AB microfinance bank happens to be one of the best microfinance banks that took it upon themselves to assist small and medium-sized businesses with loans. It has quite a number of branches across Nigeria in states like Lagos, Oyo, Ogun, and Ondo state.
It was established in the year 2002 and has been successfully running to cater to the needs of every business and individual in securing loans for their business.
The microfinance bank operates like Nirsal, another microfinance bank. They both offer loans to small and medium-sized businesses and individuals and they are fully registered with the central bank of Nigeria.
What is the requirement for loans at AB microfinance bank
Usually, every lender would require you to provide some credentials during the application process and AB microfinance bank isn’t left out. Below is a list of the things required for a loan;
- A valid ID card (International passport, driver’s license, NIN registration slip)
- Proof of business ownership
- Guarantor (at least one)
- Collateral equivalent to the size of the loan
- Your business must have been in existence for about 1 year in Oyo, Lagos, ondo, and Ogun state
AB microfinance bank Offers the following service;
AB Microfinance offers the following services
- Savings and account
- AB Current account: AB current account allows you to have unlimited access and i is available to both individual and corporate bodies and has no limit. Other benefits are no charges for maintenance fees, charges on SMS alert service, and no charges on cheques.
- AB savings account: this type of account is an added advantage because of its interest rate. You can withdraw your funds at any time. Benefits include competitive interest rates, zero account opening, and a statement of the account without charges.
- AB Deposit Account
The AB deposit account allows you to deposit your money for a particular period of time with a good interest rate on it. The benefit is competitive interest rates, deposition of a minimum of N30,000 for interest, and maturity duration of 30-360 days.
- Micro Loans
Microloans are designed mostly for entrepreneurs, it allows you easily access quick loans in Nigeria. You can borrow from N15,000 to N3 Million and has a maximum maturity of 18 months. Benefits include zero saving and deposit account, flexible collateral arrangement, easy documentation requirements, and your financial statements do not need to be audited.
- SME Loans:
SME loans are designed for small and medium-sized businesses that need loans to scale or build their businesses. You can get up to N20 million with a maximum tenor of 2 years but you must put down collateral.
- Housing loan
Housing loans are designed for individuals who need loans to complete their real estate projects. The borrowable loans range from N300,000 to N3 million. In addition, borrowers will be given quality building materials and as well as free house designs from professionals.
- Electronic banking
Just like commercial banks, AB microfinance bank also offer seamless electronic banking service to make things easier for their customers which include;
- Payments/ Cash Deposit.
- Mobile Banking.
- Instant Fund Transfer.
- Debit Card/ ATM Card.
- Point of Sale (POS).
- NIBSS Instant Payment (NIP).
How to borrow loans from AB Microfinance Banks
Presently, the maximum amount you can get as an individual seeking a loan from AB microfinance bank is N5 million and N20 million for small and medium-sized business owners. However, after qualifying for the loan requirement, below are necessary steps to follow;
- Visit any of their branches to make the loan proposal. Make sure you submit the necessary credential and put down a valuable collateral
- After submitting your loan proposal, your proposal will be evaluated by qualified personnel to see if you can be approved
- It might take a while before your loan proposal gets considered, it primarily depends on the amount you want to borrow. A high-value loan for SME may take up to 7 days.
Note: disbursement fee is usually charged on all loans at the rate of 1%