Access Bank offers a diverse range of loan products. It caters to the varying needs of its customers. These loan offerings are designed to provide financial solutions for individuals, small and medium enterprises (SMEs), and larger corporations.
Potential borrowers must understand the types of loans offered by Access Bank. It helps them identify the best financial product for their specific requirements.
Below is the list of loan types offered by Access Bank.
List of Loan Types Offered by Access Bank
These loans are accessible without collateral or extensive documentation, making them ideal for emergencies.
They have a flexible repayment period of up to six months. They help people who need fast financial help. They don’t want complicated loan processing.
2. Vehicle Loans
These loans are for people who want to buy new or used vehicles. Applicants must give a pro forma invoice from an Access Bank-approved car vendor. Credit checks are also part of the application process.
They ensure the borrower’s financial stability and capability to repay the loan. This product is suitable for individuals. They seek reliable financing options for their vehicle purchases.
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3. Home Loans
Access Bank offers mortgage products for buying or building properties. This addresses a vital need in the housing sector. Applicants must submit several documents.
These include mortgage application forms, employer’s confirmation, property title documents, and valuation reports.
This comprehensive documentation ensures a secure and responsible lending process. It makes it a reliable option for long-term property investment.
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This loan is to support women in business. It offers financial support for asset acquisition, infrastructure upgrades, and operational costs.
The loan tenure varies between 12 to 36 months, stipulating that eligible businesses must have at least 50% female ownership.
This loan empowers women entrepreneurs, promoting gender equality in business financing.
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5. Maternal Health Service Support (MHSS)
This loan helps women afford fertility treatments. It’s a service that supports women’s health and family planning.
Applicants need to provide documentation such as medical bills and employment verification. This ensures the loan is used for its intended purpose.
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6. Access More Mileage
This car financing scheme helps people buy new vehicles. It has an 18% interest rate. Plus, it includes extra fees like management and Credit Life Insurance fees.
It’s an appealing option for individuals who want to finance a new car purchase. The option offers structured repayment plans.
7. Creative Sector loans
These loans cater to the fashion, IT, movie production, music, and software engineering sectors. You need a business plan, financial projections, and a minimum 30% equity contribution.
They provide much-needed financial support for creative endeavors. This enables artists and creators to expand their businesses and projects.
8. Device Finance Loan
This loan is available to customers with a salary account at Access Bank. It facilitates the purchase of mobile devices or MTN airtime bundles. It comes with specific terms, including interest rates and penalties for late repayment.
This makes it a convenient option for those looking to upgrade their tech. They don’t need to make immediate full payment.
9. Lending Against Turnover (LATO) Loan Service
LATO is available to all Access Bank customers. They must have maintained an active account for at least six months.
It offers up to 300,000 Naira without formal documentation or collateral. It’s an excellent option for quick access to funds based on account turnover.
10. Access Bank Eazy Buy Finance Scheme Loan
This loan facilitates the purchase of GAC motors. It’s tailored for salary earners or verified business owners.
It allows individuals to own a vehicle with manageable repayment terms. It supports personal and business mobility needs.
11. Small Ticket Personal Loan
Targeted at salary earners, the small ticket personal loan offers up to 400% of your monthly salary, subject to a ₦2,000,000 cap. The tenure is 12 months, and the application can be made through the USSD code or QuickBucks.
A payday loan is a type of short-term borrowing where a lender extends high-interest credit based on a borrower’s income and credit profile.
These loans have a high-interest rate and are for small amounts of money. The principal is usually a portion of the borrower’s next paycheck. Payday loans charge high-interest rates for short-term immediate credit.
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Access Bank offers a variety of loan products. It offers a 6-month loan option through its Salary Advance scheme. The Salary Advance loan allows you to access up to 200% of your net monthly salary and repay it for 6 months. This loan is especially convenient.
It offers a 24/7 service that doesn’t require a bank visit. You can apply via the QuickBucks App or a USSD code. No documentation or collateral is required for this loan.
To be eligible for the Salary Advance loan, your salary account must be with Access Bank. It must also be active for at least three months.
Your monthly salary and any active loans you may have with the bank determine the maximum amount you can borrow. Your eligibility amount is displayed when you request the loan.
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To qualify for a QuickBucks loan, you must have an active Access Bank account and meet the bank’s Risk Acceptance Criteria.
You might not be eligible for an Access Bank loan if you have outstanding loans, a salary account not domiciled in Access Bank, or if you haven’t met the bank’s Risk Acceptance Criteria.