Microfinance Bank Loan In Nigeria

Are you looking for Microfinance Bank Loan In Nigeria then this article is for you about all the information and necessary details .

Microfinance banks were set up to aid individuals as well as small and medium-sized businesses (MSMEs) in getting credit facilities for their personal use as well as for their business.

The borrowers of Microfinance loan are charged interest on these loans. The rate of interest and time period can vary between 3%-6 percent and from 1 to 12 months, in accordance with the size of the loan.

What should you do prior to making an application for a loan with the Microfinance Banks located in Nigeria;

• Create an account at the bank. Many banks require potential lenders that they have an existing account that is active and maintained for at least six months.
• For owners of businesses ensure that you’ve done a thorough study of the company.
• The business should be operational over a minimum of one year , and be based at the same address for six months.

Documents needed in order to apply for a microfinance bank loan in nigeria

• Form for loan application
• Valid identification means
• A copy of the latest utility bill
• Recent passport photographs
• The evidence of the location of the business
• Business records and bank statements
• Collaterals (Not in all instances)

Microfinance Banks That Offer Loan In Nigeria

The list of some of the most popular microfinance banks that give loans to salary earners are:

1. Lapo microfinance bank
2. Purple money microfinance bank
3. CIT microfinance bank
4. AB Microfinance bank 
5. Grooming microfinance bank 
6. Addosser Microfinance bank
7. Asset Microfinance bank
8. Bowen Microfinance Bank
9. Capstone Microfinance Bank
10. Cardinal Rock Microfinance Bank
11. Cashconnect Microfinance Bank Ltd 
12. Cedar Microfinance Bank
13. Chanelle Microfinance Bank
14. CIT Microfinance Bank
15. Corestep Microfinance Bank
16. Cowries Microfinance Bank
17. Credit Afrique Microfinance Bank
18. Credit Express Microfinance Bank
19. Crossover Microfinance Bank
20. Daylight Microfinance Bank
21. Desmonarchy Microfinance Bank limited 
22. Echo Microfinance Bank
23. Edo Microfinance Bank
24. Empire trust Microfinance Bank
25. Enrich Microfinance Bank limited 
26. FFS Microfinance Bank
27. Finatrust Microfinance Bank
28. Finex Microfinance Bank
29. First Option Microfinance Bank
30. Flourish Microfinance Bank
31. Fortress Microfinance Bank
32. Giant strides Microfinance Bank
33. Global Initiative Microfinance Bank
34. Glory Microfinance Bank
35. Green energy Microfinance Bank
36. Hackman Microfinance Bank
37. Headway Microfinance Bank
38. High street Microfinance Bank
39. GTI Microfinance Bank
40. IBILE Microfinance Bank
41. Ipodo-Ikeja Microfinance Bank
42. Island Microfinance Bank
43. Jessefield Microfinance Bank
44. Kayvee Microfinance Bank
45. Kudimoney Microfinance Bank
46. Lawebod Microfinance Bank
47. Leadcity Microfinance Bank limited 
48. Letshego Microfinance Bank
49. Lifegate Microfinance Bank
50. Links Microfinance Bank
51. Magnet Microfinance Bank
52. Main trust Microfinance Bank
53. Mainstreet Microfinance Bank
54. Manny Microfinance Bank limited 
55. Lovonus Microfinance Bank
56. Maritime Microfinance Bank
57. Sunrise Microfinance Bank
58. Supreme Microfinance Bank
59. Surbpolitan Microfinance Bank
60. Susu Microfinance Bank
61. Touchgold Microfinance Bank
62. Townserve Microfinance Bank
63. Treasures Microfinance Bank
64. TCF Microfinance Bank
65. Ultimate Microfinance Bank
66. VCL Microfinance Bank
67. Verdant Microfinance Bank
68. Verite Microfinance Bank
69. VFD Microfinance Bank
70. Wesley Microfinance Bank
71. Vineland Microfinance Bank
72. Virtue Microfinance Bank
73. XSLNCE 
74. YCT Microfinance Bank
75. Zikado Microfinance Bank
76. NPF Microfinance Bank
77. Okengwe Microfinance Bank
78. Oros Capital Microfinance Bank
79. Owotutu Microfinance Bank
80. Parallex Microfinance Bank
81. Parkway Microfinance Bank
82. Pecan Trust Microfinance Bank
83. Penny wise Microfinance Bank
84. Personal trust Microfinance Bank
85. Petra Microfinance Bank
86. Projects Microfinance Bank
87. Providence Microfinance Bank
88. Primera Microfinance Bank
89. Purple money Microfinance Bank
90. Rhehoboth Microfinance Bank
91. Renmoney Microfinance Bank
92. Ric Microfinance Bank
93. Richway Microfinance Bank
94. Pyramid Microfinance Bank
95. Qube Microfinance Bank
96. Reliance Microfinance Bank
97. Rigo Microfinance Bank
98. Royal blue Microfinance Bank
99. Royal Exchange Microfinance Bank
100. Safe Gate Microfinance Bank
101. Seed Capital Microfinance Bank
102. Shalom Microfinance Bank
103. Shepherd Trust Microfinance Bank
104. Snow Microfinance Bank
105. Solid Allianze Microfinance Bank
106. Solid trust Microfinance Bank