A CBN-approved institution, Baobab Microfinance Bank offers loans in Nigeria for a variety of uses.
Products
Entrepreneurs, dealers, and students can use microloans to acquire up to N1 million for already operating firms. Baobab charges a minimum of 7% in interest on loans, with the total depending on the length of the loan.
For those without access to typical financial institutions like banks, microlending is the provision of financial services. The loans are intended for people who were once deemed “unbankable” by larger financial organizations.
These are borrowers who might deal with tiny sums of money every day, reside in remote places, lack credit histories, or don’t meet what the banking industry considers to be “conventional qualifications.”
SME loans – They offer a loan of up to $20 million, repayable over a maximum of 24 months, to help you consolidate or invest in your business. The money from the loan might be used to buy fixed assets or as working capital.
Apply also for Accion Microfinance Bank Loan or the gsmeis Loan Disbursement
Pros
A declining balance basis is used to calculate interest rates.
Easy repayment schedule
Flexible terms for loans
Cons
An up to N4000 application fee is required.
Geographical boundaries of Lagos
A savings account must contain 10% of the loan amount.
Guarantor necessary
Low Loan Amount Maximum
Requirements
You must be between the ages of 22 and 58.
The applicant must be a Lagos State resident or employee.
Two most recent passport pictures (within the last 6 months)
Two trustworthy guarantors
Two properly filled out signature cards
Filled-out application
Recent three-month utility bill PHCN/NITEL
Leave a Comment