May 18, 2022
loan

How to get loan from Accion microfinance Banks in Nigeria

Accion microfinance bank is a global nonprofit type of bank devoted to creating a financially inclusive world, being the first microfinancing bank to impart the fintech industry.

 

Microfinance Banks are usually set up to help individuals and businesses irrespective of the size of the company in getting money to scale or run their businesses.

 

Microfinance banks also come into play when we think of commercial banks with high-interest rates, they give out loans at moderate rates to assist individuals (salary earners), petty traders, and small businesses in securing loans.

 

How can I borrow money from microfinance banks in Nigeria?

There is a lot of processes involved in borrowing from a microfinance bank. In this article, we will be breaking down all you need to do and the necessary documentation that may be required during your application process.

 

How do I register with Accion?

To register with Accion microfinance bank, you can register by visiting their branch or by dialing a USSD code. To register using the USSD code, follow the instructions below.

  • Dial *572# on your mobile phone that links to your phone and select options from the prompt to register
  • Input your Accion microfinance account details
  • Create your PIN number and confirm your PIN number, ensure is a 4-digit number that cannot be easily cracked by scammers and is easy to recall
  • Choose and answer your preferred security question

How to Obtain a Loan from Accion Microfinance bank?

The application process involved in getting loans is not an easy process. But in this article, we will simplify it as much as possible to make things easier for you.

To obtain loans, it is well known that you must meet certain conditions from your lender such as ;

  • Having a Registered business

Being in a business for more than a year improves your chances of getting approved for loans, and you must have been operating from a single location in the past six months.

  • Loan repayment

Repayment conditions are a very important aspect of getting your loan approved. However, it totally depends on the type of loan you request. Some loans are scheduled for repayment every month unless it is a group loan which is usually paid every week.

Accion Microfinance Bnak loan Application Process

It is required for every client to submit each of the following documents during the application process

  • Recent Passport photographs (at least 6)
  • Recent utility bills(Nepa bill) from the home of the resident
  • Means of identification (National ID card, NIN registration slip, or International passport)
  • Shop receipt to show that you’re truly in business

 

You will also be required to bring a guarantor or surety to pledge that you will repay your loan within the stipulated time. The guarantor/surety is expected to be able to foot the loan repayment in case things go south and must be between the age of 28-59 years.

Other requirements include;

  • A recent passport photograph
  • Recent utility bill
  • Means of identification (National ID card, NIN registration slip, or International passport)

 

It should be noted that;

  • The loan can be repaid before the due date
  • The interest on every loan is 6%
  • The guarantor and the client must come to the bank to sign offer and the guarantor’s letter
  • There is a compulsory processing fee, VAT, and administrative charges on every loan
  • You are required to pay a 20% upfront fee before you can get approved.

 

gbadamosi Asisat

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