Loans

AB Microfinance Bank Loan: Requirements, Interest Rates, How to Apply

AB Microfinance Bank Business Loan

AB Microfinance Bank is one of the microfinance banks in Nigeria that provides fast loans at decent interest rates. The AB Microfinance Bank Loan has been structured to make it easy for people to get fast loans with convenient repayment conditions. 

This post provides you with the requirements, interest rates, pros and cons and everything you need to know about the AB Microfinance bank loan.

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AB Microfinance Bank

   AB Microfinance Bank Loan

AB Microfinance Bank is a renowned micro-finance bank in Nigeria that was established by foreign finance experts in Lagos, Nigeria. They are been successful in helping SMEs and individuals with quick loans at good interest rates.

If you are looking to get business loans in Nigeria, you can consider checking the AB Microfinance bank to get access to money for your business venture. You can contact them via their head office address which is at No 11, Oba Akran Avenue, Ikeja, Lagos State.

AB Microfinance Bank Loan

Typically, AB Microfinance Bank provides loans up to 30 million nairas. If you intend to acquire loans from this bank, it is equally important that you collect loans that you can pay back within the window period.

The least amount that you can get from the from AB Microfinance Bank is ₦15,000, while the highest loan you can get is ₦30,000,000. This is not to say that you will get any amount you wish to get from this bank.

AB Microfinance Bank Nigeria gives loans to its clients and customers depending on their ability to fully pay back the loan when the time is due for repayment.

AB Microfinance Bank Business Loan

Also, they do not just provide loans for any purpose. AB Microfinance Bank is one of the professional financial institutions that lend money to entrepreneurs and SMEs who has been floating their businesses for a particular period of time.

If you must acquire the AB Microfinance bank loan, you must be ready to give account on how you intend to spend the loan – should in case it gets to you.

Next, when you get the AB Microfinance loan, you’ll need to state how you will spend the money on the purpose for which it is meant for.

AB Microfinance Bank Loan Requirements

There are certain requirements for getting the AB Microfinance loan. Well, the loan requirements and conditions are a bit strict. The following are the AB Microfinance Bank Loan Requirements:

  • You will need to provide a valid document which confirms your identity. (An international passport, a drivers license and an ID card can serve as a means of identification).
  • You must have a business of your own. (This business will be used to scale you and measure if you can be able to repay the loan as at when due).
  • Your business must be genuine, legitimate and must have been in operation for a time period which would be specified by the bank.
  • You need to prove that you are the owner of the business.
  • If your business is registered, you will prove its status by providing the certificate of Incorporation. However, if your business is not registered, you can prove its existence by providing other documents such as your goods/product receipts, shop rent receipt, invoice and other valid documents.
  • In case you operate an online business, you’ll also need to produce the physical proofs of your ownership and its existence. For instance, if you run an eCommerce business in Nigeria, you will need to show how you conduct your business, your domain/hosting and internet registration on the web, along with other pieces of tangible evidence that show that you have a valid business which is running.
  • The loanee (the borrower) must be based in states or places where AB Microfinance Bank is located. Currently, the AB Microfinance Bank operates in the Lagos, Ogun and Oyo States.
  • You will need to provide a valid document which confirms your identity. (An international passport, a drivers license and an ID card can serve as a means of identification).
  • You will have a guarantor(s). A guarantor is a person who stands in for you when you are unable to pay back the loan.
  • You can still receive the AB Microfinance bank loan if you are not a customer or client of the bank. Hence, you will not be forced to open an account if you don’t wish to.
  • Collaterals and deposit are not compulsory to get the AB Microfinance loan.
  • You get to have access to special loan conditions, however, this depends on the size and purpose of your loan.
  • Much paperwork isn’t needed to get this loan.
  • You will be provided with better interest rates if you are a loyal/active client of the AB Microfinance Bank. Again, you will be provided with better interest rates if you are accurate in paying your loans.
  • During repayment, you are only paying back your own loan as there are no borrowing groups

In addition, AB Microfinance bank offers with free monthly notifications regarding payment schedule. Other matters, questions and issues concerning the interest rate, loan application, repayment can be discussed with any representative, staff and loan officer of the AB Microfinance Bank.

Interest Rates

Typically, the AB Microfinance loan interest rates depend on the loan size. At times, the personality of the loanee could significantly influence the amount and consequently, this can possibly change the interest rate plan.

To know more about the AB Microfinance loan interest rates, take a careful look at the table below.

LOAN TYPE

AMOUNT

INTEREST RATE

Business Flexi Loan

₦15,000 to ₦100,000

6.6%

Business Plus Loan

₦100,001 and ₦500,000

6.1%

Business Max Loan

₦500,001 and ₦1,000,000

5.7%

Business Max Plus Loan

₦1,000,000 and ₦2,000,000

5.2%

SME Loan

₦2,000,001 and ₦3,000,000

4.3%

SME Comfort Loan

₦3,000,001 and ₦20,000,000

3% to 3.9%

  • Loans above ₦20,000,000 (twenty million naira) are given at 1% to 1.5% interest.

How To Apply  

AB Microfinance Bank Nigeria Loan

The AB Microfinance loan application procedure is very easy and simple. When you visit their website, you will find steps on how to apply for the loan online. The system will request you to submit certain information about your business.

Next, you proceed to the next phase of the loan application when you submit this information to them. Here, your loan application will be reviewed and after approval, it can either be accepted/approved or declined/rejected.

