Baobab Microfinance Bank loan is a kind of business loan that allows you to borrow up a minimum of 20,000 Naira and a maximum of N50,000 with no need for a down payment.
You will receive funding 72 hours after they have reviewed your documents, but first, here are some things to keep in mind.
If you can show that your company has been in operation for at least six months and that it has a bank account, you may be eligible for a business loan from Baobab Microfinance Bank.
Apply with a credit card that has an excellent credit history so that both you and your business have a greater chance of being approved. An excellent credit history boosts your chances of securing a loan.
About Baobab Microfinance Bank
The Smart Campaign Principles of fair, respectful, and nondiscriminatory business practices and customer protection are core values at Baobab as a responsible financial institution. In order to avoid excessive debt, we have established a credit rating technique that allows for a precise assessment of the borrower’s financial situation.
The Baobab Group’s governance bodies create the global strategy and normative framework, and they also provide strategic counsel and oversight through comprehensive and focused technical help missions. Directors, shareholders, investors, clients, workers, and even members of the public are all in regular communication with the institution’s Boards of Directors and Supervisory Boards through these subsidiaries.
Terms and Conditions for Baobab Microfinance Bank Loan
The following are the terms that you should know before applying for this loan.
- Payment: 50,000 to 100,000,000 (or a multiple of that)
- 5 percent per month is the interest rate.
- 6–24 months is the duration of the loan repayments.
Baobab Microfinance Bank Loan Eligibility
Baobab MFB SME loan applicants must meet certain criteria.
To be eligible for this Baobab Bank loan, your company must meet the requirements listed below:
- Your company has been in operation for a minimum of 12 consecutive months.
- If your company is in Lagos, Oyo, Ogun, or any other state in which Baobab MFB works, please contact us.
- It can show a minimum monthly turnover of 150,000.
- You have a bank account with Baobab MFB or any other bank, and you can produce documentation to prove your ownership of the account.
- And that account has been in use for the past six months, according to records.
Baobab Microfinance Bank Loan Requirements
Before you apply for loan from Baobab Microfinance Bank, you are required to meet some requirements which I will share with you below.
Once you meet the Baobab MFB business loan eligibility requirements, you will be required to submit the following documents:
- A government-issued ID (International Passport, National ID, Driver’s License, Voters ID) is required.
- MEMART Certificate of Incorporation (Form CO7, Form C02) for Limited Liability Company (LLC), SME
- The last six months of your bank statements.
- Your bank’s account verification code
- Present a Guarantor form signed by two parties.
- Because of some of its policies, you might not get loans. Ensure you meet up the standard.
- Passport-sized photos of you in color
- At the latest, three months’ utility bills from your primary residence
- Deferred payment checks
How to Apply for Baobab Microfinance Bank Loan In 2022
In order to get a business loan from Baobab Microfinance Bank, there are a few processes. The following are the steps you can take to apply for a loan for your small business:
Application Link: BAOBAB
To compare loan rates from a variety of financial institutions, you can use this application or the lending portal of Baobab Microfinance Bank.
It’s important that you fill in your personal and business details, as well as those for your firm (you should have the documentation from the Corporate Affairs Commission and your national IDs ready).
Once you’ve completed the form and entered all the information, click “Submit.”
For final processing, you may need to go to the bank’s location.
Getting a business loan from the Baobab Microfinance Bank is contingent on an eligibility check of your business account. Depending on your monthly business revenue, you may secure a larger loan.
The smallest loan you can get is N20,000, while the biggest is N50,00,000. The amount you can get depends on your ability to repay the loan and other factors, such as your business’s verified inventory.
You will get a response within 72 hours after they have completed the checks and your business (company) is qualified.
That’s all about it how to get a BAOBAB microfinance bank loan. We encourage you to share using the social sharing button below with friends and colleagues.
Contact Address and Location of BAOBAB
16E Amhmadu Bello Way, CB Finance House. Kaduna
360, Murtala Muhammed Way, Yaba, Lagos, Nigeria.
0 813 081 2526
Monday – Friday 8:30AM – 5:30PM, Saturday 10:00AM – 3:00PM