Bosak Microfinance Bank: Loan Requirements, The Repayment Plans And All You Must Know

Bosak Microfinance bank is a bank that has been licensed by the Central Bank of Nigeria to carry on with the business of providing microfinance services such as savings, loans, all domestic funds transfer, and other financial services that are needed by the economically active poor, micro, small and medium enterprises to conduct or expand their businesses as defined in the guidelines for Microfinance Bank in Nigeria. The bank is established with the intention of becoming Nigeria most preferred microfinance banking institution.

 

Bosak microfinance bank wants to be a leading microfinance banking institution committed to giving its customers unparalleled service. They aim to do thus by remodeling their values through the combination of applying the modern day cutting edge technology and highly motivated workers representing the bank.

The Bosak microfinance bank is located in the popular cocoa industries road in Ogba, Ikeja Lagos. They open at 8am and close by 5pm through the week.

 

In an interview, the Head of Recovery of the the bank stated that the proposed increase in the microfinance bank’s capital base is overdue and it will enhance public confidence in the microfinance bank sector. He also stated the problem of people collecting loans and not paying back.

 

 

Different Types Of Bosak Microfinance Bank Loans 

Some roles Bosak Microfinance Bank us expected to play in the community just like any other Microfinance Bank includes:

1. Granting loans
2. Poverty Alleviation
3. Creating Employment Opportunities
4. Increasing small and micro enterprises (SMEs)
5. Promoting Agricultural Production.

Bosak Microfinance Bank has really proved to play these roles in the society by providing the following schemes.

1. Trade loan
2. Education loan
3. Salary loan
4. Asset finance loan
5. Auto technician loan

Each of these different loans has who they are for.

 

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1. The Trade loan is meant to support women who are traders. It us for women who have a stall in the market place, selling one product or the other. Thus loan is meant for them to use in expanding their business and to boost their income.
2. Education Loan, as the name implies is for student. Students who can’t afford their fees are to collect this loan and choose a suitable payment plan.
3. Salary loan. Thus loan is meant for salary earners. With thus loan, you can receive up to one million naria, and you pay back monthly when you receive your salary.
4. Asset finance loan are those loans given to the people to enable them acquire an asset such as a land. Borrowers are allowed to pay a fixed amount within a fixed time.
5. Auto technician support loan.

These are loan given to mechanics to help them improve their business.

 

 

Bosak Loan Requirements

*Applicants must have been in the business for at least one year, and must have been operating from the same location for at least six month.

*You must have a good reason to obtain the loan. Your reason should be documented and submitted to the bank.

*You must open an account with them.

*You must activate the account by using it frequently for some time, both savings and withdrawal.

*Now you can apply for your choice of loan. Visit the bank and talk to their customer care service.

*You can provide a collateral but it is not compulsory.

 

 

Repayment Plan

• The plan depends on the type of loan. It could be from one to three month or four to six month or even four to twelve month.
• Loan repayment are made monthly with exception for group loans.
• This type are repaid weekly.
• Recently, the bank has made available some staffs to visit the borrower and collect some amount of money daily.
• This is to facilitate easy repayment.

 

Evidently, the Bosak Microfinance Bank has proved to help the society by providing loans for salary earners and not forgetting the mechanics on the street.