Getting a loan now in Nigeria is becoming very easy, however, loans play an important role in stimulating the Nigerian economy because of its comparatively under-developed capital markets. It is known that loans from traditional lenders are strained for low financial gain and freelance customers because of its high interest rates, difficult document requirements, short loan maturities, and the inability to supply collateral.
Today, we will talk about ibile microfinance bank, how you can get a loan easily, different type of loans and their requirements.
What you should know about ibile Microfinance Bank is that, they are an institution which is licensed by the CBN to offers loans for multiple purposes in Nigeria. Their goal at IBILE Microfinance Bank is to provide access to personal loans and education loan, car loan, home loan at insight competitive interest rates. They are the loan provider you can use at any time. Their services which they offer includes:
A Microloans: microloan is meant for entrepreneurs, traders and students to have loan access of up to N1m for their existing businesses. Note that the interest rate charged by Ibile microfinance bank on loans is a minimum of 5% with the total dependent on the tenure of the loan.
An SME loans: This will provide a loan of over N500k to help consolidate or invest in clients business, which is repayable in up to 24 months. However, this loan is to be used as working capital or for the purchase of a fixed assets. Note that the loan amount is above N500, 000, which is 3.5% interest rate and 6 months repayment plan.
An Agricultural Loan: here is another loan which can be accessed by arable/field crops farmers, fish farmers, livestock farmers, tree crop farmers, agricultural produce marketers. However, the Ibile Microfinance bank is committed to serving the rural sector to improve the expansion of small and medium scale Agricultural enterprise. The tenure of this loan type is between 3 to 6 months.
A Salary Advance loan: this salary advance loan is meant for staff members of Private Organization with a minimum of 10 Staff, Staff of Blue Chip companies, Civil and Public Servants. Please note that the salary must be paid into a bank account. The tenure of this type of loan is between 3 to 6 months and the management Fee is 1%, while Insurance Fee is 1%.
The asset financing loan: here is another Ibile asset finance loan which gives clients the opportunity to own an asset they had always longed for, whether it’s a generator, mobile phone, laptops, washing machine, household or furniture.
THE LOAN REQUIREMENT
Below are documents required to obtain a loan from ibile microfinance bank.
- You need a loan application form
- Must have an excellent Business Proposal (for SMEs)
- You need letter of Application (for individuals)
- Must have a valid means of identification (National I.D card, International Passport, Driver’s License)
- You need a copy of recent utility bill
- You need 4 recent passport photographs
- Must have an evidence of business location
HOW TO OBTAIN LOAN FROM IBILE MICROFINANCE BANK
To get a loan from ibile microfinance bank, you need to visit https://ibilemfb.com/loan-application-form/ or their office location:
Their address is at 121 Obafemi Awolowo Way, Allen, Ikeja
Working hours: 8am Mondays to Fridays
Call: 0700 444 0444