How to Apply for AB Microfinance Bank Loan for Business (SME)

AB Microfinance Bank loan provides company owners of Small and Medium-Sized Enterprises (SME) with the chance to acquire loans in a timely, transparent, and efficient manner through its online platform.

Using our global expertise and international standards, we can ensure that our clients receive the best possible level of service and product delivery.

AB Microfinance Bank does not require prospective borrowers to have any money saved with the bank prior to applying for a loan, as the bank does not encourage forced savings. All that is required is an already-existing, financially sustainable firm.

One thing that distinguishes AB Microfinance Bank from its competitors is the efficiency with which it operates and the ease with which it provides credit facilities.

Compared to other banks in Nigeria, documentation and collateral requirements are substantially more flexible, and processing times are the shortest currently available in the country.

Why You Should Choose AB Microfinance Bank Loan for Business

  •       Long-term customers with a perfect repayment history are eligible for lower interest rates and faster processing times.
  •       Since you are solely accountable for your own loan, there are no borrower associations.
  •       The Requirements is very flexible.
  •       Reminders for your monthly payments via SMS are now free.
  •       There are no compulsory deposits or savings.
  •       There is no requirement for audited financial accounts.
  •       Reminders for your monthly payments are sent to you through SMS for free.
  •       Loan payout is guaranteed to take place within three working days after receipt of the document needed is provided.
  •       Depending on the loan size, collateral arrangements can be made that are flexible (household goods, business equipment, goods in stock, vehicles, property etc.)

AB Microfinance Bank Loan Requirement?

  •       A valid identification card is required.
  •       Evidence of business ownership.
  •       At least one guarantor is required.
  •       There is a flexible collateral arrangement system – Based on the business size.
  •       Your business must be located within the bank’s lending area (Lagos, Oyo, and Ogun states) and must have existed for a specific period of time.
  •       To obtain a loan, you do not need to have an account with AB microfinance.

AB Microfinance Bank Interest Rate

  •       Flexi = N15,000 – N100,000 @ 6.6% Interest Rate
  •       Plus = N100,001 – N500,000 @ 6.1% Interest Rate
  •       Max = N500,001 – N1,000,000 @ 5.7% Interest Rate
  •       Max Plus I = N1,000,001 – N2,000,000      @ 5.2% Interest Rate
  •       Max Plus II = N2,000,001 – N3,000,000  @ 5.0% Interest Rate
  •       Disbursement Fee is 1% of Disbursed Amount (One-off charge)
  •       Insurance Fee is 1.5% of Disbursed Amount (One-off charge)

Other AB Microfinance Bank Services

AB Microfinance Bank Current Account

You have limitless access to your money with this account, and you can access it at any time of day or night. It is available to both individuals and corporations, and there are no restrictions on who can use it. Check its advantages belows:

  1. There is no monthly maintenance fee.
  2. No SMS notification services, as well as
  3. Cashing of cheque or withdrawal until when due.

AB Microfinance Bank Savings Account

Save your money in an AB Savings Account, which has the extra benefit of earning a competitive interest rate while doing so? People and corporations equally can access their funds at any moment without forfeiting income earned on the funds. The account is open to both individuals and corporations.

Some of its advantages are as follows:

  •       Low rates of interest
  •       Opening an account is quick and easy, and you get a free account statement as a perk.

AB Fixed Deposit Account

With this fixed deposit account, you can save your money for as long as you want and then still get a good interest rate on yout money. See the requirement for AB Fixed Deposit Account below;

  1. A minimum of N30,000 is required.
  2. Interest rates that are competitive
  3. Maturity 30 – 360 calendar days
  4. The tenor for loan repayment
  5. Fixed interest rate throughout the duration of the loan

How to Apply for AB Microfinance Bank Loan for Business (SME)

Loan Application Link: ab-mfbnigeria.com

Some of the things you will be asked are;

  1. Amount Needed (NGN)
  2. For How Long? (Months)
  3. Your Monthly Payments (Estimate)
  4. Total Amount to Repay (Estimate)

AB microfinance presently gives up to N5, 000,000 in loans, which can be increased to N20, 000,000 for small and medium-sized businesses. Take the following steps to apply for a loan if you meet all of the previously specified prerequisites.

To submit a loan application, visit any of their locations. Make sure you have all of the required documentation and a large amount of collateral compared to the amount of the loan.

There will be an instant on-site evaluation of your request by qualified personnel. For ultimate approval, they pass it on to a decision-making committee after this.

The length of time it takes for a loan to be disbursed varies depending on the amount. Applying for a high-value SME loan, for example, can take up to a week. Additionally, keep in mind:

All loans are subject to a disbursement fee of 1% of the amount deposited.

All loan applications must be submitted in person at one of the AB microfinance locations. To find out which office is nearest to your location and how to reach them, go to https://www.ab-mfbnigeria.com/contact.php on their official website.

What is the Minimum and Maximum Amount to Borrow at AB Microfinance Bank and the Interest Rate?

Minimum of N15,000 and a maximum of N20,000,000. The amount available to you is determined by your ability to repay it. A variety of factors are considered during this procedure, including corporate inventories, assets, and more.

If you have an ID and evidence of business, microfinance is one of the most convenient ways to receive loans. For businesses that fall under banks’ lending jurisdictions, getting a loan is easy.

Flexible collateral and repayment options, as well as low interest rates, are all available through the bank. Taking your business to the next level is simple if you make good use of AB microfinance loans.

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