Frequently Asked Questions
How much can I borrow?
Our minimum loan amount is N20,000 and a Maximum amount of N20,000,000. Both depend on borrower’s repayment capacity assessed based on verifiable business inventory and other criteria.
What type of Loan do you offer?
What we offer are business loans for businesses that are already in existence/operation, and housing/house improvement loans.
What are your loan requirements?
How long does it take to get a loan?
It doesn’t take longer than it ought to as long as the necessary requirements are adequately met (less than 3 working days).
What is your interest rate?
Our interest rate differs depending on the loan amount. However, it is very competitive.
Do I need to open an account before I can get a loan?
Yes, you need to open an account and service it for minimum of 2 weeks
What documents do I need to start the process?
A valid ID-card and proof of business ownership.
What if my business is not registered?
Proof of business ownership can be in form of shop rent receipt, invoices, goods/product receipt etc (Evidence to show your business have been in existence within the stipulated period).
Do I need a guarantor?
Yes, at least one guarantor will be required for the loan process.
What if I operate an online business?
You must have a physical business location with tangible evidence that you do business and that the business is yours.
What type of collateral do I need?
Flexible collateral arrangements depending on loan size (household goods, business equipment, goods in stock, vehicles, property etc.)
What are the requirements for account opening?
A valid ID-card, and a minimum balance of N1,000.
What category of ID-card do you regard as valid?
National ID card, International Passport, Driver’s license, Permanent voter’s card etc. that has not yet expired.
How can I make deposits without coming to your banking premises?
Deposits can be made through various platforms available;
- Correspondent bank from our partner banks
What is the interest rate on savings?
The interest rate currently is 4% per annum.
What are the interest rates on Term Deposit?
The interest rate depends on the amount and maturity period. It is negotiable.
What is the minimum I can fix?
The minimum amount is N30, 000.
What is the minimum tenor?
The minimum tenor is 30 days.
If I have urgent cash needs, can I liquidate and get my funds?
Yes, however accrued interest may be charged depending on the type of interest payment chosen.
How can I get my interest?
Interest rate can be paid into your account monthly or upon maturity.