On this page, I’ll be telling you all you need to know about getting a loan from AB microfinance bank.
Ab microfinance bank it’s one of the top microfinance banks that handle loan lending in Nigeria.
This financial institution has branches that spread across the country.
It is being regulated and licensed by the Apex bank which is the Central Bank of Nigeria and has been inactive operation since 2008.
This bank does not only have several branches it also has an interconnection with different international partners. Ab microfinance bank offers loans and other financial products to customers.
Types of AB Microfinance accounts
There are several financial products and services AB microfinance bank offers. The users of this microfinance bank operate either one or more of these accounts.
AB Microfinance Savings account
This microfinance savings account it’s just like the regular savings account offered by commercial Banks but it has some features which you will enjoy.
Here are some attractive benefits of opening a savings account ab microfinance:
There are attractive interest rates and free statement of account when you place a request.
To open a savings account with AB microfinance bank you just have to register online on their website or visit any of the branches close to you in Nigeria. Only individuals and organizations are permitted to open this account.
this is not so different from the regular current accounts in commercial Banks as it possesses all the features of current account but what might interest you is that it has extra features like;
- You can make fund transfers to any commercial Bank in Nigeria.
- There is no maintenance fee.
- Internal transfers are done free of charge.
- You can easily cash out your cheque.
- You can easily operate standing order payments.
- You can also get a free statement of account.
Also, individuals or organizations can open this current account at you that you have to visit the website online or any of their branches close to you.
Term deposit Account (TDA)
AB microfinance deposit account enables customers to access their money after fixing a period of time to gain interest.
Some of the features of ab microfinance deposit account are:
- A minimum deposit of N30,000
- High-interest rates
- Maturity intervals 30-360 days
to open a term deposit account with ab microfinance visit any of the branches.
Types of AB microfinance loans
Ab microfinance bank is set to offer loans to individuals and corporations in Nigeria and that is what major function of the microfinance bank.
They offer multiple kinds of loans which includes:
These are the kind of loans meant for entrepreneurs businesses and private individuals. They are made available to help people access loans quickly without delay.
On this platform, you can get a loan ranging from N15000 to N3 million which has a maximum maturity of 18 months.
Microloans in AB microfinance have these features;
- There is no cash collateral required
- You must not have a savings or deposit account.
- There is flexible collateral arrangements depending on the kind of loan
- There are flexible documentation required
- You alone are responsible for your loan
- old clients qualify for faster loan processing and interest rates discounts.
ABN Micro loans product
|Name||Amount available||Interest rate|
|AB Business Flexi||N15,000 – N100,000||6.6% Interest (On reducing Balance)|
|AB Business Plus||N100,001 – N500,000||6.1% Interest (On reducing Balance)|
|AB Business Max||N500,001 – N1,000,000||5.7% Interest (On reducing Balance)|
|AB Business Max Plus I||N1,000,001 – N2,000,000||5.2% Interest (On reducing Balance )|
|AB Business Max Plus II||N2,000,001 – N3,000,000||5.0% Interest (On reducing Balance )|
|Disbursement Fee||1% of Disbursed Amount (One-off Charge )|
Ab microfinance bank has a loan that is targeted at the owners and founders of small and medium scale enterprises. This particular loan is very quick, fast, and easy to process. you can always apply for this loan even without being a customer of ab microfinance.
Here are some spectacular features of SME loans:
- There is a 3% monthly interest rate on reducing balance.
- There is 1% on the disbursement fee of the loan amount.
- The maturity period of the loans ranges from 6 to 24 months with additional monthly installments
- Collateral items are accepted.
- Loan disbursement can be achieved in a week after the submission of the required documents.
- for already existing businesses you can easily get loans from 3 million to 20 million.
AB housing loan program is established to help businesses and individuals solve housing problems. This loan program has the following features:
- You can gain free expertise which includes housing designs.
- You can get housing loans without a compulsory savings account.
- You can easily gain access to building retailers’ networks.
- The loan amount range is from N300,000 to 1 million with over 5.5% interest rate.
These are requirements to get a loan from AB microfinance bank
Requirements for getting a loan:
- The intending entrepreneur must be 21 years of age
- If you have the mindest to apply for a business loan, you must be the owner.
- Before applying for a loan you must be exercising activities
- You must be a resident in Nigeria
- Your business will be located in an operating area
- You must have participated in activities for the past 12 months.
How to get Loan from AB Microfinance
These are the procedures and process to follow to get loan easily:
1. Go to the website portal
this is the fastest means of getting a loan from AB microfinance bank instead of going to the branch.
- Provide accurate details
Fill in the required information making provision for the amount of money needed and the expected repayment date.
- Click request loan
- Fill your personal details
You’ll be required to provide information regarding yourself before you click on submit.
- Visit AB microfinance bank branches
If you prefer going to the branch out of the microfinance bank, then visit any branch that is closer to you and speak to the customer care representative.
They will help you go through the process easily.
Below are branches of ab microfinance bank:
|Head office||28, Akintoye Shogunle Street (Opposite No 2 John Olugbo Street), Ikeja, Lagos|
|Ikeja||11, Oba Akran Avenue, Ikeja, Lagos|
|Oshodi||12 Oshodi Apapa Expressway, by Oshodi Oke Bus Stop Opposite Mecure Healthcare Limited, Oshodi, Lagos|
|Ipaja||319 Ipaja Road, Opposite Government College,Iyana Ipaja, Lagos|
|Surulere||29B Itire Road, Surulere, Lagos|
|Ketu||56 Ikosi Road, Ketu, Lagos|
|Apapa||74 Mobil Road, Ajegunle, Apapa.|
|Alaba||20/22 Ojo Igbede Road. Chemist Bus Stop, Alaba Int’l. Market|
|Trade fair||Zone D4 Aspamda Plaza,Trade Fair Complex, Badagry Expressway,Lagos State. Former Sterling Bank Building.|
|Lagos Island||26,Idumagbo Avenue,Lagos Island|
|Volks||179,Lagos Badagry Expressway Volks Bus Stop,Lagos|
|Bariga||72,St.Finbars Road,By Chemist Bust Stop, Akoka Lagos.|
|Oke Arin||No 18,Ijaiye Street,Idumota, Oke Arin Market, Lagos.|
|Ikorodu||75,Ipakodo Road, Opposite mobil petrol station,Ebute,Ikorodu Lagos.|
|Ikotun||26 Isolo Egbe Road, Beside Synagogue Church, Ikotun, Lagos.|
|Dugbe||Rational Building, 22, Oke Bola Road, Behind Femi Johnson Plaza, Dugbe Ibadan. Oyo State.|
|Gbagi||Lamlat Shopping Complex, New Gbagi Market Road, Ibadan, Oyo State.|
|Bodija||Block A6, IBNLG Ultra Mordern Shopping Complex, Bodija, Ibadan, Oyo State.|
|Abeokuta||Oluwatoyin House, Lalubu Road, Oke Ilewo, Abeokuta, Ogun State.|
|Ota||129, Idi Iroko road, Ota, Ogun State.|
|Aruna||132A, Aruna Bus stop, Lagos Road, Ikorodu, Lagos State.|
|Ajah||Lekki epe express rd, Km 22 (The King of the universe plaza) Ilaje bus stop, Ajah, Etiosa LGA, Lagos State|