Last updated on August 6th, 2023 at 06:28 am
Are you looking for a loan? Here are top ten loan products by Nigerian banks
- Quick Credit by GTB
Guarantee Trust Bank launched Quick Credit to offer fast loans to their account holders. They get up to three month upfront in less than two minutes. People earning at least 10,000 or who have salary accounts with the bank are eligible for this loan. They can borrow from 10,000 to a million. Moreover, it also offers a convenient payment plan. This means you can share the plan over twelve months at an interest rate of 1.75%.
Quick credit is available on all GTBank mobile and online banking platforms, and you can apply by dialling *737*51*51#.
- Z-Women Business Package
The Z-Woman is a loan facility by Zenith Bank that caters to small and medium enterprises owned by women. It covers business expansions in sectors such as Confectionary, Agriculture, Beauty, Style, Fitness and others. Women with 55% shareholding in their business are eligible for this loan, and it has an interest rate of 9% per annum, which can be spread over 12- 24 months.
To apply for this loan, visit any Zenith Bank branch around you.
- First-Edu Loan
The FirstEdu-loan is a loan facility by First Bank Nigeria Plc. It is available to private school owners who need funds to run their school operations. To qualify for this loan, the school must be relatively new and duly registered with the CAC. It should also have a minimum of hundred students and must have had an account relationship with any bank for about twelve months. The maximum loan amount is 20 million, with a tenor of 3months to a year.
To apply for this loan, visit any First Bank around you or any of their online platforms.
- MSME Loans
This loan facility given by Zenith Bank of Nigeria is available to small and medium-sized enterprises in need of finance. The MSME loan is also available to corporate bankers. To be eligible, you should have a business account with Zenith Bank for no less than six months. You also categorize your business as MSME. Lastly, you should have at least one of Zenith Bank’s electronic channels like the Zenith Bank app. This loan has an interest rate of 9% with a tenor of 12 months.
- School Advantage Loan
This is a loan facility by Polaris Bank to complement the educational needs of private schools. It comprises overdraft facility, asset financing facility and short term loan. The maximum amount you can borrow is 100 million, and the tenor ranges from 180 days to 36 months.
- UBA Click Credit
Click credit is a loan facility by UBA and is a fast and comfortable way to get loans. Customers with a salary account can get up to 5 million in less than two minutes without complicated paperwork. With a fair interest rate of 1.58% monthly, the tenor of this loan is 12 months.
Click credit is available on all UBA’s digital platforms including Leo, Mobile Banking and UBA internet banking and you can apply by simply dialling *919*28#
Specta is a lending platform by Sterling Bank Plc that gives up to N5million loans in less than 5 minutes. Offering a variety of packages such as SpectaBasic, SpectaPrime, SpectaAllawee, SpectaXreme, and SpectaQuick cash, it is available to everyone irrespective of bank and occupation.
- PayDay Loan
This is a short-term loan option by various commercial banks. The loan meets the immediate needs of salary earners with a salary account of 3 months and above. An example is the Zenith Bank loan.
- FCMB Fast Cash
This loan grants FCMB customers access to instant loans without collateral. It has a tenor of 30 days, and customers can apply many times as long as they qualified. To access this feature, just dial *329#.
- Union Bank Term Loan
This is a long-term loan available to all Small and Medium Enterprises owners. It is usually for business expansion, and the loan amount depends on cash flow in the business. Most importantly, you will need collateral and the maximum tenor is 48 months.
Although not on the list, the W Power Loan by Access Bank is another loan product to be considered. It is an initiative by Access Bank that offers women-owned businesses loans to run their businesses. It’s suitable for women in sectors like Manufacturing, Fashion, Education, Hospitality & Tourism, IT, as well as health care. To get started, follow the link: https://wpowerloan.thewcommunity.com/
Irrespective of financial needs, a lot of Banks in Nigeria as well as fintech platforms like Branch Loan have been devising innovative loan solutions to suit your projections. The onus is on you to do your due diligence and find the right solution. Good luck.
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