Microfinance loans are designed to suit the needs of business owners who need to grow, scale or boost their business but do not have enough collateral to obtain a loan facility from commercial banks. It has helped a lot of businesses ranging from small to medium-sized businesses
Microfinance loans became an alternative for small businesses since a lot of commercial banks do not risk giving out loans without collateral.
There are quite a number of microfinance banks that offer loans to small business owners irrespective of your collateral and cash flow. You can visit any microfinance banks in Nigeria if you run a small business and you’re looking forward to expanding but capital isn’t smiling.
In this article, we will be discussing the types of loans offered by AB microfinance bank, loan requirements, and how you can apply for the loan.
AB Microfinance Bank
AB microfinance banks allow business owners to easily access loans in a reliable and efficient environment. AB microfinance bank mainly operates as a microfinancing bank i.e, to give access to loan facilities and the application process and requirements are easy and time-efficient.
Types of Loan facilities offered in AB Microfinance Bank
The loan facility comes in different packages at AB microfinance bank, below is a list of the loan and their features.
- ABN Micro Loans
This type of loan is specifically designed for business owners who operate on a small scale. Borrowers can get loans ranging from N15,000 to N3 million and the maximum maturity is 1 year and 6 months.
- SME Loans
This type of loan is designed to meet the cash inflow of small and medium-sized business owners who could not meet up with the loan requirement at commercial banks. Borrowers can get loans ranging from N3 million to N20 million with an interest rate of 3% every month. The maximum maturity is from 6 months to 24 months with equal monthly installments.
- ABN Housing Loans
This is a type of loan designed for low-income earners who are in need of loan for completing their home or housing projects. It can also be used for building and renovating office spaces and shops. The loan repayment depends on the borrower’s monthly income.
Other features include free expertise on housing plans, designs and bill of quantities, access to quality building materials, and building materials retailers network.
How to Apply for AB microfinance bank loan
To apply for an AB microfinance bank loan, you will need to visit the nearest AB microfinance bank in your locality to pick up the application form and you can as well visit their official website to register.