The second stage of the AB Microfinance bank loan application second stage begins immediately you submit the required information and documents of your business.

You will receive a notification message within 48 hours regarding your loan application. You will be informed if your loan is verified and approved and if you are rejected, you’ll be told.

Furthermore, they will inform you of the loan repayment schedule. Again, when you want to obtain a business loan from Nigerian banks, you’ll be prompted to provide a credit history of the previous loans you must have acquired from any credit facility.

You are advised to keep this date (loan repayment schedule) and pay back the loan within the time frame because it is crucial for your credit history.

How To Repay

If you have borrowed a loan from this bank, endeavour to pay back the loan within the specified repayment period of the loan. Visit any AB Microfinance Bank close to you or the bank where you had borrowed the loan to repay. 

AB Microfinance Bank Address and Locations

Below is a table of all AB Microfinance Bank addresses and locations in Nigeria. You can check below to see which is closer to your office, shop or home.

OFFICE

ADDRESS

CONTACT

HEAD OFFICE

28, Akintoye Shogunle Street, Ikeja, Lagos.

0902 496 9999.

IKEJA

11, Oba Akran Avenue, Ikeja, Lagos.

01-2122387, 01-2122386.

OSHODI

12 Oshodi-Apapa Expressway, by Oshodi Oke Bus Stop Opposite Mecure Healthcare Limited, Oshodi, Lagos.

07098119475, 07098119476, 07098119477, 07098119478.

IPAJA

319 Ipaja Road, Opposite Government College, Iyana-Ipaja, Lagos.

07027996478, 07027999467, 07027996479, 07027996480, 07027996477.

SURULERE

29B Itire Road, Surulere, Lagos.

07027996474, 07027999466, 07027996473, 07027996475, 07027996476.

KETU

56 Ikosi Road, Ketu, Lagos. 

07027996504, 07027996505, 07027996471, 07027996506, 07027999468.

APAPA

74 Mobil Road, Ajegunle, Apapa. 

07027996501, 07027999469, 07027996502, 07027996503, 07027996469.

ALABA

20/22 Ojo-Igbede Road. Chemist Bus Stop, Alaba Int’l. Market. 

07027999479, 07027999472, 07027999480.

TRADE FAIR

Zone D4 Aspamda Plaza, Trade Fair Complex, Badagry Expressway, Lagos State. Former Sterling Bank Building. 

07027996511, 07027999481, 07027996468, 07027996494, 07027996510.

LAGOS ISLAND

26, Idumagbo Avenue, Lagos Island.

07027996496, 07027996497, 07027996498, 07027996499, 07027996500.

VOLKS

179, Lagos Badagry Expressway Volks Bus Stop, Lagos. 

07027996507, 07027996508, 07027996509, 07027996466, 07027996481.

BARIGA

72, St.Finbars Road, By Chemist Bust Stop, Akoka, Lagos.

07027996467, 07027999492, 07027999482, 07027996493, 07027996482.

OKE ARIN

No 18, Ijaiye Street, Idumota, Oke Arin Market, Lagos. 

07027999470, 07027996488, 07027996489, 07027996490, 07027996491.

IKORODU

75, Ipakodo Road, Opposite Mobil petrol station, Ebute, Ikorodu, Lagos.

07027996483, 07027996484, 07027996485, 07027996486, 07027996487.

IKOTUN

26, Isolo Egbe Road, Beside Synagogue Church, Ikotun, Lagos. 

07027999483, 07027999484, 07027996495, 07027999485, 07027999486.

DUGBE

Rational Building, 22, Oke Bola Road, Behind Femi Johnson Plaza, Dugbe Ibadan. Oyo State.

02-2918708, 02-2918709, 02-2918730, 02-2918731.

GBAGI

Lamlat Shopping Complex, New Gbagi Market Road, Ibadan, Oyo State.

01-2934865, 01-2934866.

BODIJA

Block A6, IBNLG Ultra Modern Shopping Complex, Bodija, Ibadan, Oyo State. 

09024970065.

ABEOKUTA

Oluwatoyin House, Malibu Road, Oke-Ilewo, Abeokuta, Ogun State.

09024970068

OTA

129, Idi Iroko Road, Ota, Ogun State. 

09024970067.

ARUNA

132A, Aruna Bus stop, Lagos Road, Ikorodu, Lagos State.

09024970069.

AJAH

Lekki-Epe Express Road, Km 22 (The King Of The Universe Plaza) Ilaje bus stop, Ajah, Etiosa LGA, Lagos State.

09024969469.

IJEBU-ODE

198, Folagbade Street, Along Ibadan Road, Ijebu-Ode. 

09024969210.

Pros and Cons

PROS

CONS

No collateral needed

Guarantor needed

Offers quick loans

You must own a business

Good interest rates

No student loan

Conclusion

This is all you need to know about the AB Microfinance Bank Loan. If you are interested in getting the loan, visit any AB Microfinance Bank close to you and they will help you with further information on how their loan program works.  You can also check out other loan programs in Nigeria and get information on the available credit facilities for you. 

About the author

Nwawulu Gracious Zara

Nwawulu Gracious Zara is the Editor in Chief at MakingMoneyInNigeria.com.ng.
On this blog, I provide business and publish profitable business ventures that can generate income for you.
As an entrepreneur, he has helped to build profitable online businesses for people and also provided solutions to business problems.
Zara is on a quest to help people build wealth and secure financial security and independence.

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