This article is a detailed guide on how to get personal loans from banks in Nigeria.
How to get personal loans from banks in Nigeria is one question a lot of persons have been asking over the internet.
Probably there is a need hooked around your neck requiring urgent attention but you do not have the money to get it off you.
Getting a loan to pay back later or slowly could be the solution.
In this article, I have perfectly outlined the steps on how to get personal loans from banks in Nigeria and other financial institutions.
How To Get Personal Loans From Banks In Nigeria
To get loans in Nigeria banks or any other financial institutions there are basic steps you must take.
Open a bank account with the bank: This is the first step any wise person seeking a bank loan should take. Hardly if it is possible will any bank want to lend you money without you being their customer.
So it will only take you a little to open a bank account. Well, it does not just end in opening a bank account. You also need to maintain it for some months so that the bank can analyze your financial muscle.
Present your reasons for the loan in a genuine manner: This invariably means that you do not just go to the bank for a loan; there must be cogent reasons backed up by observable facts.
No bank will loan you money for frivolous reasons. Most importantly, it depends on how you package your request. Write good business plans and feasibility studies and present it the best way.
Hardly will the bank refuse your request if they analyze it and see the fortune it bears.
Present all the required documents: Make sure you have all the documents required of you for a particular loan. This will not only arm your application with genuine, but it will also give it a reason to be given positive consideration.
Presenting collateral is of immense need: except the money you want to borrow is not much, then you may not bother yourself about placing collateral.
Nevertheless, worthy collateral will secure the perfect loan when the amount you want to borrow is high relative to the rating of the borrowing financial institution.
As these steps above can land you the desired loan, it does not promise a 100% assurance that you will get the loan.
Banks That Can Offer You Personal Loans In Nigeria
All Nigeria banks give out personal loans to customers. So you can leverage on the fact that they are business institutions and request for loans if your reasons are presented in formidable style.
- Stanbic IBTC Bank
- First Bank
- Access Bank (Diamond Bank)
- Zenith Bank
- Fidelity Bank
- Union Bank, etc.
1. Stanbic IBTC Bank Loan
Stanbic IBTC Bank is one of the banks in Nigeria that offers fast and reliable personal loans. They offer loans on two terms:
- Fixed Term
- Revolving Term
The Fixed-term Loan is a short term loan that offers you personal loans with fixed interest rates throughout the period of repayment. This loan does not require collateral.
Together with the fact that your account must be domiciled with the bank, you must be earning at least N20, 000 monthly in order to benefit be eligible for this loan.
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In the Revolving Term of loan, you have a specific monthly amount you will be paying but the entire payment period is not known. You must be properly employed and must have a salary account with the bank before you access this loan.
2. GTBank Loan
You can get personal loans whenever you need it at GTBank and it will guarantee the financial security of the purpose you want it to serve.
Guarantee Trust Bank offers different kinds of packages of loans:
- GT Salary Advance
- GTBank School Fees Advance
- QuickCredit loan
- Max Advance
- Max Plus
- Computer Advance
- GT Mortgage
- Premium Advance
- Travel Advance
- Vehicle Insurance Premium Financing
These loans serve different purposes depending on the need customers want to meet. For example, with the GTBank School fees Advance, you can pay your children’s tuition fees up to three times a year.
3. First Bank Loan
You can quickly secure personal loans from First Bank and support your business. First Bank offers the following the loan packages. So depending on your purpose of applying for a loan, you will decide which to go for.
- Secured Overdraft, ultimately for small and medium scale retail customers
- Contract Finance helps contractors smoothly execute their contracts without financial constraints.
- Secured Term Loans is designed to finance business capital projects.
- SME Product Financing funds businesses, both small and medium scales
- Local Purchase Order helps you keep orders and delivery going smoothly
- Operational Vehicles helps you purchase vehicles
- FirstEdu Loans for private school owners
- Revenue Loans and Overdraft
- First Trader Solution and so on
Requirements For Obtaining Loans From Banks
The list below is the general requirement to obtain a loan from any bank in Nigeria.
There could be little differences in these requirements depending on the bank and the type of loan you are applying for.
- A duly completed loan application form from the bank.
- Well completed employee status inquiry or employer’s confirmation form.
- Evidence of confirmation (Letter of Confirmation, Last promotion letter and so on).
- A copy of employment identification and other valid means of identification.
- Credit checks to ascertain your financial stability.
- A letter of lien or set off.
- Bank Verification Number.
How To Get Quick Online Loans In Nigeria
Today, there are many platforms outside commercial banks and microfinance banks that offer loans. They give out reasonable amounts without requesting for collateral.
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Such platforms include:By simply filling an online form you will get credited just quickly.
1. Lydya: You can borrow up to N150, 000 and above on Lydya and payback at an interest rate of 3.5% per month.
2. Renmoney: On Ren money, you can loan up to N4 million and not less than N100, 000 for SMEs to repay at an interest rate of 2.8%.
3. Kwikmoney: Kwikmoney allows you to borrow up to N15, 000 with the mobile app. But you will pay at an interest rate of 15%. All they require is your BVN.
4. Fint Loan: Fint loan is a borrower to lender online platform where borrowers are matched to lenders who now give to the borrowers the amount of money they want. The interest rate is between 2-4%.
5. Paylater: With Paylater, you can loan up to N500, 000 to N1 million to pay back at an interest rate of 5 – 21.6% depending on the result of the risk check.
That’s all on how to get personal loans from Banks in Nigeria.
I hope this guide on how to get personal loans from banks in Nigeria helps?