercial clients
  • There’s a debit card available for your transactions
  • Where you wish to make deposit, kindly choose a mode that’s most convenient for you, considering its various online payment platforms.

2. My target savings

If you are looking to cultivate a savings habit, My target savings encourages this idea for existing as well as prospective clients, it offers higher returns on investment.

For being part of the savings scheme, you stand a chance to win prizes, there’s a status quo to save as you want, however, you are encouraged to meet your monthly target to qualify for a draw annually.

Read also: What you should know about Alert Microfinance bank loan

Features of My target savings

  • If you wish to have multiple accounts, there’s no restriction so long you service these accounts, can as well open for your friends and family.
  • You can pick within any of the listed range to meet your monthly savings target; N1,000, N5,000 or N10,000 as it suits your financial lifestyle.
  • Interest rate stands at 8% per annum
  • No maintenance fee on savings, you are qualified to win gifts
  • Your savings can be used as a cash collateral as well as set-off loans at the final repayment stage
  •  It encourages savings habit, where deposits are made through various online platforms.

Loan products offered by Assets microfinance bank

1.Micro loan

Assets MFB offers artisans, small business owners, entrepreneurs, etc., seamless access to loans in a quick, transparent and efficient way.

Customers can access between N50,000 to N500,000

Features and benefits micro loan

  • There’s no customer/guarantor’s cheques required
  • 6 percent interest rate applicable on reducing balance approach
  • Admin fee of 1% applies
  • Maximum tenor of 180 days applies

2. Macro loan

The macro loan is designed for small business owners, entrepreneurs, etc., loan is accessed in such a swift, transparent and dynamic manner.

Obligors can access between N500,000 to N1,000,000

Benefits and features of macro loans

  • Cheques are taken from customers/guarantors for loan
  • 5% interest rate payable on reducing balance approach
  • Admin fee of 1% applies
  • Tenor of 180 to 240 days applies.

3. SME loan

 The SME loan is designed for micro, small and medium scale entrepreneurs, amount ranges between N1,000,000 to N5,000,000.

The maturity date is within 6 to 8 months targeted at businessmen and women from all sectors of the economy.

Features and benefits

  • Cheques are required from customers/guarantors for loan
  • Corporate customers are to provide financial statement
  • 5% interest rate payable on reducing balance
  • Admin fee of 1% applies
  • Tenor is 180 to 240 days
  • It requires additional securities like the (C of O, deed of assignment of any landed property, motor vehicle, stock hypothecation, etc.)

4. Salary advance loan

The Assets salary advance loan is a favility designed for customers under payroll and salary earners who are looking to have access to funds for emergency.

Read also: How to access AB Microfinance Bank loan

The interest rate is competitive, the loan is divided into two

SALO mini:

Features and benefits

  • Available for employees of both private and public sector institutions
  • Few documentation requirement
  • Turn-around-time is little
  • Flexible repayment plan

SALO max:

Features and benefits

  •  Amount given is between N500,000 to N5,000,000
  • You must be a salary earner
  • You will have to provide any of; appointment, confirmation or promotion letter to authenticate your loan
  • You will need to provide employee pay slip or bank statement for six months
  • Confirmed guarantor with undated cheque
  • Staff ID card or any form of identification
  • Interest rate is 5% on reducing balance
  • Admin fee 1%
  • Tenor between 30 to 360 days
  • One guarantor

5. My asset financing

If you are an existing customer looking to acquire asset for your business or home, “My asset financing” facility will be ideal for you. 

To access this facility kindly decide which asset you are looking to purchase then provide your pro-forma invoice from your vendor, the rest will be completed by the bank.

Features and benefits

  • You will need to make 15% – 20% equity contribution for the purchase of such asset.
  • Repayment is seemingly flexible
  • Staff ID card or any form of identification
  • Interest rate of 5% payable on reducing balance
  • Admin fee 1%
  • Loan tenor between 30 – 270 days
  • You are not required to provide a guarantor

6. School support loan

The school finance loan is designed for school owners and operators looking for working capital and asset finance loan, the facility goes for as high as N5,000,000.

Features and benefits

  • Loan amount between N50,000 – N5,000,000
  • You must be a school owner
  • Your CAC registration and school approved notice should be in place/letter from the regulatory body
  • Confirmed guarantor with undated cheque
  • Any form of identification is acceptable
  • Admin fee of 1%
  • There’s a quarterly repayment plan
  • Loan tenor is between 30 – 270 days
  • One guarantor
  • You should have additional security like; C of O, deed of assignment, motor vehicle, etc.

7. Nano

The Nano facility is a service designed for qualified mobile phone users to enjoy various services, you can request advance on your salary to meet and bridge your financial gap.

This loan works with an API that determines your ability to repay both the principal and the interest.

Eligibility

  • You must have a positive credit rating
  • You must have a good credit history
  • No guarantor is required
  • No collateral to back the loan whatsoever.

To apply for assets microfinance bank loan, kindly note the following;

  • You must have attained at least 18 years and maximum of 60 years
  • You must be a Nigerian
  • You income should not be less than N100k.

What are the requirements to get loan?

You must have been running a business for at least more than 6 months as well as maintained your shop/office for more than six months.

Read also: Lapo Microfinance bank loan, how to apply, requirements, rates, threshold, etc.

You will need a two clear passport photograph

You must have identity card in the following arrangements (Driver’s license, National ID, permanent voters card, international passport or BVN. For loans over N400,00 you will need account statement and cheques.

How long does it take to process loan?

The loan application takes literary 2-3 working days after your documents have been submitted.

How much can I access as loan?

The lowest amount you can get is N50,000 while the highest is N1m though subject to assessment and approval.

How do I repay my loan?

You can make transfer from correspondent or other banks to your Assets microfinance bank account.

You can make transfer from quick teller on ATM machines or on your mobile phone to your Assets MFB account.

You can also visit any of the agent banking offices to deposit through POS into your account.

Assets mfb office address

17A, Dele Adedeji street, off Bisola Durosinmi-Etti street, Lekki Phase 1.

Assets mfb customer service

Phone: +234 16329482

Email: contact@assets-mfb.com

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