Frequently Asked Questions
LOANS
How much can I borrow?
Answer:
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?
Answer:
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?
Answer:
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?
Answer:
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?
Answer:
Yes, you need to open an account and service it for minimum of 2 weeks
What documents do I need to start the process?
Answer:
A valid ID-card and proof of business ownership.
What if my business is not registered?
Answer:
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?
Answer:
Yes, at least one guarantor will be required for the loan process.
What if I operate an online business?
Answer:
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?
Answer:
Flexible collateral arrangements depending on loan size (household goods, business equipment, goods in stock, vehicles, property etc.)
BANKING SERVICES
What are the requirements for account opening?
Answer:
A valid ID-card, and a minimum balance of N1,000.
What category of ID-card do you regard as valid?
Answer:
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?
Answer:
Deposits can be made through various platforms available;
- Correspondent bank from our partner banks
.
What is the interest rate on savings?
Answer:
The interest rate currently is 4% per annum.
What are the interest rates on Term Deposit?
Answer:
The interest rate depends on the amount and maturity period. It is negotiable.
What is the minimum I can fix?
Answer:
The minimum amount is N30, 000.
What is the minimum tenor?
Answer:
The minimum tenor is 30 days.
If I have urgent cash needs, can I liquidate and get my funds?
Answer:
Yes, however accrued interest may be charged depending on the type of interest payment chosen.
How can I get my interest?
Answer:
Interest rate can be paid into your account monthly or upon maturity.