Press "Enter" to skip to content

Bank Of Industry Loan Requirements

Bank Of Industry Loan Requirements – If you are planning to apply for the bank of industry loan, there are many things you should consider before doing so. First, understand that you can apply online, over the phone or in person at the lender’s office. Once you submit your application and wait to hear back from the lender, you’ll also have to fill out more paperwork and answer additional questions regarding your credit report. Remember that it’s important to read all of the fine print when filling out any forms or providing any personal information and remember that everything you submit could be stored on your credit report in the future. To apply for BOI loan and get quick response see the requirements below.

1. Who is eligible to access a Bank Of Industry Loan and what type of businesses does the bank finance?

The Bank Of Industry Loans can be accessed by an individual or a group (solidarity group or registered cooperative society). The bank finances a wide range of businesses in the under-listed sectors:

  • Manufacturing and processing
  • Agriculture and forestry
  • Service
  • Trading

The bank specifically encourages businesses involved in value-addition to apply.

Can a prospective borrower access a Bank Of Industry Loan without prior banking relationship?

A prior relationship is a must.

What are the account opening requirements?

Loans can be accessed by an individual or a group (solidarity group or registered cooperative society).

The bank finances a wide range of businesses in the under-listed sectors:

  • 2 recent passport photographs
  • copy of a valid identity card (Driver’s license, National Identity card, International Passport and Voter’s Card)
  • Utility bill (paid within the preceding 3 months)
  • Initial deposit
  • Completed KYC form provided by the bank

Minimum account opening balance is N3,000. In the instance were the customer submits an application for loan, the bank will conduct a search at the credit bureau at a cost of N2,000. This amount will be deducted from the N3,000 irrespective of whether the search is favourable or not or if the loan is approved or declined.

Minimum account balance is N500

The amount of loan a prospective borrower can access depends on an assessment of capacity to repay and the adequacy of the collateral pledged.

A loan shall be approved for a prospective borrower if he/she can demonstrate that there is sufficient capacity to repay the loan in line with the approved loan conditions. The prospective borrower will be required to provide the following:

  • Valid means of identification
  • 2 recent passport photographs
  • Statement of account for a minimum of 6 months and pay slips covering an equivalent period for salary earning borrowers
  • Utility bill (within the preceding 3 months)
  • Signed post-dated cheques

Yes. The borrower may also require more than one guarantor depending on the loan size and other loan considerations.

What are the Guarantor requirements?
The guarantor must provide the following:

  • Valid means of identification
  • 2 recent passport photographs
  • Statement of account for a minimum of 6 months and pay slips covering an equivalent period for salary earning guarantors
  • Utility bill (within the preceding 3 months)
  • Signed post-dated cheques

Once all loan requirements have been fulfilled by the prospective borrower, the bank will normally disburse the loan within 7 working days.

Loan repayments can be paid at the bank or at any of the bank’s correspondence banks nearest to you.

The bank can approve a loan even if you have a loan with another financial institution insofar as you have indicated this clearly in the application form.

Yes, the bank’s loan repayment plan includes an on-going savings of 20% of the approved loan over the tenor of the loan. For example, if the bank approves a loan of N100, 000 with a tenor of 12 months, the borrower in addition to the monthly loan payment will remit the sum of N8, 333.33 as compulsory savings.

On completion of the loan repayment, the full compulsory savings can be withdrawn by the borrower.

No.

No. The Relationship Officer will however need to inspect the vehicle at the bank’s premises and the original vehicle documents will also be made available to the bank.

For more information please click to Bank of Industry webpage

Be First to Comment

Leave a Reply

Your email address will not be published.