Kada Microfinance Bank is a CBN-authorized institution that provides loans for a variety of purposes within Kaduna, Nigeria.
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Kada Bank Products
Kada has three major loan facility products which are micro-loans, salary advances, and group loans.
- microloans This is available to traders, entrepreneurs, and students to get access to for existing businesses. Kada Microfinance Bank offers business owners of Small and Medium Size Enterprises the chance to obtain products for loans in a swift easy, efficient, and transparent way. The client must fill out the Bank’s loan application form for us to finish the tracking compliance forms. Maximum term of 6 months with 5 % interest percent plus additional charges. The collateral is required
- Salary Advance Advance against anticipated wages is available to those who earn a salary in a reputable organization. The maximum amount that can be borrowed will be equal to 50% of the expected monthly salary with a maximum period of 30 calendar days. The loan can be repaid from the next available salary. Customers are required to deposit their wages to the Bank or to domiciliate the use of cheques from other banks that draw their salaries from their accounts, or in any other way stipulated.
- Group Loan Group loans are VA are available Kada for 5% with an additional 4% fee for borrowing and any other fees associated with loans.
Pros Of Kada Bank Loan
- Flexible loan terms
- Competitive rate
Cons Of Kada Bank Loan
- Collateral required
- Geographical restrictions on Kaduna
- The need for a guarantor
Kada Bank Loan Requirements
- Letter of employment
- Identity card for staff
- Pay slip
- A statement of account for 6 months
- Other types of identification (National Identification card, passport for international travel, etc.)
- Utility bill
- Two reputable guarantees