Access Bank business Loan Application and Requirements — When you need to secure funding for your business, knowing the right steps to take and what documents you need to apply can make the difference between securing your loan and being denied. Access Bank Nigeria offers personal, commercial, and business loans that can be used by entrepreneurs looking to expand their businesses or start new ones. In order to apply for an Access Bank business loan, however, you will need to know what documents are required during the application process.
Access Bank Nigeria Business Loan Application
If you are thinking of opening a business in Nigeria and need some financial help, Access Bank Nigeria offers both personal and business loans to meet your needs. The bank requires Nigerian citizens to be at least 18 years old in order to apply for any type of loan, but there are no minimum income requirements for any type of loan or deposit account with the bank.
Eligibility Criteria for Access Bank Business Loan
To qualify for Access Bank business loan, you must meet specific criteria. An individual who has been employed with an average income per annum over a period of at least two years can apply for a loan with Access bank Nigeria. A company which has been in existence for at least two years is also eligible to apply for a business loan. You will be asked to produce your latest certified Payslip and last three months bank statements as well as audited financials if you are applying as a corporate body.
Access Bank requires that you provide the names of the signatories on all your accounts and show evidence that they have access to those accounts. Access Bank also requests that the equity capital should not exceed 20% of the total loan requested, while preference shall be given to proposals that require less than 50% Equity contribution . The interest rate for Access Bank loans ranges from single digit to double digit. Access Bank provides term loans (fixed rates) ranging from 2-8 years depending on creditworthiness. Access Bank also offers personal loans with repayment periods between 3 and 24 months at a competitive rates.
Qualifying for an Access Bank business loan
Access Bank has specific business loan criteria that must be met for a business to qualify for an Access business loan. So, if you are looking to apply for an Access bank loan as a start-up or established company, these are your requirements The applicant must be 18 years of age or older with no criminal record.
You will need evidence of the applicant’s ID such as passport, drivers license or national identity card.
The applicant should have an active mobile phone number for contact purposes. The applicant should also provide their personal account statement in order to show some income.
Applicants who don’t meet these requirements may still qualify for a small loan from Access Bank Nigeria, but it is advised that they get in touch with their nearest Access branch to discuss eligibility for other loans before proceeding.
Qualifying for Access Bank Nigeria Business Loan Requirements:
These are all the requirements that must be met by applicants wishing to receive a business loan from Access Bank Nigeria.
Applicant should reside in Nigeria, must be 18 years old or over, does not have any outstanding debts at Access Bank and does not owe any tax obligations. Applicant should also have employment status which would allow them regular payments into an Access bank account, even without a salary cheque.
Types of Loans Offered At Access Bank Nigeria
Access Bank business loan offers three categories of loans to its prospective clients in Nigeria. These categories include:
(1) Access Bank personal loan,
(2) Access Bank installment loan, and
(3) Access Bank business loan.
These loans are tailored for different categories of individuals, with distinct requirements for each. While all three options are designed to cater to distinct financial needs, they also share some features in common. In order to qualify for any of these Access Bank business loans, you must be 18 years or older and a Nigerian citizen. Additionally, you need to have been employed by your current company for at least one year before applying. Your bank account should be opened with Access Bank for at least six months as well. Finally, the person who will be responsible for paying the loan back should not already owe another Access Bank loan.
How to Apply for a Loan From Access Bank
Access Bank in Nigeria is one of the fastest growing commercial banks in Africa with very competitive business loan requirements. Access bank has also been voted as one of world’s best Banks by Forbes Magazine. Read on to see how you can apply for a loan from Access bank in Nigeria.
The most important thing you need to know about Access Bank Nigeria, it that they offer loans of up to N100 million without collateral or security. These are known as unsecured loans, meaning that your Access Bank account would be at risk if you were unable to repay the money.
There are two types of Access Bank Loans available: Short-term Loans and Long-term Loans. Short-term Access Bank loans usually have terms of 3 months, 6 months or 12 months. Long-term Access Bank loans have terms of between 3 years and 10 years depending on your needs. As well as short-term Access Bank loans, long-term Access Bank Loans have additional benefits such as access to equity capital and favorable rates on trade finance transactions.
Long-Term Access Bank Nigeria Business Loan Requirements: To qualify for an Access Bank Nigeria long term business loan, you must meet certain criteria; You must own more than 20% of your company (this does not include shares owned by another person). If you own less than 20% but more than 5%, then Access bank will still consider lending to you. To Apply for Access Bank Nigeria business Loan CLICK HERE
Important Points When Applying For A Loan From Access Bank
Access Bank Nigeria has been in business for about 33 years. The bank is a 100% Nigerian owned financial institution, with headquarters located in Lagos. Access Bank offers a diverse portfolio of financial products to both retail and corporate customers through a range of distribution channels across its network of over 600 branches nation-wide including over 3000 ATMs spread across Nigeria. It is well positioned as one of the leading banks in Nigeria with over 70% market share in terms of customer deposits and close to 90% market share in terms of customer loans.
Access Bank also ranks among the top ten banks in Nigeria and on the African continent by size and profitability. Access Bank’s various loan options are tailored to meet the needs of any type of client. Access Bank’s interest rates are fixed at 15% pa for loans up to 12 months and 17% pa for loans above 12 months. Access Bank offers a minimum loan term of 3 months but this can be extended up to 48 months depending on the type of loan you require from them.