How to Apply for Ecobank Nigeria Business Loan – The path to a successful business development often depends on whether or not you have access to the capital needed to get your idea off the ground. If you are looking to start your own business, but your bank won’t give you a business loan because your business lacks collateral, then you might want to consider an alternative source of financing like Ecobank Nigeria business loan. The following guide will walk you through how to apply for Ecobank Nigeria business loan online and what documents are required before processing your application.
Step 1: Create an Ecobank Account
To apply for a business loan from Ecobank Nigeria, you must first create an account. To do so, visit Ecobank website and click on Get Started under Apply Online. After clicking on Get Started, you can either fill out a form or log in using your email address. It is recommended that if you are going to be applying online often that you register with your email instead of filling out a form each time. When creating an account, you will have the option to select the type of account (personal or business) and enter personal information such as name, contact information, marital status, occupation etc. The application process is fast and easy! Once complete, they will send you a confirmation email detailing the steps necessary to finalize your business loan application and begin receiving funds right away!
Step 2: Upload documents for the Ecobank Business Loan
The first step is uploading relevant documents. Start by uploading your ID proof, either your passport or driver’s license. The second document is proof of residence, which can be uploaded as a recent utility bill showing your name and current address in it or a certificate of occupancy letter issued within 3 months prior to application. Bank statement: third document is bank statement which must show account balance and transactions history over a period of 6 months prior to submission. In the case that applicant has multiple accounts with the same banking institution, only one will suffice.
Step 3: Complete the Ecobank Business Loan Application Details
Your first order of business when applying for a new or existing Ecobank Nigeria business loan is to login. Upon logging in, you will be directed to fill out a few required fields: your name, phone number, email address and preferred language. Fill these in and hit continue at the bottom of the page. You will then be redirected to another page with details about the type of funding you want as well as some other related information. Read through this information carefully before proceeding to the next step. If everything seems accurate, click on apply now at the bottom right-hand corner of the screen. After filling out all the necessary personal information, read through the following pages carefully to ensure that all pertinent information has been filled in accurately. After clicking submit at the end of each page, make sure that you save your progress by clicking on save progress tab at the top left-hand side of the window and then clicking submit one last time.
Step 4: Confirm Submission of your Ecobank Business Loan Application
Confirm your submission by selecting Submit, and then select Confirm. You will see a message saying that your application has been successfully summitted.
Step 5: Get Approved on Ecobank Business Loan
To apply for an online business loan with Ecobank, you will need your National ID and a supporting document, such as bank statement or proof of residence. Other details required include information about your company, trading history, profit and revenue projections, balance sheet and cash flow forecast. You also need a detailed proposal for the use of the funds borrowed. Approval is usually received within 24 hours from submission of application but can take up to 5 days if additional documents are needed. The process starts by submitting a preliminary application form online. All that is needed on this form is the applicant’s name, email address and phone number.