Are you curious about the types of loans offered by access banking institutions in Nigeria? This guide will provide you with an in-depth explanation of the process that is involved.
Access Bank is a Nigerian bank that provides savings, loans, and additional banking options. Access Bank has branches in each state of Nigeria as well as an overseas presence.
In this article, we will discuss on types of loans offered by Access bank
The first step is to go to Access Bank’s website. Access the Bank website and open an account there by filling out the online application.
Once you have gotten your Account with Access Bank, you can apply for an Access Bank loan by filling out the online application visiting an access bank branch using the access bank app or loan application, or by using the Access Bank loan code.
You’ll need to give your personal information including your address, name, and date of birth. along with details of your monthly income and expenses. You may also include a photocopy of your passport or ID card to make your life easier when they confirm your identity.
Table of Contents
Types of Loan offered by Access Bank
- Creativity Sector loans for companies and individuals in fields such as fashion, information technology film manufacturing, and distribution as well as the artistic and creative industries.
- Lending against Turnover (LATO): For non-salary account holders that already possess access to a bank account for at least six months.
- personal loan Loans that can be flexible to employees.
- Salary Advance You can receive up to 100 percent of your monthly net salary.
- Small-Ticket Personal Loan Get 40% of the monthly earnings.
- W Power Loan: Loans and credit facilities to female-owned businesses.
- The Advance Fee for School The loan is used to cover school fees, professional courses, and certificates.
- Technology Finance Credits to finance the purchase of mobile devices.
- Maternal Health Service Support (MHSS): Loans to fund fertility and birth procedures.
- Car Finance Credits to finance the acquisition of a car or automobile. The loan is available to salary earners, SME owners, and corporate companies.
Requirements to borrow money from Access Bank
- To take out a loan through Access Bank’s creative sector loans you need to have a thorough business plan, a good credit rating, and at least a 30percent in equity to repay the loan. You can get it by contacting the Account Manager, the Access Bank contact center, or visiting every Access Bank branch near your home.
- To take out a loan to pay for Access the bank’s LATO loan, which is a small individual loan and their salary loan your phone number needs to be connected to your BVN.
- To apply for Access personal loans from the bank, you must fill out your application and submit an employee’s approval form, a copy of your employee ID, BVN as well as credit checks as well as an official loan letter.
- To be eligible to borrow the funds from Access Bank’s power loan W, your company must be female-owned and operating for at least one year. You must also have a valuation report and a one-year bank statement. Credit checks, CAC documents, BVN validation page of directors/proprietor, BOQ (for project-related transactions), credible Guarantor form and notarized statement of net worth, Drawdown Domiciliation Letter, Simple resolution (Business enterprises) or Board resolution (Corporate) and Evidence of Insurance cover and Credit life insurance.
- To get an advance on costs for schooling, you must submit a completed loan request form. Also, proof of promotion or confirmation letter or a letter of Authority or an irrevocable letter of Domiciliation or tuition invoices/bills for the pupil’s name valid documents for identification, a Letter of Lien/Set-off, credit Checks, Identification Methods documents attesting to the authenticity of the document, salary bank statements/payslips (for new customers to the bank)