Over the years, the Nigerian banking sector has remained at the forefront of promoting financial inclusion in the country. Financial inclusion is critical to reducing poverty and boosting economic growth. As a result, banks have introduced many innovative products and services to reach out to underserved and unserved segments of the population.
One such product is loans. Loans are a great way to finance big-ticket items or expand your business. Nevertheless, it might be challenging to choose from among the many possibilities that are accessible.
So, if you’re looking for a loan to finance your education, expand your business, or just finance an important project, be sure to check out these top 5 bank loans in Nigeria.
#1. First-Edu Loan
The First-Edu Loan is a bank loan in Nigeria that is specifically designed to help private school owners to run their schools more effectively. Most times, these private school owners are not able to access loans from other financial institutions because they lack the collateral.
The loan is provided by First Bank of Nigeria and it is open to all private school owners in the country. And it is a very good option for private school owners who are looking for loans to improve their schools. The loan has a lot of features that might be attractive to you as a private school owner.
Some of the features of the FirstEdu Loan include:
- A maximum loan amount of N20 million
- A repayment period of up to 3 months to 4 months
- CAC Registration
- The school must have at least 100 students
- The bank must have a long history of working with your school
- They can obtain up to N2 million without CAC registration
So, if you want to apply for this loan, you can go to any First Bank branch in your state and apply or visit the First Bank website for more information.
#2. Quick Credit by GTB
Quick Credit is a loan product from Guaranty Trust Bank (GTB) that is designed and accessible to salary earners in the country. The loan is an unsecured personal loan that can be used for purposes like medical emergencies, school fees payment, business expansion, or working capital.
If you are not a salary earner, with Quick Credit from GTB, you can get up to N10, 000 to N500, 000 but as a salary earner you can get up to N5 million. To qualify for this loan, you must earn a minimum monthly salary of N20, 000, and you must have a GTB account for as long as 3 months.
The interest rate is 1.33% monthly and it has a 6-month to 1-year pay-back period. The processing fee is 3% and there are no other hidden charges. You can apply for Quick Credit on the GTBank mobile App, the internet banking platform, or by using the GTBank USSD code.
Though this loan product is available to salary and non-salary earners, as a business owner, you can also access this loan. GTBank has modified this product to be accessible to small business owners and it’s called Quick Credit for Small Business. It was created to aid small businesses to manage their daily business efficiently. And it’s only eligible for businesses in the healthcare and education industry.
#3. UBA Click Credit
The UBA Click Credit loan was majorly created for customers who have salary accounts with the bank. Just as the mission of the bank is to create value for its customers, UBA created this loan product to help customers improve their lives and take care of urgent needs.
If you’re a customer between the age of 18 and 59 years that earns N25,000 monthly you can get this quick loan without collateral, an extra fee, or paperwork. As a qualified customer, you can get a loan of N5 million and pay it back within 1 year. The loan has an interest of 1.58% monthly and no hidden charges or fees.
Once you’re eligible for this loan, you can apply through UBA internet Banking or UBA mobile banking to get immediate access to the funds.
#4. Z-Women Business Package
The Z-Women Business Package is a loan created by Zenith Bank for women who are into business. This loan was created to help women in business access funds quickly and easily.
The main objectives were to grow their businesses, and purchase raw materials, working capital requirements, and infrastructure updates. And is available for businesswomen in sectors like confectionery, agriculture, beauty/style, fitness, and more.
The features of this loan package include:
- A maximum loan amount of N10 million
- A single-digit interest rate
- A repayment period of 12 – 24 months
- Free display space is available at Zenith Bank events, etc.
However, not every woman who owns a business is permitted to access the facilities. Only female business owners who own a minimum of 55% of the company’s stock are eligible to apply to Zenith Bank for this loan. Since it’s a collateral-free loan package, the bank may require some other form of security like your Biometric Verification Number(BVN).
To learn more about this loan, you can visit any Zenith Bank branch near you or contact customer service for more information on how to apply. You can also visit the Z-Women Business Package website for more details.
#5. MSME Loans
The MSME loan is a collateral-free loan created by Zenith Bank to finance the working capital and business expansion needs of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. This loan is available to both new and existing business owners who fall into the MSME category.
To qualify for this loan, your business must have a business account with Zenith that is less than 6 months old. The business should either be under the beauty/style sector, confectionery, or fitness sector.
The loan has a management fee of 0.5 – 1% and you must be ready to accept the BVN covenant with zenith bank and have positive credit checks as well as a personal guarantee as a customer.
Conclusion
There are many bank loans in Nigeria that can help you grow your business or take care of personal needs. And each loan has its requirements, terms, and conditions. So, whether you’re looking for a loan to finance your business expansion or you need a quick loan to take care of an emergency, there’s a bank loan in Nigeria that can help you.
Before you apply, ensure you carry out thorough research on each loan carefully. Also, try to compare the different options to make sure you’re getting the best deal for your needs.