Obtaining loan from Accion Microfinance Bank, prospective customers needs to meet certain conditions set by the bank. Such Customer must have been in business for at least one year, operating from the same location for at least six months to qualify.
Pay Back Period: Repayment Plans depends on the type of loan. Tenures could range from
- 1-3 months (PAY GO – Overdraft product)
- 4-6 months (Working capital) or
- 4-12 months (Asset Loan)
Loan Repayment: Loan repayments are scheduled to be made monthly except for Group Loans which are repaid weekly.
Loan Application Requirements
To obtain a loan, prospective clients must submit:
- 6 recent passport photographs
- Recent utility bill from residence
- Identification: National ID Card / Valid Driver’s License / Valid International passport
- Shop receipt (evidence of business location)
Guarantor/ Surety
Every loan application requires a Guarantor or Surety. The Guarantor must be between 28- 59 years and have the capacity to repay the loan should the customer default in his loan repayment.
Requirements for the Guarantor
- 1 recent passport photograph
- Recent utility bill from his residence
- Identification: National ID Card or Valid Driver’s License or Valid International passport
Other Information About Accion Microfinance Bank Loans
- The interest rate on loans is 6% on reducing balance.
- There is a compulsory processing fee which covers insurance, VAT and administrative charges
- Upon approval of loan amount, client and guarantor must come to the bank to sign offer letter and guarantee letters.
- All loans require a 20% compulsory deposit of the approved loan amount to be paid after signing the offer letter.
- Loans can be repaid before their due date
Note: Loans repayments of N400,000 and above require post-dated cheques covering the number of loan repayment installments as well as 2 valid references who have current accounts.
Accion Microfinance Bank Branches In Lagos
CORPORATE HEAD OFFICEAccion Microfinance Bank Ltd |
IKORODUAccion Microfinance Bank Ltd
|
AGEGEAccion Microfinance Bank Ltd |
ISOLOAccion Microfinance Bank Ltd |
AGRIC IKORODUAccion Microfinance Bank Ltd |
KETUAccion Microfinance Bank Ltd |
AGUDAAccion Microfinance Bank Ltd |
LADIPO BRANCHAccion Microfinance Bank Ltd |
AJAHAccion Microfinance Bank Ltd |
OBALENDEAccion Microfinance Bank Ltd |
AKOWONJOAccion Microfinance Bank Ltd |
OJODUAccion Microfinance Bank Ltd |
ALABAAccion Microfinance Bank Ltd |
OKE-ARINAccion Microfinance Bank Ltd |
ANTHONY1st Floor Elizade Plaza |
OKE ODOAccion Microfinance Bank Ltd |
APONGBONAccion Microfinance Bank Ltd |
ORILEAccion Microfinance Bank Ltd |
BARIGAAccion Microfinance Bank Ltd |
OSHODIAccion Microfinance Bank Ltd |
BARUWAAccion Microfinance bank Ltd |
OYINGBOAccion Microfinance bank Ltd |
EJIGBOACCION Microfinance Bank |
SURULEREACCION Microfinance Bank Ltd |
IDI-OROACCION Microfinance Bank Ltd |
TRADE FAIR COMPLEXAccion Microfinance Bank |
IDUMAGBOAccion Microfinance Bank Ltd |
BOUNDARYAccion Microfinance Bank Ltd |
| IKEJA
Accion Microfinance Bank Ltd |
PORT HARCOURT
Accion Microfinance BAnk Ltd. |
| IKOTUN
Accion Microfinance Bank Ltd |
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hello, if I apply for a loan of 600,000 after the 20% compulsory deposits how is the interest and for how long will I going to repay also will the 20% be included
Hi Ayo,
Please visit the nearest office to you or call any of the numbers above for proper direction on your inquiry.
Regards
Hello… I have working place that I have been working for more than 4years before but am no longer using the place due to the bad road., but looking for another place now. Can I apply for the loan to get another place and star my business again
Hi Oyeleke,
Kindly visit the closest Accion mfb branch to you for proper assistance on your request.
Good day,have been trying the above no for ikotun branch but not going through,,, pls if I may ask is it necessary for me to join a group before applying for a loan because I work in a school and won’t be chanced to join a group…..but can I still get a loan that I can repay back on monthly basis