How To Apply for AB Microfinance Bank Loans
Are you an entrepreneur in Nigeria and need a loan to boost your business? if yes, then the AB Microfinance Bank Loan is the right opportunity for you.
In this article, GbExtra Blog has put out everything you need to know on How To Apply for AB Microfinance Bank Loans, requirements, interest rates and how to repay the loan.
About AB Microfinance Bank
AB Microfinance Bank is one of the leading national microfinance banks in Nigeria with branches spread across the country. AB Microfinance is licensed by the Central Bank of Nigeria (CBN) and has been actively operating since 2008. They have a network of international partners. They offer loans and other products to their customers.
AB Microfinance Bank Loans
Below are different variety of loans offered by AB Microfinance Bank Loans:
Micro Loans are offered to entrepreneurs, individuals, and businesses to easily access loans in a quick and considerate way. You can get a loan from ₦15,000.00 to ₦3 million with a maximum maturity of 18 months.
Features Of Micro Loans
Below are features of micro loans:
- No cash collateral required
- No mandatory deposits/savings
- Flexible collateral arrangements depending on loan size
- Flexible documentation requirements
- Long-standing clients with impeccable repayment records qualify for successive interest rate discounts and even faster loan processing
- No borrower groups – you are responsible only for your own loan
AB Micro Loans Product
|Name||Amount available||Interest rate|
|AB Business Flexi||N15,000 – N100,000||6.6% Interest (On reducing Balance)|
|AB Business Plus||N100,001 – N500,000||6.1% Interest (On reducing Balance)|
|AB Business Max||N500,001 – N1,000,000||5.7% Interest (On reducing Balance)|
|AB Business Max Plus I||N1,000,001 – N2,000,000||5.2% Interest (On reducing Balance )|
|AB Business Max Plus II||N2,000,001 – N3,000,000||5.0% Interest (On reducing Balance )|
|Disbursement Fee||1% of Disbursed Amount (One-off Charge )|
The SME Loans are targeted at the owners of Small and Medium Size Enterprises. The SME Loan is open for both customers and non-customers of the AB Microfinance Bank.
Features Of SME Loans
Some of the features of the SME loans are:
- Competitive Interest Rate starting from 3.0% monthly on reducing balance
- Disbursement fee of 1.0% of the loan amount
- Maturity period from 6 to 24 months with equal monthly installments
- Broad of collateral items accepted
- Upon submission of all required documents, loan disbursement within a week
- Loans from NGN3,000,001 to NGN20,000,000 for existing business
As the name implies, the AB housing loans help individuals and businesses solve their housing issues.
Features Of Housing loan
- Free expertise including house design and bill of quantities
- Housing loan without equity contribution or compulsory savings
- Access to quality building materials and building materials retailers network
The loan amount ranges from N300,000 – N1,000,000 with 5.5% Interest (On reducing Balance)/ Disbursement fee is 1% of Disbursed Amount (One-off charge).
Requirements To Access AB Microfinance Bank Loan
Here are the loan requirements:
- Applicant must be 21 or above
- You must be the owner of the business (If applying on-behalf of s business)
- Applicant must be currently exercising activity
- Applicant must be a Nigerian Resident
- Business must be in operating area
- Applicant must be exercising activity consequently for the past 12 months
AB Microfinance Bank Interest Rate
As we all know, all Loans attract interest rates. The interest rate for the AB Microfinance loan is flexible. Typically, the interest rate varies from 5% to 7%.
How To Access AB Microfinance Bank Loans
Interested and qualified applicants should kindly follow the below steps in order to apply:
To Apply Online
2. Provide accurate information on the amount of money you need and when you expect to pay back. After that click request for loan
3. Fill in only accurate information to be able to access the loan. After filling in the required information, you can click submit
The above is if you want to start the process online. If not continue reading
To Apply in Person
1. Visit any branch of AB Microfinance Bank and speak with a customer care representative. They will give you a form and put you through.
How To Repay AB Microfinance Loan
There are several options to repay loans taken from AB Microfinance. They include:
- In-branch POS: Visit any branch of AB with your debit card and you can repay your loan easily. Note that the maximum amount is 3.000.000 NGN (depending on the card-issuing bank)
- Cash deposit at any Nigerian bank: You can visit any bank close to you and make a deposit into the Zenith bank or Polaris bank account of AB Microfinance. Zenith Bank (account no. 1014886565) Polaris (account no. 1770069139). Please, cross-check the number with their customer care. In the description, the field writes the beneficiary’s ABN account number. With this method, the amount is unlimited.
- Internet banking: You can use the internet banking of any bank that you use to transfer to the bank accounts of AB Microfinance.